Home     About Us    Contact Us     Contribute     Privacy
Investing
Stocks
Bonds
Mutual Funds
Biz
Credit
Career
College
Economics
Tax
More
 
 
Marketplace
Related Articles
More
Related Categories
Tip of the Day

Tip of the Day Consider Dropping Collision Coverage

Consider Dropping Collision Coverage - There comes a time in ever cars life where carrying collision as part of your insurance policy is just not worth it any longer. ...

read entire tip

Related Podcasts
Recently Added
Other Great Sites
 

Loans No Credit History

Almost everyone will at one time or another will attempt to get a loan from a bank, or another type of financial institution. Cars loans student loans, mortgages, business or personal loans are just some of the types of loans that a person may attempt to get in their lifetime. One of the tools a bank will use in determining if they are willing to loan the money, is a credit report.

A basic credit report consists of personal information of the borrower. Name, date of birth addresses, social security number, etc. It also list past and present credit history., and how many times a lender as inquired about the borrower.. All this information is used as a tool to decide if the person is credit worthy for the loan. A good track record of payment history, and a low debt to income ratio is the key to getting a loan. Negative things are missing or slow payments, A lot of debt, and any judgments or bankruptcies in the past.

Having no credit at all can be as bad or even worse then having bad debt. People with no credit face a difficult challenge when trying to obtain a loan. The lender has nothing to base his decision on, with no credit history, and therefore may refuse to grant a loan. One possible option is to have a person with good credit co-sign the loan. The lender may agree to a granting a loan then. The co-signer is responsible for the loan if the main borrower defaults.

Most everyone has some type of credit history by the time they are young adults. Student loans for college are one of the easiest forms of loans to get with no credit history. These are usually government backed making it easier to get, and no payments are necessary till the person graduates.

The best way to get a loan is to start building a credit history, which is favorable to lenders. There are many secured credit cards available for people who need to establish credit. Money is deposited into an account by the borrower, and in turn the lender issues them a credit card. Usually the limit is very small, and many fees are attached.. Its quite costly but in the long run provides the person with a credit history.

Discuss It!

Paydayloanshelp said:

Payday loans with no credit check exists, but all lenders do look at more than just a credit score when making loan decisions.

best essays said:

Indeed,Loans cannot be given without a credit history,The best essays has taught me a lot about it,Keep on sharing some more incredible posts with us.

courses said:

I was surfing the Internet for information and came across your blog. I am impressed by the information you have on this blog. It shows how well you understand this subject.

a course in miracles said:

Hey what a brilliant post I have come across and believe me I have been searching out for this similar kind of post for past a week and hardly came across this. Thank you very much and will look for more postings from you.

a course in miracles said:

I was surfing the Internet for information and came across your blog. I am impressed by the information you have on this blog. It shows how well you understand this subject.

Most Popular Articles
Most Popular Definitions
 
Daily Definition

Definition of the Day Cannibalization

Definition: Cannibalization refers to the negative results a company's existing business sees as the result of a new business decision. Advice: Cannibalization ...

read entire definition

 
 

 

 

Home     About Us    Contact Us     Contribute     Sitemap

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Copyright © 2009 TeenAnalyst.com