Where To Start When Looking For A Bad Credit Loan

Just because you have a low credit score, it is still possible to obtain a loan

. There are many companies out there that will be willing to lend you the cash you need; however; you may need to search a little harder to find a company that will offer you Bad Credit Loans with a low interest rate that you can afford.

It only costs 2.00 to obtain a copy of your credit report, and we recommend you do this on a regular basis. your credit report is used by credit companies to determine if they should lend you the money you have requested. It makes sense to check your report and fix anything that might be wrong, and to cleanse it where possible. Here are a few techniques you can use to help improve your rating.

1. Is the information accurate?

You would like to think that the information on your credit report is accurate, but sometimes mistakes happen. Credit companies may be slow at updating the information or even a case of mistaken identity. If you find anything wrong, contact the company as quickly as possible and ask them to fix the issue. At the end of the day you do not want to be penalised for someone else mistake.

2. Contact your local Council and request you are added to the Electoral Roll.

There are two advantages to being on the Electoral Roll,, firstly it will improve your credit score because it tells the lenders that you intend to stay at your current address and not move on after 3 months. Secondly it gives you the option to vote at any local or national elections.

3. Never Miss Payments.

Do not wait for a red statement, or miss a payment, set up direct debits or standing orders for all of your monthly or weekly bills. Missing a payment or making a payment late is bad for your credit rating, your credit file contains a status code against all the different loans or credit cards you have. If you pay your bill on time the status code for that bill will be a zero, but if you miss a month it goes up to a one, two months and its a two and so on.

4. Have a Landline Telephone.

Do not rely on your mobile phone, it may be cheaper but lowers your credit score. Having a landline telephone number demonstrates that you intend to stay at the same address, and therefore will improve your credit score.

Once you have been through every aspect of your credit report, you will then have a better understanding of what the credit companies are looking for. You are then able to apply for a loan, even a Bad Credit Loans with the confidence you have done everything you can to improve your chances of being accepted. You can also look for the better rates of interest that are on offer.

by: John James Packenham-Walsh

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