How a Bad Credit Rating Affects Loan Options

Whether you call it adverse credit, bad credit, poor credit, it all means the same thing. You face an uphill battle and it may limit your loan options. A bad credit history will usually have missed payments, late payments, collections, repossessions, perhaps a bankruptcy or tax liens and judgments. 

Negative items on a credit report will remain there for at least seven years. As very few lenders will want to risk loaning money to a someone with a bad credit history, you will severely limit your loan and credit issuer options and you will pay more for those lenders you do find to loan to you in much higher interest rates. 

You can repair your credit and put your bad credit history behind you. Step 1 Credit is the leading choice for mortgage lenders to help their clients repair their credit history with our credit report programs. Credit report management can help you repair your credit legally. Step 1 Credit will help you work to improve your credit using the consumer laws put in place to protect you.