If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
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Understanding the basics of using credit along with what
comprises your creditworthiness is essential to many aspects of your financial
future. Here are some answers to credit FAQ or frequently asked questions.
What is listed on a credit
report?
A common credit FAQ regards what
type of information businesses can legally list on your credit report. Your
race, religion, political party, and sexual preference cannot appear on your
credit history. Basically, your credit report is a list of any credit cards and
loans you have taken out. The file will also feature any late or missed
financial obligations, such as delinquent utility and medical bills.
What is an inquiry?
An inquiry is posted on your credit
file every time you apply for a new account or service, whether it is wireless
Internet access or a home mortgage loan. It would be irresponsible to write a
credit FAQ and not warn consumers that too many inquiries is a reason that
some creditors deny applications. Frequently applying for new accounts is
considered a potential sign of financial challenges.
How long is all of this
account and application information going to impact my life?
An inquiry remains on your credit
report for two years, but usually only damages your credit score for six to 12
months from the date of the application. Late or missed payments usually damage
your financial picture for seven years, unless you filed Chapter 7 bankruptcy
because you could not pay your bills as promised. Chapter 7 will damage your
ability to get new accounts and even some jobs for 10 years.
What is all this
discussion about credit scores and credit ratings?
Credit scores and credit ratings
are basically synonyms. To make the answer to this credit FAQ as easy to
understand as possible, the higher your credit score the easier time you will
have getting loans at excellent interest rates. Multiple factors impact these
financial ratings, including how long you have been taking out loans and
similar accounts, how many recent inquiries you have made, and how much money
you owe to lenders.
What if I never have
gotten any type of loan?
You should still check your credit
reports at least once a year. Someone could have stolen your identity, or you
could have a collection account that you are not even aware of. Doctors and
utility companies can legally turn delinquent accounts over to collection
agencies; the agencies in turn usually place the situation on your financial
files for up to seven years.
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