How To Use Second Chance Financing To Improve Your Credit

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How To Use Second Chance Financing To Improve
Your Credit

• BY www.newhorizon.org

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• Too many times when we what looks like a HUGE
  problem we give up without putting up a fight.

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• But when it comes to credit, even if you have
  filed bankruptcy, you MUST focus on rebuilding.
• Second chance financing give you a chance to
  build good credit.

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Second chance credit cards

• Second chance credit cards should be the first
  type of financing you looking into to start to
  rebuild your credit. There are 3 main types of
  credit cards that fall into this category.
• Bad credit unsecured credit cards these are
  unsecured credit cards for people with bad credit
• Secured credit cards secured credit cards are
  the most used for rebuilding credit. Your
  security deposit will equal your credit limit
• Guaranteed approval credit cards these are
  usually catalog cards that guarantee you approval
  but you can only use them to buy merchandise in
  their catalog.

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• Then you also have second chance loans.
• Second chance loans are loans that cater to bad
  credit clients.
• They have lower credit score requirements and an
  easy loan approval process.

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There are 3 main types of second chance loans.

• Unsecured bad credit personal loans these loans
  tend to credit check. If your credit score is
  below a 600, you are unlikely to get approved for
  an unsecured personal loan
• Secured bad credit personal loans these loans
  are secured by some sort of collateral. These
  loans allow for lower credit scores since there
  is collateral involved. The loan amounts tend
  to be bigger and the length of the loan term
  longer.
• Payday loans these are very short term loans
  that are dependent on your employment. As long
  as you are 18 years or older, been on your bio
  at least 2 months and your paycheck can support
  the loan. You will be approved.

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• Its a big mistake to not rebuild your credit
  after going through a financial hardship.

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• Yes, while your credit score is low, your options
  for financing are limited and tend to have a
  higher rate of interest.
• But if you want to recover quickly and start
  rebuilding your credit score.
• Use one of the second chance options listed
  above.
• Just make sure they report to at least 1 credit
  reporting agency!

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• For more tips on how to improve your credit visit
  https//www.newhorizon.org/credit-info/