i was wondering if people with bad credit qualify for loans easier then people with no credit.
2006-11-24 10:25:09 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
Bad credit is better than no credit. Bad credit means that you were extended and trusted at one point. Bad credit score could also mean that you're paid off, but the bad history of the past is still weighing your score down. Depending on your current credit situation, you'll probably get extended another loan or card...your rates will stink, but you'll get one. Also, bad credit shows that the application you filled out is probably not filled with any fraudulant information and they will have some way of being able to get a hold of you. NO credit is riskier for creditors because they have absolutly NO track record to what the person's character is. With no credit or anything on your report, how do they know that none of the info on the application is good or bad? Someone with no credit is going to have the higher interest rate from the beginning. Higher risk = higher interest rate...the same with every investment, the higher risk of loss you possibly face, the higher return you want on the investment. No credit record equals a higher risk of loss.
2006-11-24 12:20:04 · answer #1 · answered by dougzinboston 4 · 2⤊ 1⤋
Completely opposite. People with bad credit have a lot more hard times getting loans with bad credit. Bad credit tells bankers, loaners, etc. that your credit worthiness is not good enough for them. People with no credit have a better chance because there is no negative reports against them. My sister has an extremely difficult time due to the fact she has horrible credit. Better to have no credit than bad credit most definitely. People with no credit can start to build a good credit history. Bad credit takes a lot of hard work and sometimes years to repair.
2006-11-24 15:30:59 · answer #2 · answered by Renee W 2 · 2⤊ 2⤋
no, if you have bad credit u dont qualify for much just as it is with none at all. When you have no credit though u can establish some, on the other hand bad credit gets you denied for alot of things such as applying for an apartment some request that you have good credit so in this case its better to have no credit than bad credit.
2006-11-24 10:29:35 · answer #3 · answered by dejohn m 2 · 1⤊ 2⤋
This Site Might Help You.
RE:
is bad credit better then no credit?
i was wondering if people with bad credit qualify for loans easier then people with no credit.
2015-08-18 17:17:07 · answer #4 · answered by Abbie 1 · 0⤊ 0⤋
Bad credit is worse than no credit.. it says you do not pay your bills. No credit just says that you have no bills.
Bad credit will come off your report after 7 to 10 years. Good credit stays on your report for life.
2006-11-24 10:38:16 · answer #5 · answered by sheristeele 4 · 1⤊ 1⤋
I Get credit every day by having 2 Beautiful Daughters and a Wonderful Sweet--Caring GRAND-child.
2016-03-20 02:37:37 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Nope it is not! You have a better chance of gaining credit without previous credit than with bad credit.
2006-11-24 12:49:18 · answer #7 · answered by neinmom2one 3 · 0⤊ 1⤋
You'll be able to instanly get a payday loan as much as $1000 applying this site: http://loans.servermatrix.org I acquired my payday loan despite the fact that I had a very poor credit standing.
2014-07-18 01:25:48 · answer #8 · answered by Anonymous · 0⤊ 0⤋
having bad credit means company's think you are a bad risk and you usually don't get a loan or if you do you end up paying a very high interest rate
2006-11-24 10:34:52 · answer #9 · answered by parrotsarenoisy 5 · 0⤊ 1⤋
You can not get a loan without credit... unless u put up something of value like... a house or... a child.
2006-11-24 10:27:20 · answer #10 · answered by just_out_side 1 · 3⤊ 2⤋