Having a Bad Credit History and Overdraft Protection
Bad credit and overdraft protection don’t usually go hand in hand. If you have bad credit now and you want to get approved for a lending product, it can be difficult to do. The focus this time is having overdraft, then getting bad credit, which can lead to the need to apply for loans for people with bad credit. There are a few things to know about having bad credit and one of them is the effect isn’t always felt right away or when one acts with intention. It goes without saying that if you have bad credit it is in your best interest to start improving that right away. But being aware is important when you first get bad credit so you don’t lose options you may currently enjoy.
If you think that the bank only profiles your credit worthiness when you are applying for credit, guess again. They will perform and make changes on a regular basis which means that if your profile changes so can other services. Overdraft protection is really a short term loan and is in essence a demand loan. This means that if the bank wanted to they can call that loan and you would have to pay it back right away. This rarely happens but changes can happen to your account without your knowledge. You can even damage your credit further by living in overdraft for more than a 90 day period (usually).
Despotising a cheque into your bank account where you used to be able to take out cash based on that deposit can be changed overnight to where you have to wait 5 to 10 business days for the cheque to clear. If you do know you have bad credit and you want to keep some of these banking conveniences then don’t apply for credit with your bank, ask for a replacement to a lost bank card or anything that would have their computer look at your account or profile. I had a client that had bad credit after he set up is bank account and once he got a replacement for his lost ATM card; his account was changed to having to wait for 5 days for his cheques to clear before he could access the funds.
Having bad credit can have a rippling effect in other areas of your financial life other than overdraft protection and it is important that you protect yourself as best you can. Bad credit doesn’t have to be a life sentence and reducing the short term issues will help you better focus on executing a plan to improve your credit history.
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Hello my name is Annette Hines and I was wondering if you help people with bad credit to get a personal loan
We have gone bankrupt and have been discharged in 2005
Please email me as soon as you get this so that I know that you do it or not
God Bless and Hope to Hear From You
Hi Annette,
If you have been discharged for 5 years you should be in a pretty good position to qualify for a loan, as long has you have 2 or more years of consistent work history and meet the debt to income ratios fo the lending institution. (and any lending since your discharge is in good standing). If your in doubt just pull your credit from Equifax and Transunion (soft pull by contact them yourself directly). Then you can see what your FICO score is and all the lending that is reporting for or against you current as of the last 30 days.
At this point I`m not in a position to help people with bad credit lending directly but am in the process of providing links to those that do.
Good luck with your search for lending and keep in touch.