Pierre Money Mart Blog

* What type of bad credit loans can I get?
A short term loan (a.k.a. payday/cash advance loans) is one common type of bad credit loan that is available to you. This type of loan requires no credit check or co-signer. However, you do need collateral to qualify for a short term loan and a checking account for the funds to be transferred to.

* Why do unsecured credit cards for bad credit have higher interest rates?
When creditors provide unsecured credit to those individuals with bad credit, the credit issuers face higher financial risks. So, to protect themselves, creditors set higher interest rates and fees for those with bad credit.

* Why should I pay a company to repair my bad credit if everything is going to reappear after a few months?
If you use a reliable credit repair service, everything WON’T reappear after a few months – if you have been the victim of identity theft, all of the wrong information should be removed. Most reputable bad credit repair services correct your entire credit file and stick with it until all issues are resolved and cleared. Your bad credit might have a long and deep trail, so it could take time to completely clear your credit file of all issues.

Need to tune up your credit? Check out our do-it yourself Credit Repair Manual here!

Annual Fees: service fees charged yearly by creditors to borrowers for the use of their credit card.

Buydown: a payment made to a creditor by the borrower to reduce the amount of the borrower’s repayments.

Credit History: a personal record of past credit accounts paid. Credit history is commonly used to predict a person’s likelihood of making payments on time.

Fair Isaac and Company: Fair Isaac is the company responsible for creating the FICO score. This three digit score is created using information from your credit report and ranges from 300-850. The major credit bureaus use this score in evaluating your credit.

Need to tune up your credit? Check out our do-it yourself Credit Repair Manual here!