Poor Credit Loans – Low Interest Unsecured Loans Available?
Posted on | September 15, 2009 | No Comments
Poor credit loans are often not associated with low interest. Getting an unsecured personal loan with low interest is something that is not easily attainable but can be done with some hard work and effort. Your credit score goes a long way with determining your interest rate on your poor credit loan so you will need to take some necessary steps to clean up your credit report as much as possible.
The first step to improving your credit score is to actually get a copy of your credit report. Asking around this past week I found out some startling facts about the people I know and their credit scores. I asked 12 people if they knew their credit score; only 3 knew their current score and NONE of the 12 had actually purchased a credit report in the last six months. Many things can happen in your financial life in six months to adjust your credit score; I would strongly suggest you buy a credit report at least once every six months.
Even if you think your credit is spotless there could be many mistakes on your credit report that you will never know about if you don’t check consistently. I would suggest Experian.com for your credit report. They will charge you $15 but it will be a one time fee and you will never have to deal with them again once you get your report. Other companies that claim to offer “free” credit reports often sign you up for services that charge you down the road. You end up paying much more than $15 and you have to waste a lot of time trying to cancel these services.
After you have received your credit score it would be a good idea to check each of your open lines of credit. Many Americans have mistakes on their credit report and they do not know it. If you go over the credit report every six months, it is highly likely that you are going to catch any mistakes that are made. If you find a mistake, immediately contact Experian or the company that made the mistake. This can be done with some quick Google searches.
Cleaning up your credit report can greatly help to increase your credit score. By fixing just one mistake on your credit report you can increase your score up to 50 points. This will go a long way in getting a lower interest rate on your poor credit loan. Continue to do research on how to improve your credit score as you will benefit greatly over the long term.
Author: Jesse Wojdylo
Comments
Leave a Reply