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How To Use Second Chance Financing To Improve Your Credit

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Too many times when we what looks like a HUGE problem we give up without putting up a fight. But when it comes to credit, even if you have filed bankruptcy, you MUST focus on rebuilding. Second chance financing give you a chance to build good credit.

Apply for a second chance loans here https://www.newhorizon.org/credit-info/second-chance-loans-for-bad-credit/

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How To Use Second Chance Financing To Improve Your Credit

  1. 1. How To Use Second Chance Financing To Improve Your Credit BY: www.newhorizon.org
  2. 2. Too many times when we what looks like a HUGE problem we give up without putting up a fight.
  3. 3. But when it comes to credit, even if you have filed bankruptcy, you MUST focus on rebuilding. Second chance financing give you a chance to build good credit.
  4. 4. Second chance credit cards Second chance credit cards should be the first type of financing you looking into to start to rebuild your credit. There are 3 main types of credit cards that fall into this category. ● Bad credit unsecured credit cards – these are unsecured credit cards for people with bad credit ● Secured credit cards – secured credit cards are the most used for rebuilding credit. Your security deposit will equal your credit limit ● Guaranteed approval credit cards – these are usually catalog cards that guarantee you approval but you can only use them to buy merchandise in their catalog.
  5. 5. Then you also have second chance loans. Second chance loans are loans that cater to bad credit clients. They have lower credit score requirements and an easy loan approval process.
  6. 6. There are 3 main types of second chance loans. ● Unsecured bad credit personal loans – these loans tend to credit check. If your credit score is below a 600, you are unlikely to get approved for an unsecured personal loan ● Secured bad credit personal loans – these loans are secured by some sort of collateral. These loans allow for lower credit scores since there is collateral involved. The loan amounts tend to be bigger and the length of the loan term longer. ● Payday loans – these are very short term loans that are dependent on your employment. As long as you are 18 years or older, been on your bio at least 2 months and your paycheck can support the loan. You will be approved.
  7. 7. It’s a big mistake to not rebuild your credit after going through a financial hardship.
  8. 8. ● Yes, while your credit score is low, your options for financing are limited and tend to have a higher rate of interest. ● But if you want to recover quickly and start rebuilding your credit score. ● Use one of the second chance options listed above. ● Just make sure they report to at least 1 credit reporting agency!
  9. 9. For more tips on how to improve your credit visit https://www.newhorizon.org/credit-info/

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