Bad Credit loans urban bcl ; credit card issuers and loan providers do always check credit score before ever issuing a credit or loan to an applicant.
How does bad credit loans urban bcl work?
Urbanbcl helps in connecting both a third party lender with someone who need a Bad Credit loan
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Do note that urbanbcl does not make credit or credit card decision.
They do not just offer the bad credit loan alone they also gives the unsecured loan and personal loan services
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With even a bad credit rating they are able to find a lender who might be able to help.
If you will get a pre approval a credit lender will get in touch with you give you more informations which
How to apply for bad credit loan urban bcl
The following steps are required to those who want to apply for the urbanbcl bad credit loan.
Submit your inquiry form online
Get online prey approval
Following final approval, collect your funds
What Does Bad Credit Score Mean
On a scale of 300 up to 850 a person is said to have a bad credit score when a person credit score goes below 580 is considered to have a bad credit
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Though different lenders make use of different FICO scoring models which means the higher your credit score the better
Going below means it is not good enough.
what is considered bad credit score
FICO had considered any score below 580 as a bad credit score, and such person with such score is considered as credit risk
What Causes A Bad Credit Score
There are lots of things which causes bad credit score, which I will list below along with little explanation.
late payment of bills
When you make a late payment of bills it do impact credit score thereby affecting it
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When payment are 30 or more days late it is usually being reported to the three credit card bureaus which is why most people do have bad credit score
bankruptcy filing
When a person disregard a debt or make a new payment plan it is being considered as bankruptcy filing
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which also can affect the score on anyone credit card involved in such
Charge-offs
When an account is charged off it is being remove from the credit sheet and considered as a financial loss by the creditor
defaulting on loans
When a defaulter fails to pay according to the loan agreement it is being said that the person is a defaulter on loan.
what happens if you have a bad credit score
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A bad credit score can lead to the following:
With a bad credit score you will be
- Loan application might not be approved
- subject to high interest rate.
- You might be subject to higher insurance premium
- Challenges in starting your own business.
- Might in fact have a tough time landing a job
- Harder time in getting an apartment
Can you recover from a bad credit score
It is very much possible to recover from a bad credit score
Though it might take a lot of days to get back on track.
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To rebuild your credit score you have to:
- keep most of your credit limit available
- Always pay on time
- Get a credit-builder loan or secured loan
- Get a secured credit card
- Get a cosigner
- Become an authorized user
Is having bad credit the end of the world ?; no ! That is not the end there are better ways of improving your credit score and getting the best.
Also read : 6 Ways to Rebuild Credit
Reasons for Decreasing of your Credit Score
This can happen due to some reasons which are:
Applying for new credit account
A change in your credit mix
Closing older account
Late or mixed payment
Changes to credit utilization rate e.t.c
Wrapping up
With a bad credit score there are chances that you can get a urgent loan for your self .
