Tag: FICO

There are many reasons that you might need to apply for different types of loans, and none of them are enjoyable. One of the best features a loan outlet can offer to customers who are in a difficult financial situation is an easy application process. There are many reasons why Loans 360 may be the ideal choice for you or someone you know who has had past credit problems and who also needs help to get back on their feet.

Personal Loans

When you encounter a loan officer at a traditional lending institution, they often act in intimidating or demeaning ways towards customers who do not boast a high credit rating or FICO score, or who may have had problems paying their bills in the past. This can add to the stress of solving your current financial problems and, suffice to say, no one likes to be treated that way.

The personal loans at Loan 360 are that many degrees in the opposite direction. We do not act as a judge towards customers payment history because our business is to help people get loans who are turned down elsewhere. This is a refreshing experience for many of our customers; we are happy to provide it time and time again.

Our loan plans are customized to get you the interest rate that you can afford, which will help you re-build your credit history. We are primarily interested in your income-to-debt ratio, that is to say, the comparison of your income against your expenses and debts. Examples of these debts could be your mortgage or car payments.

Thats it! We just need your basic contact information and your application will go right into processing. We are proud to offer some of the most user-friendly loan application products on the market today.

Online Personal Loans

Another way we serve our customers is by offering them access to the alternative online loan application. Because our loans are not secured, or backed by collateral, the online application is exceptionally fast. Collateral-based online personal loans have much longer processing periods. In addition, no credit check is required.

This speeds up the processing of your application as well. Other lending institutions must go through these other steps, which can result in longer waiting periods before the status of the loan is revealed to the customer. At Loans 360, we can accommodate bad credit or no credit with no problem.

Refinancing your 1st and 2nd mortgage loans can be an effective way to re-establish your credit, particularly if you have recently declared bankruptcy or otherwise have bad credit.

Fortunately, the underwriting standards for many secondary finance sources has eased, and you may qualify for an equity loan through a sub-prime lender, sometimes called as “bad credit” specialists, as early as six months after your bankruptcy discharge.

Home equity lenders classify borrowers into the following credit categories based upon their credit scores. These categories may vary slightly among home equity lenders. A few non-conforming lenders offer B, C, and D credit, which means they offer credit to high-risk borrowers. For taking on these high-risk loans, sub prime lenders charge somewhat higher interest rates and fees.

Credit Rating Credit Score

A+ 700 A 670 A- 640 B 620 C 580 D 550 E 520

Providian Financial estimated that consumers with an average score would reduce card finance charges by $76 annually if they raised their score by 30 points. Debt refinancing with sub prime debt consolidation loans alone can help raise your FICO credit scores by at least 30 points, especially if you are diligent about keeping up with the monthly payments.

Consider refinancing now and rolling in your current second mortgage (home equity loan or line of credit) into a new 1st mortgage loan while cashing out on equity to consolidate credit card debts. You might immediately save a fortune. With the new minimum monthly payments being implemented by credit card companies, the savings could be even greater if you refinance now.

Paying down debt and making regular, on-time monthly payments are the fastest ways to re-establish good credit. Fair Isaac & Co. states that paying down your credit card balances by just 34% could raise your scores by almost 20 point, and paying your bills on time for 6 months could raise your FICO scores almost another 20 points. So, after making your payments in a timely manner each month for at least 12 consecutive months, your credit score should have risen quite a bit above the sub prime rate range.

Now is the time to replenish your credit score and start rebuilding your credit history. You can still refinance for an interest rate for less than what you are paying with revolving credit cards.

Do more research online and you will find insightful information and get more tips about loan approvals and underwriting guidelines for a sub-prime credit and equity loans. This is the first step that could save you money by lowering your monthly payments.

The jumbo loan market is the only bright spot in an otherwise shrinking mortgage market, and an Atlanta company that specializes in refinancing and purchasing of homes believes those dreaming of buying their own home should take advantage of the favorable market conditions. Christensen Financial, Inc., an Atlanta-based company that lends to those dreaming of buying their own homes or refinancing their properties, says that a lot of financial institutions are now relaxing their rules in order to cater to well-off borrowers. It cites that even the big banks in America are stepping up efforts to get more affluent borrowers, while keeping their credit rules tight for other customers. These banks are allowing assets in accounts of their borrowers to serve as collateral, reducing rates for customers with investment accounts, and even accepting lower down payments. In 2014, applications for jumbo loans rose by 4.9 percent, proof that more borrowers are cashing in on the relaxed rules of banks on this type of financing. Jumbo loans are available only to creditworthy borrowers with an average FICO score of 760. Christensen Financial, Inc. advises families and individuals to apply for jumbo loans, or those with a minimum amount of $417,000, so they can buy their dream properties. The firm says home owners in Atlanta and nearby areas wanting to apply for a jumbo loan can visit its website where they can get free quotes and even start their jumbo loan application. About Christensen Financial Christensen Financial is a mortgage company for people looking to buy or refinance their homes. It is backed by a team of highly skilled and experienced mortgage professionals. For more information, please visit www.jumboloanmortgages.net. Contact Details Lynnette L. Collins947 Courtright Street Balta, ND 58368