Having bad credit is certainly a deterrent to obtaining more credit, but with the right attitude, a bad credit bank loan might help you on your way to rebuilding your credit. Of course, you must be positive and be able to convince the bank officer that you are willing and able to repay the loan. In addition, you must have a substantial reason for the loan and not just use it to rebuild your credit.
Information to provide
It's standard procedure when applying for a loan to have financial records prepared and ready when you fill out the application. With a bad credit bank loan, this is even more important since this is a major factor in receiving the loan. Some of the financial items that may be required include the following:
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Pay stubs
Bank statements (checking and savings)
Rent or mortgage payments
Any credit card or loan payments you make
Other assets you may own (stocks, bonds, mutual funds, etc.)
Proof of residence
Taxpayer identification number
When you contact the bank officer to make an appointment for the original application, he will advise you what he will need. The above list is general in nature and may vary from one lender to the next.
Credit information
Be certain to give the lender as much information as possible concerning your past credit problems. Remember, you are attempting to obtain a bad credit bank loan, and if you had good reasons for your bad credit (unemployment, illness, catastrophic expenses), this will make a difference in your application.
Do not attempt to hide anything because the lender will find out when he obtains a credit report, and he will do that no matter how much information you provide. Even if you have filed bankruptcy, and you were relieved of all of your debts, you need to let the lender know that. It's good to have a letter prepared before you go to see the lender explaining any issues with your credit. In addition, you should place an explanation in your credit file if you have not already done so.
The final decision
After all the paperwork has been processed, the lender will make his decision based on all of the information you have provided. He will not use any one factor to approve or decline our request for a bad credit bank loan, but he will weigh everything. One of the most important factors is your attitude about your past credit and whether he believes that you are likely to return to the same situation that caused it.
This is why it's important to be honest with the lender about the reasons for adverse credit. If it was because you lost your job, and you have only been on your current job a short period, it will weigh heavier than if it was because of some substantial medical bills because of yours or a family member's illness. Be honest with the lender and you will accomplish more than if you try to withhold important information.
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