• Long-term installment loans up to $25,000
  • Short-term payday loans up to $1,000
  • Bad credit and no credit accepted

How to Build Your Life Back

While it is now easier to get approved on loans even if you have a bad credit history, maintaining or improving your credit score is still of utmost importance most especially in the U.S. A good credit score does not only allow you to get low interest loans, it generally represents your credibility as a person.

Financial institutions such as banks generally require a good credit rating for low-interest rates. If you have a poor credit score, you are considered a high-risk borrower and chances are your loan application may either get declined or approved but the interest rates will be high.

If you are one of the millions of Americans who have a bad credit rating, don’t fret though. You can always fix your credit rating and be able to avail of good financial services from lending institutions.

Here are some tips to build your life back after bad credit:

Open a new checking and savings account (if you do not already have one) and actually use it.

Get a secured credit card that functions like a debit card, which means that you pay the bank in advance for the expenses you’ll likely incur using the card. However, make sure that your bank will report your good financial practices to the three credit bureaus.

Get a gas or retail credit card. Also, make it a point to double check if the card provider also reports to the three credit bureaus. You don’t want your efforts wasted.

Pay off your balance and bills every month, on time. Keeping anything unpaid is never good. You want to impress the credit bureaus so pay up.

After a year of good financial practice, you can already see your efforts paving off. It’s now time to get copies of your new and better credit report from the three credit bureaus. The updated copies should give you an idea as to where you are now and where you want to be in, say, two years’ time.

Only ask for a copy of your credit score ONCE in the first year as doing otherwise, you’ll appear desperate for a loan and affect your credibility.
Dispute if you see any incorrect information. Follow-up with the appropriate reporting agency who has listed any incorrect information so that you will be enlightened and if necessary, the information would be corrected.

Taking an Online Loan to Pay Your Bank Loans on Time

While taking out a loan to pay for another loan is generally not a good idea, in some instances this can be a great option if you are building up your credit score again. Online loans, also referred to as bad credit loans, payday loans or cash loans, are generally short term loans designed for emergency or urgent financial problems. These loans are easy to qualify for, so they come in handy in times of financial needs. You can use online loans to pay for your bank loans and in time, build your credit history. You bank should also report to the credit reporting agencies your financial transactions with them, improving your FICO score.

Living with bad credit is tough but with the right steps, patience and determination, you should slowly get your life back. Maybe soon, you will no longer be seen as a borrower of bad credit loans only.