Question : How will a bad credit loan look on my credit?
Will getting a bad credit loan to pay off some credit cards look bad on my credit history? Does it show up as just a new account when my report is checked? If it does have an adverse effect, is it worse than being extremely behind on my credit cards? I know the interest rates are very high, but thats alright with me.Also, any suggestions where to get a bad credit loan? I guess it would be a personal loan.Thanks you in advance!!!!
- asked by xcr0vvx
All Answers:
Answer #1
If the credit is so bad and you are extremelybehind you will not be able to get a loan withouta co-signor.Beware of the jackasses who post thespam loan offers. They want YOUR money they donot want to actually lend you money after they getyour money.
- answered by Sandy S
Answer #2
You are asking one of those questions that invitesspammers. Unfortunately, you won't be getting aloan if you already have bad debt.Banks only loanto folks with good credit.If you can, get someoneto cosign for you.
- answered by latebreakfast
Answer #3
There is no distinct indication of a "bad credit"loan on a report. If you pay on time then itgood. If you're late then it's bad. Sometimesthe industry code can be used if the company isscoring the data themselves. We used to do thiswhen I worked for a major retailer evaluatingcredit. The theory was that if you were using a"loan company" like Household Finance orBeneficial Finance, instead of a bank, it must bethat you got turned down by your local banks. Onof the people on our accounts receivable teamflipped out when she heard this, because she hadbought some dishes and the store salesman hadconvinced her to finance them through the store,rather than her bank card, which turned out to beplaced with HFC. Oh, well. It's more of aguideline rather than a rule.
- answered by Ted
| 
