April 10, 2009, Newsletter Issue #114: Bad Credit Doesn't Mean Dead End

Tip of the Week

Having bad credit is not the end of the world. Itís just another speed bump on the road of life. Donít mistake it for a dead end. That may sound cheesy but it is true. If you know that your credit score is less than stellar, donít let that stop you from trying to get a loan. It may make the process more difficult, but nothing is impossible.

The last thing you should do is assume that you cannot get a loan because of your credit and give up on trying altogether. Different lenders and types of loans will have different requirements for approval. Your credit may not be as bad as you think and you may be eligible for more than you realize.

There are also alternative bad credit loans for people with this very problem. You will find that these loans come bundled with higher interest rates than others might, but there are ways around this too. Even if you start with a high interest rate, you can spend the time in college building your credit back up and refinance at a lower rate down the road.

It can be discouraging at times, but giving up on higher education and living with bad credit can be much worse.

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