The turbulent economy, and tougher lending environment, appears to have shut the door on credit opportunities for those with a dubious credit history.
However, in many instances, poor
credit doesn't necessarily knock you out of the
credit pool. But it does mean you'll need to be
well-prepared and informed when you go looking
for a loan. In any case, you're probably going
to get less-desirable terms, and you'll pay a little
more than the average consumer because the lender
is taking on a greater risk, thanks to your shaky
financial record.
Here's a chance to learn how lenders
evaluate you and better understand a few of the
tools they use to make their choices, such as
your credit reports and credit scores; how to
deal with lenders so you don't get tricked into
losing even more money, and how you can bypass
some conventional routes to receiving credit.
Bankrate has selected seven areas
where your credit history can have a big impact,
explaining how bad
credit can affect you and what you can do
to make things better.
Some of the guidance provided, as well as the wise use of the credit you might ultimately receive, will help improve your history and boost your credit scores. That means easier credit at a better price.
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