why is it so hard to get credit?

Question

iv got poor credit history through my own stupidity for wanting the best for my children as a single mum, im now trying to start myself up in buisness and cant get credit anywhere without putting either capital or paying a fee of 49.95 can anyone suggest an alternative way of getting help on this . with thanks to all that reply

Answer 1

Banks only give credit to people that don't need it.

Answer 2

Your credit is your financial fingerprint and says quite a bit about your borrowing and paying habits.

If you have a poor credit history, lenders will consider you a higher risk factor and charge you a higher rate or deny you because you ARE a higher risk factor.

The higher the risk (lower the score) the less likely you are to repay future credit extended to you.

If you are serious about starting your own business, first of all $49.95 is just the tip of the iceburg. Lenders will charge you every chance they get, and $50 is a relitaively low fee depending on what you are applying for.

Secondly, you need to do several things to get your credit on track:

a) understand whats on your credit report


b) remove the negative information(and yes it can be done regrdless of what any other dingbats try to brainwash you into thinking, it may take time but WILL happen if you put a real effort into it)

c.add positive credit history

If you want more expert credit advice, check this site out :

www.expert-credit-advice.com

Answer 3

Because at one time you let your credit go bad, you must now work to get back in the good graces of creditors.
People starting a business are bad credit risks, since 7of 10 businesses go broke in the first year to five years.
Not at all trying to be harsh, just telling you the truth.
Good luck

Answer 4

As much as it sucks it may be the only way to start to rebuild. My husband did the same thing for different reasons and he had to rebuild by getting cards he had to pay annual fees on, here we are 5 years later and his credit is almost better than mine, it's frustrating trying to get back on track I know but patience and hard work will get you there. I wish you the best of luck.

Answer 5

The fact is that people who lend money, do not do so as a social service. They do so to make money. So if they are going to take a chance on lending to someone who has historically had trouble paying creditors back, it is not unreasonable for them to be compensated for the additional risk in the form of fees, higher rates, etc.

Answer 6

lots of websites on here already but Ill add one more anyway.

http://www.flmloans.co.uk/credit-file.php

Depending on how much reading you want to do, this is a pretty comprehensive run down of how to work out what is on your credit file with the 3 main credit reference agencies. It is UK information and includes eveything you need to know to work out what is holding you back and what you can do abut it.

Answer 7

Pobept before you start putting someone else down, learn how to spell.

I am in the same boat myself, im afraid this is the only way to do it, but as time go's by there are certain companies than will take you on, just at a higher interest rate.

If you happen to find another way, please let me know.

Answer 8

if you had been an adult, paid you bill on time your would have good credit.
Lenders want to be assured that they will get their money loaned out back, sounds like you are not a good credit risk and will find it very difficult to find any lender willing to loan money to you
sorry, but that's the facts of life

Answer 9

There is some useful advice here.

Answer 10

One of these two sites should help you get what you need!

http://login.revenueloop.com/sw/3736/CD2511/
http://login.revenueloop.com/sw/4294/CD2511/