I need a secured loan, but i have bad credit. The collateral i will be using will be worth about 1800 more than i need for the loan. all i need is for it to be financed for 12 months, that is it. is it possible?
a secured loan with bad credit ? you’re one of reasons why the economy is so bad ! you & a few million of your friends !
I am 25 years old and am forced to live at home with parents still due to low income and my current employer is discriminating against me because i have a brain injury from birth which causes severe mental disorders and makes it hard to live a normal life. I do my job just as well as everyone else in my service department as my performance reviews will show and they are also not giving me my proper raise and have cut my hours for over the last 6 months to only weekends up to 8 hours a week. Everyone else gets 4-5 days and 15-30 hours a week. I have bad credit history due to in proper management of past credit cards back in 2004-2005. All of my debts have been paid off since 2008. My negative items will drop off my reports by January 1, 2013. I have not had credit since 2005. I was going to deposit $300 for a secured credit card from Bank Of america as was denied. My bank denied me a personal secured loan. An experian credit analyst suggested I be put on one of there credit accounts because they have good credit history and payments, but they will not co sign for me or authorize this because they said it will ding their credit. So what am I supposed to do? I have no debt’s at all a short credit history and bad payment history. Any suggestions? Thank you!
Mature answers only please! No rude or obscene comments will be tolerated! Cash is NOT an option anymore as obviously it does not build credit.
Another thing to mention is I have been diened employment in the past and if I were to get a car which I havent had in 5 years my rates are very high. I do have a good drving record but its because my credit is not good. I also am supposed to get section 8 housing in 2011 after another 2 1/2 yr wait on the list and i dont want to pass it up again. I am going thru alot of problems with my family and I need to get out of here, its causing health problems now! I cant just keep on sitting around and waiting till things clear up, I need to act now or by the time I am almost 30 years old I will still be stuck in the same position. Thats no way to have to live life honestly. I was convicted of motor burgurly in 2004 when i was younger and paid my debt to society but cant have it expunged so I have that against me as well. Sometimes bad things happen to good people I suppose. I absolutley hate having living here and off SSDI and minimum wage job that discriminates against me. I deserve better!
Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – buildcredit.ifastnet.com
"Deutsche Bank has calculated that senior secured loans are now trading at an implied price earnings ratio of about 5 o at less than a third of the cost of equities." in an article by John Mauldin. How to trade them?
Here’s a lead – take a look at the Business Week article, August 15, 2008, titled "Looking for Distressed Mortgage Opportunities" by Justin
Menza
http://www.businessweek.com/investor/content/aug2008/pi20080815_254149.htm?campaign_id=yhoo
If I got a secured loan against my home and I sell me home, do I have to pay my unsecured loan off when I sell my home? Or can I continue to have my loan and pay it off every month for the term of the loan?
No, I am not talking about a home equity loan. A secured loan against my home- do I pack that back when I sell my home or not?
yes if you sale anything that is secure by any item before you can sale it you have to clear it when the lending company!!!
Disaster in the past and now am re building .. My AUTO beacon is 561 , and my beacon 5.0 ( both on equifax ) is 606.. ATM I got my credit reports and have paid off 2 accounts ( one for 195, and one for 400 ) Is there anything I should ask for once I pay these all off? Like a receipt? email?
I am going to be taking out a secured loan for $1000. And paying it off within 6-9 months then taking out another after that.. I have a JCPenny card with $125 limit that I will use monthly and not exceed 50% of the limit.. Is there anything else I can do? The MAJOR one is a charge off for $6000 to chase financial .. On my report it says Account charged of or sold with the creditors statement " Purchased by another lender" …
So is it "charged off" like it says? or are they going to see positive activity on my report and come after me again? Not to sure what to do on that one …
Good info , Thanks everyone.. I always thought when you were coming out of debt to show consistency, so thats why I was gonna try to prolong the payments.. Also it shows Im willing to pay interest, and still get everything paid.. The Chase one scares me tho.. I dont know if I should contact them , or wait and have them contact me , because honestly you all can see im tryin to do good here, but I dont have $6000 in cash laying around 
First, paying off derogatory items on your credit report will not improve your score. The damage is done and will remain for the balance of the 7 year reporting period, whether paid, settled, or unpaid. With this in mind, you may as well settle for as little as you can.
Get any settlement agreement in writing before you pay a cent. Keep that agreement along with your payment proof, forever. Do not give collectors direct access to your bank account.
Why are you taking out a secured loan? Installment loans build credit by making payments over time. You have to pay an installment loan for 12 to 18 months to get any real benefit to your score. Paying interest just to get a few points on your score is not smart — and no, there is absolutely no advantage to paying interest. Interest isn’t reported to the credit bureaus and has no impact on your score. Interest just takes money out of your pocket.
Instead of a secured loan, get a major credit card even if you have to get a secured card. Use the card and pay the balance in full every month. This will build good credit history without costing you any interest.
Use the credit card and pay in full every month. Don’t worry about the utilization. Just use it and pay it in full. It’s not utilization; it’s carrying balances of more than 30% that hurts your score. If you use 70% of your limit and pay the balance in full evey month for 6 to 9 months, they’ll increase you limit.
As to that $6K charge off, wait for someone to contact you. Depending on how old that debt is, you should be able to setttle it for 25% to 50%. Lump sum gets the best deals, so start saving up.
You will need at least 24 months of consistent, on time payment history to see any improvement in your score.