When we lose a job or fall on hard times, we sometimes cannot keep up with our bills and other financial obligations. This damage can severely affect our ability to secure a personal loan. There are many options to help ourselves in a situation such as this, as we must begin to build our credit for the future.
Get a credit rebuilding credit card. There are circumstances where you may be able to secure a high-interest, low-limit credit card to help you rebuild your credit in order to secure personal loans. These cards are specifically available to people in a credit crisis and are available from companies such as First Premier and Centennial. As you pay on time, the credit card company will report it to the three major credit bureaus: Equifax, TransUnion and Experian. Over time, your credit score will increase to the point where you will be able to obtain personal loans for financial obligations or major purchases.
Seek help with your credit by speaking with a nonprofit credit counseling company. Such companies can help you regain your ability to secure personal loans by giving you the tools to repair your damaged credit. By pulling your credit reports, you can see what is stopping you from getting personal loans and start to pay off any open or collection accounts. By seeking help through an agency, you get advice on the best methods to begin to repair your credit. After a few months, you may be able to secure that personal loan that you need.
Repair your own credit by looking at past accounts and attempting to settle with collection agencies. You can often settle for less than what is owed by speaking to a collection agency. They buy your debts for less than face value, so there is some negotiating room. You can also write letters to the credit agencies in an attempt to have each debt verified. If it cannot be verified, it will be taken off your credit report. There are laws outlined in the Fair Credit Reporting Act to protect you from incorrect reporting from these agencies.
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