Loans for People with Poor Credit in Washington
Those who don't have a credit score of 850 might be wondering, are there any loans for people with bad credit?
Getting a credit loan in Washington with bad credit is possible if you only follow a few simple steps.
Let's get started.
Find Out Your Credit Score, and What it Means
Many people in Washington know they have bad credit, but they might not know the exact source of their bad credit.
In order to understand why lenders are rejecting your applications, you must know your credit score.
Get a copy of your FICO credit score and understand what it means. Knowing your credit score and breaking it down will help you see what lenders see.
You can request a copy of your credit report from FICO if you need to.
No Credit vs. Poor Credit
Do you have bad credit or you do have no credit? Some people might mistake their lack of credit for bad credit.
If you're worried you can't get a loan in the state of Washington, knowing whether or not you have bad credit or no credit can make a difference.
Having no credit means you have never taken out a line of credit. Lenders might not know if they can trust you.
People with no credit are often young people who have never applied for a line of credit or new immigrants.
Bad credit means you let your one or more of your lines credit go delinquent. Having bad credit raises more red flags with lenders.
Focus on Building Your Credit
If you figured out why your credit is bad, it's time you focus on rebuilding it.
Rebuilding your credit is a step that will ensure you get a loan in Washington.
To build your credit:
- Start making your payments on time
- Don't use more than 30% of your credit limit
- Prioritize your debts
- Look into consolidating
- Don't close out your old cards
When Washington lenders see you're taking the steps to build your credit, it will be easier for you to get a loan.
Stay Away from Payday Loans
Even if you're trying to get a loan in Washington with bad credit, we must caution you not to take out a payday loan.
The APR can be up to 350 percent and leave you in debt longer.
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Consider a Co-Signer
Getting a loan in Washington will be a lot easier when you get a co-signer. With a co-signer, you'll be able to secure a loan with a lower interest rate.
Ask a family member or a close friend to co-sign for you, and assure them they can trust you to pay off the loan.
Loans for People with Bad Credit: The Bottom Line
Now that you know more about loans for people with bad credit in Washington, it's time you consider your options.
Make sure you learn what your credit score it, rebuild it, and try getting a cosigner.
To learn about the difference between good debt vs bad debt, check out this article.