If you are not willing to pay terribly high interest rates, then raising your credit score as much as possible is what you should try to do. If you have lower credit score, then this means higher risk for the lender to grant you a loan and if the risk is higher, then the rate would be higher as well. This is unavoidable, of course there are special situations that may have caused your financial breakdown, but there are no means to avoid this and lenders can?t take subjective facts into consideration when it comes to fixing the interest rate.
How to repair your credit
There is a way you can start to repair your credit even though it may take some time. When you open a savings account, start making regular deposits. You don?t need to deposit large amounts, but the fact that you have an income that lets you put away an amount of money regularly will soon be recorded to your credit history and will highly contribute to raising your credit score and improving your credit history. This would be your first step, but still it is also an important first step.
Using Credit Cards
Once you?ve a reasonable amount of money in your savings account, use it to apply for a secured credit card. Secured Credit Cards are just like regular credit cards only that you can only borrow the money that you?ve previously transferred to an account. You will be able to get it even if your bankruptcy is close in time and your credit is not that good because there is no risk for the card issuer.
If you haven?t been offered one yet by that time, you can apply for an unsecured credit card after you use your secured credit card for a while. With your credit score improvement, you will surely get approved without any hassles. Make small purchases, make sure you use the card wisely, pay the credit card balance always in full if possible, and never miss a payment nor make late payments.
Helping you to skyrocket your credit score is using your credit card wisely. Now is the time to start requesting small personal loans. Asking for small loan amounts will guarantee that you?ll get approved. Your credit score will soon reach a status where you?ll be able to request personal loans at very reasonable interest rates and your regular monthly payments will do the rest.
A good credit tag is what you should have reached at this time and you?ll be able to obtain any financial product that you need. In order to continue improving your credit score, refinancing your home would be the next wise step. Or a home equity loan is what you could request. Either of them will prove to future lenders that you are able to commit to repaying higher amount loans and that you?ve finally put behind your bankruptcy.
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