I remember back in the good old days when things were not so rosy for me- a couple of bankruptcies will do that to you-when I couldn’t borrow a cold. Bad credit is always an obstacle when trying to borrow money or get a credit card. You will be faced with higher rates and payments if you can get one at all.
Your options are very limited. Lending institutions will assume youre a high risk customer and act accordingly either denying you the loan or charging higher rates to compensate the risk. Offering a co-signer can sometimes solve this problem. The co-signers credit score will also be taken into account and might reduce the interest rate charged and get you approved. However, for unsecured loans, it is not always enough.
My first post bankruptcy credit card had to be secured by cash.
Now, if you are among those who hold a bad credit history, you can easily apply for credit cards or loans specially designed for those with bad credit.
For example, having a bad credit report does not make you ineligible to get a home equity loan. Moreover, home equity loans are an excellent solution both for the lender and for the borrower when bad credit is a...
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