Consolidating debt loans with bad credit school and dating games
Bad credit is like the worst kind of slope: a slippery one.
Once you miss some payments, your credit score will start dropping and the fees and interest on that debt will keep growing.
Traditional lenders likely won’t lend to you at all, and the ones that want to lend to you when you have bad credit.
While there are many bad credit lenders out there that are totally legit, there are many others whose predatory products will trap you in a cycle of debt.
This is a measure of whether you’ve been paying your bills and paying them on time.
When it comes to whether you’re likely to pay off your debts in the future, it’s not surprising that lenders will want to know whether you’ve paid your debts in the past.
Potential lenders use these scores to help determine whether they’ll lend to you and at what rates. The most important category, worth 35 percent of your total score, is your payment history.
You take out the new loan, and then use those funds to pay your old debts off.
There are certain loans that are advertised specifically as debt consolidation loans, and you include the other balances that you want to pay off as a part of the loan process.
If you already have a lot of debt to manage, it stands to reason that you’ll have a tougher time managing new debt.
In general, you’ll want to keep any credit card balances below 30 percent of your total credit limit to help this section of your score.