Getting a Personal Loan When You Have Bad Credit
Bad credit or no credit can be a major roadblock in trying to obtain a loan. Your credit score indicates how likely you are to pay back your rent, as well as how risky you may be to lenders. Credit scores typically range from 300-850 (base FICO score), and are based on a variety of factors like your amount of debt, how long you’ve acquired debt and payment history.
Fortunately, bad credit does not have to be permanent. There are several alternatives available that can help you rebuild your credit or obtain a loan in order to re-establish your credit.
Pay Your Bills on Time
Paying your bills on time is the best way to guarantee a healthy credit score. Credit scores can start declining if you are only one month behind on a bill, so it is important to pay bills within their grace period. Consistently manage your finances in order to avoid the problem at hand.
Consolidate Debt
Consolidating your loans allows you to not be penalized for having too many outstanding balances. A bill consolidation loan can let you consolidate all your bills, and can consolidate cars, boats or other assets you may own.
Be Mindful of Credit Card Use
Use your credit card cautiously and be conscience of your purchases. Keeping up with your payments? That won’t be enough to prevent your credit from being negatively affected if you quickly and completely max your card out.
Ask for Help
It may be necessary to attain a loan in order to rebuild your credit. At Citizens, we understand each credit history is different, and it’s our goal to treat each situation individually and uniquely. There is a way out, and we will do our best to arrange a loan that best suits your needs.
Apply for a Personal Loan with Citizens
If you would like to learn more about the process of obtaining a personal loan from Citizens, or if you would like to learn more about other types of loans we provide, we encourage you to contact us today or stop by any of our convenient locations. You can also get the process of applying for a loan started now, simply fill out our online application form and a friendly Citizens representative will contact you!