Fairfax County General :
Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Establishing Credit
Posted by:
ffx
()
Date: January 19, 2008 05:59PM
I was wondering if there are (preferably) unsecured personal loans for bad credits. I do NOT need the money. I stricly would like a loan to partially repaid my credit score. My credit cards are on time and I got rid of the collection items so I need a way to prrof my financial worthiness. I was thinking of an secured credit card but thats my last choise. I do not need a car at the moment so an auto loan is out of the door. I could also settle for a secured loan as some of them report it as a regular loan but much rather prefer a unsecured loan. Is there such a place that reports it to the credit bureaus?
Re: Establishing Credit
Posted by:
MBL
()
Date: January 19, 2008 07:40PM
Have you tried a bank??
Keep you current CC's on time and not maxed out, they will report to the bureau's.
Of course there is always www.prosper.com but I'm not sure if they report.
Keep you current CC's on time and not maxed out, they will report to the bureau's.
Of course there is always www.prosper.com but I'm not sure if they report.
Re: Establishing Credit
Posted by:
Wrinkle
()
Date: January 19, 2008 08:36PM
Don't write off the idea of a secured credit card. I started with a $500 secured card, then after a year got a car loan (admittedly at ~17%). After 4 months of that loan, my credit union refinanced it at 5%. My credit kept climbing after that. Took me about 4yrs to get my score in the 700s.
Re: Establishing Credit
Posted by:
ffx
()
Date: January 19, 2008 08:50PM
17%???!!! Thats excessive
Re: Establishing Credit
Posted by:
manti
()
Date: January 19, 2008 10:55PM
you think that's excessive? i got 24.9% once
Re: Establishing Credit
Posted by:
ffx
()
Date: January 19, 2008 11:22PM
Nothing personal but how bad does your credit have to be? Wouldn't it make more sence to buy a junker for around a thousand bucks and drive that for a year while you put the money towards rebuilding your credit or paying of your debts in order to qualify for a cheaper apr. Even if you qualify for a loan with a HUGE apr as mentioned , you will still have the liability to pay off any of your outstanding debts so in reality it's like asking to be in further debt. I am fairly young and driving my 1989 POS right now and putting all of my money in debt repayment and school. I am hoping (and I know I will) have my credit in excellent standing and hopefully once I graduate I will get a new car once bigger paychecks start rolling in. I am also a reservists so I qualify for a credit union rates but even as a civilian wouldn't it be much cheaper to get a loan at Fairfax county credit union for example since they offer auto loans?
Re: Establishing Credit
Posted by:
ffx
()
Date: January 19, 2008 11:24PM
I have looked at www.prosper.com ........ no thanks. 27 % on $3000 doesnt sound that appealing, I think payday loan would be cheaper(kidding)