A credit rating is one of the first things most lenders will look at when making a determination on whether to approve financing. A low credit score can lead to disappointment by causing an application to be denied. While some loan options don’t require perfect credit, certain lending products require a greater score to secure an approval and a good interest rate. The following loans represent those that are the most difficult to get. Anyone looking to acquire any of the lending options below should look at building their credit score so they can apply without worry of being refused the money they need.
The process of purchasing a home is one of the most terrifying and exciting times anyone will encounter. Qualifying for a mortgage isn’t easy, and often requires proof of income, as well as sufficient credit history. The lowest score a consumer can have to qualify for a mortgage is 620, and while it may not seem that high, repairing credit and reaching this level takes time and patience
Buy here pay here lots are common resources among individuals looking to secure an auto loan when they have bad credit. Purchasing a new car from a dealership can be more difficult, and even if a person is approved despite poor credit, they will likely pay an exorbitant interest rate. An increased score can lead to a cheaper interest rate, and some vehicle manufacturers even offer no interest loans for those who qualify
Credit cards are unsecured debt that provides the user with access to funds quickly. Secured credit cards are a good option for those with less than perfect credit, but require the borrower to tie up their money with a lending institution. A traditional credit card can be a great tool and provide those who use them with rewards and other benefits just for being a card member.
One of the quickest ways to increase a score is to open new lines of credit. The lending team at King of Kash can help with your credit by approving a signature loan that will be reported to all three of the major credit reporting bureaus. Regular on time payments can contribute to an increase in a score, and get a consumer on the road to being approved for a mortgage or car loan quickly.