Have you wondered what exactly is up with
college student loans with no credit checks and no cosigners
Using a Hard Money Loan to Rebuild Bad Credit
Having bad credit certainly whittles down a borrowers options when it comes time to buy a car, a home or another big ticket item. While those home and car buyers with spotless credit can benefit from todays record low interest rates, those with less than perfect credit are typically required to pay more, often much more. It is important therefore, for every consumer to get a handle on his or her credit situation before the time comes to make that big ticket purchase.
That is because even a one or two percentage rate difference can make a huge difference when it comes to something like a $20,000 car, or a $200,000 home. The best strategy is to take the steps to repair your credit, and keep it repaired, before that big ticket purchase looms on the horizon.
It may seem strange, but the hard money lender can often help consumers to rebuild their damaged credit. If the credit damage in the consumers past is severe enough, the hard money lender may be the only option on the table. While those hard money and bad credit loans typically come with very high interest rates and very restrictive repayment terms attached, they can be used to rebuild credit for the future.
When using this strategy, however, it is important for the consumer to start out small. Taking out a small hard money or bad credit loan is a good idea, since this will help to keep the payments low and affordable. The goal of this strategy, of course, is to build up a history of on-time payments. A missed payment or late payment will only make an already bad situation even more untenable, so care must be used to make all payments on time.
It is also important to keep scrupulous records of all payments, and to keep copies of all cancelled checks or money orders. This documentation is very important, as it will be your defense with both the lender and the credit-reporting agency should a dispute arise at a later date.
It is also important to review a copy of your credit report at least once a year. Reviewing your credit report and credit score on an annual basis is the best way to track your progress as you move from bad credit to good credit. A new law offers each consumer a free copy of their credit report from all three major credit reporting agencies Equifax, Experian and TransUnion, once a year, and all three agencies offer consumers a look a their credit score for a nominal fee. It is very important to take advantage of this great new perk as you rebuild your damaged credit.
Brooke Sikula is a freelance writer based in Ventura, CA and writes on a wide range of topics from home improvement to credit repair and everything in between. She is a regular contributor to http://www.loan-mortgage-auto.com and http://www.home-improvement4u.com For more information and advice on credit issues, check out http://www.credit-card-faq.com
More Useful Resource and Updates on college student loans with no credit checks and no cosigners
- AG report faults some Iowa Student Loan practices (The Des Moines Register)
The practices of the Iowa Student Loan Liquidity Corp. favored the goals of increasing access to loans and offering families a choice of loans over making the lowest-cost loans available to borrowers, according to Iowa Attorney General Tom Miller.
- Fitch Places Access Group 2005-A & 2005-B on Rating Watch Negative (Centre Daily Times)
Fitch Ratings has placed the following Access Group Inc. student loan asset-backed notes on Rating Watch Negative following Friday's missed swap payments from Lehman Brothers Special Financing Inc (LBSFI):
- Explore the options for college loan repayment (Baltimore Sun)
Eileen Ambrose -- Personal Finance T he grace period on federal student loans is almost over if you graduated from college in the spring. Soon you will have to start making payments.
- Where to Find College Funding in a Credit Crunch (Carteret County News-Times)
(ARA) - This year alone, more than 60 lenders have exited the federal student loan market and in the private market, most lenders have significantly tightened restrictions or left the business altogether.
- Student loan fugitives (CNN Money)
Carl, a Florida native now living overseas, is afraid to move back to the United States. That's because he can't afford to pay his student loans.
- Economy's impact on student loans not dramatic at UC Davis (California Aggie)
Students in need of a loan needn't be intimidated by the looming credit crisis. Although more students are taking out loans this year, university officials urge them not to worry - the credit crisis will not dramatically hinder their ability to pay tuition.
- College costs up again: 6.4% public, 5.9% private (USA Today)
Amid the economic turmoil, students and their families are getting little relief from rising college costs, which jumped 6.4% at state universities this fall, according to new figures out Wednesday.
- Have a mortgage, loan linked to LIBOR? Brace yourself now (The Clarion-Ledger)
The London Interbank Offered Rate, or LIBOR, sounds like one of those funny British idiosyncrasies, like warm beer or the royal family. But if you have an adjustable-rate mortgage or a student loan tied to the LIBOR, you will not be amused by what's been happening to this index in recent weeks.
- Fitch Places Access Group 2005-A & 2005-B on Rating Watch Negative (wallstreet:online AG)
Fitch Ratings has placed the following Access Group Inc. student loan asset-backed notes on Rating
- Private Loans
... student loans or personal student loans) can help bridge your college ... good credit history, are a parent or a student, or are backed by a cosigner can ...
- Federal Student Loan Consolidation
... Cosigner. Borrowing Responsibly. Exploring Private Loans ... There is no prepayment penalty. There is no credit check. There is no application fee. ...
- Alternative Student Loan Application - UW Credit Union
... UW Credit Union provides Alternative Student Loans to ... Do I need a cosigner? A cosigner may be necessary, for example: if you have no credit history; or ...
- WikiAnswers - If you have little or no credit history can you get ...
Stafford Loans(sub and unsub) No credit checks are ... get student loans on her own to fully pay for her own college without involving her parents. ...
- College Loan Corporation
Combined billing with federal student loans may be available ... No application fees or charges. No credit check or cosigner requirement ...
- Get the Low Down on Consolidation Loans
... renewed with consolidation (exceptions may exist for older student loans) ... There are no fees, no credit checks, and no cosigners needed for consolidation. ...
- Figuring Your Financial Options
these accounts, using other resources like low-interest student or parent loans instead. ... and require no credit check or collateral. ...
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