A loan with bad credit?

Question

My credit is poor, its a 540. I want to get a small loan for about 1500 or 2000 so I can build my credit score some more. I am doing pretty good becuase about 45 days ago it was a 492, how great is that. Does anyone know were i should go were i wont be turned down...Please help.....

Answer 1

Here's some ideas that may help to boost your score.

1. Ask a family member or a close friend with good credit to add you as an authorized user, but you don't want a card. It would be solely for reporting purposes. If you're able to do that, make sure that the credit card company adds that account to your report.

2. Get a secured credit card. You would have to put a deposit upfront (as low as $200) to get the same amount in a line of credit. Make small purchases that can be paid off in full, on time every month. Also, try to increase your credit line by adding to the deposit every 2 months or so. After a year of perfect payment history, you'll have an unsecured credit card, plus a savings nest egg that you could...(read on to #3)

3. Open a Certificate of Deposit. The least amount you can open one up would be with $1000. What you could do is open up a 6-12 month CD, then use it for collateral on a loan. I would pay the loan off within 9 months to a year just enough for it to show up on your report. I wouldn't use that money you borrowed on anything else except to pay that loan.

4. Finally check these guys out http://prbc.com/
If you're paying rent, utilities, cable, cell, day care, etc. on a monthly basis you can have these payments and payments you've already made up to 3 years prior reported on a scored report that can be considered with your traditional credit report. Remember this 35% of your credit score is payment history. Sometimes, a credit report doesn't always show the "big picture" as far as what you really pay every month and when. This is where these guys come in. There's a lot on this site that I know that I probably left out since it covers so much, I can only suggest that you check them out.

I hope that these tips will help out for you,

Good Luck!

Answer 2

The only type of loan you would be able to get would be a payday loan, or a loan from Cash Call. These will NOT improve your credit score!

You seem to be doing everything right, so don't ruin it.

You have the following options:

Get a small, secured loan from your bank. Call them and ask for your options with this.

Get a credit card from Orchard Bank.

Answer 3

"If you are worried about your poor credit history then you will not get any credit. There are many lenders who provide loans to people whose credit record is bad, but at a higher interest rate. You can get bad credit loans from some lenders quickly and easily.

Before you apply for a bad credit loan, there are some points you should first take into account. The only eligibility for the bad credit loan is poor credit history. To increase your credit score, ensure that the details of your loans are sent to major credit bureaus. "

Answer 4

I can't think of anyplace better than prosper.com - they were great to deal with.

If looking for a small loan you might consider a payday advance - not ideal, but if you need it now the company below can help you out..

Answer 5

I don't foresee a loan improving your credit at this time.

Answer 6

anywhere you go is gonna charge you ridiculous interest. you should build your credit and buy a cheap car in full for now till your credit is better..

Answer 7

they will probably let you with that one but your interest rate will be outta this world..and getting one will decrease it..id wait until about 6 months...

Answer 8

try the bank u do ur local banking with