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Credit runs into our lives and has effect on almost every decision we make. Bad credit runs in our credit application and has effects on every loan we borrow. A recent survey has shown that one fifth of the adult population cannot qualify for regular loans. For such a huge loan borrowing population there are specific loan programmes called bad credit loans.

With bad credit loans you can borrow loan amounts of the likes of $5000-$75,000. Repayment term will vary from 5-25 years. Both secured and unsecured options are available for bad credit loans. Unsecured bad credit loans will require no collateral and will suit if you want to borrow smaller amounts. For larger amounts secured bad credit loans are appropriate and would require collateral like home, real estate or car etc.

Start with your credit report and credit score – that will give you a clear idea about how ‘bad’ your bad credit is. Credit score has statistical information which can be used by loan lenders to assess the risk accompanied while lending you money. Different credit score structures are used by loan lenders – however the most common is fico credit score. Fico score ranges from 300-900. Anything below 620 will mean you have bad credit score and will qualify for such loans only.

Bankruptcy, arrears, late payments, CCJs, defaults, foreclosure and any court case are seen as bad credit cases. None of these things on your credit report can prevent you from having bad credit loans, unless you have pretty bad credit condition like multiple bankruptcies. In worst case scenario there will fewer lender ready to take this sort of risk. Read more of this >>

She was beautiful.

One look and that’s all she wrote.

I wanted her and nothing was going to stop me.

I was determined.

Her body glistened in the sun. Her looks could kill.

She was every young man’s dream…

Of course I’m referring to the used, red, Mazda Miata I tried so desperately to finance shortly after my bankruptcy.

She captured my heart…and that was the problem. Common sense went out the window and I began making choices based on wants rather than needs.

It didn’t matter who financed that car for me or at what interest rate—I just wanted it.

That’s the same type of thinking that led me to file bankruptcy.

MISTAKE #1: Allowing emotions to influence your decision-making

People tell me all the time that they filed bankruptcy to save their homes. Homes that they…

…have three mortgages on

…have no equity in

…owe more on than the appraised value

(this is called negative equity)

…are too emotionally invested in

What the @#?! Geez Louise.

Allowing emotions to creep into your credit or financial decisions is dangerous at best.

When my wife and I and I bought our first home after bankruptcy it wasn’t our dream home. We looked at it as an investment. Before every spending decision we made with that home we asked the question: “Will this increase the resale value of the home?”

Same thing when we purchased our first commercial building. Every decision was based on whether it would increase the value of the building.

It’s easy to get caught up in the emotion of the moment and start doing things to (and spending money on) a house or car to make it special just for you. Read more of this >>

Many people with a poor credit history or a low credit score tend to assume that they will not be able to obtain a loan. These people assume that they will not be able to obtain a loan for a car let alone a home.

In point of fact, in the 21st century there are a significant number of loan options available to a person who has a poor credit history and a low credit score. If you are a person in such a position who desires to obtain a loan, there are some points and tips that you should bear in mind as you go about searching for a loan. By following these tips, you will improve your chances of obtaining a loan even if you do have a bad credit history and low overall credit score.

1. The first tip to keep in mind as you go about trying to find a loan (if you have a low credit score and a poor credit history) is to obtain a copy of your credit report from each of the three major credit reporting agencies. (Indeed, even if you have a solid credit history and a decent credit score, you should still consider obtaining a copy of your credit report from each of the three major agencies in advance of applying for a major loan.) Read more of this >>