Subprime Mortgage Info for borrowers with bad credit
Bad Credit Mortgages

Bad Credit Issues

Your debts are getting out of control and you apply for a loan to pay them all off in one go. However, your loan application gets rejected because of bad credit. Lenders you approach say that you are too risky a proposition to loan money to. Bad credit is a serious issue whilst you are applying for loans. Lenders normally can figure your credit rating out by getting a credit scoring report from credit reporting agencies. This may sound familiar specially since you have all those bills and installments waiting for you.

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The following is a list of items that could appear on your credit report and end up giving you a bad credit and high-risk-borrower tag.

  1. Credit rejections
  2. Late payments
  3. Past due and unpaid payments
  4. Court judgments
  5. Collections
  6. Loan defaults
  7. Repossession
  8. Foreclosure
  9. Bankruptcy


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What should I do if I am turned down due to bad credit?

Just because of a rebuttal on the grounds of bad credit it does not mean that you should go from lender to lender till you find one willing to risk. Every rejection will be noted in your file. The more rejections you have, the more lenders will shy away from you because of bad credit history.

The first thing you should do is to ask the credit-reporting agency to send you a copy of your bad credit report. Everyone should do this, whether or not they have had problems with credit applications due to bad credit. Study your report thoroughly and look for ways to improve your bad credit.

Ways to Improve Bad Credit

There are ways to improve your bad credit report. However, you need to plan things out.

  • Work out a repayment plan. Plan a budget to start paying off your debts.
  • Prioritize your debts. Some debts are more risky than others. Sort them out first. Pay the high priority debts like mortgages and other loans secured on your property first.
  • Write to your creditors. Inform them how you plan to repair your bad credit.
  • Opt for debt consolidation. There are many companies that offer this and debt consolidation can help ease the immediate pressure and burden.

You can try to opt for a bad credit refinance. This will give you an opportunity to demonstrate your commitment to improving your bad credit score by making mortgage payments on time and cutting any unnecessary spending. Ensure you pay all your accounts on time, even if it means paying only the minimum required. If possible, close some of your high interest-bearing accounts. These steps could lead to an improvement in your bad credit score.

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Bad credit should not be a source of shame or embarrassment. In essence, bad credit is a sign of poor debt management. The most important aspect of debt management and bad credit repair is to remember that the situation is temporary and it can be fixed.

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