Thursday, December 10, 2009, 9:34AM ET - U.S. Markets close in 6 hours and 26 minutes.
The turbulent economy and tougher lending environment appears to have shut the door on credit opportunities for those with a dubious credit history.
However, in many instances, poor credit doesn't necessarily knock you out of the credit pool. But it does mean you'll need to be well prepared and informed when you go looking for a loan. In any case, you're probably going to get less-desirable terms, and you'll pay a little more than the average consumer because the lender is taking on a greater risk, thanks to your shaky financial record.
Here's a chance to learn how lenders evaluate you and better understand a few of the tools they use to make their choices, such as your credit reports and credit scores; how to deal with lenders so you don't get tricked into losing even more money; and how you can bypass some conventional routes to receiving credit.
Bankrate has selected seven areas where your credit history can have a big impact, explaining how bad credit can affect you and what you can do to make things better.
| More From Bankrate.com: Alternative Fuels: Is Help on the Way? Is Early Retirement Possible? Early Retirement Is Possible for Couple |
Some of the guidance provided, as well as the wise use of the credit you might ultimately receive, will create improvements to your history and boost your credit scores from bad to good. That means easier credit at a better price.
Beat the bad credit blues
See today's average rates across the country.
| Loan Type | Today | Last Week |
|---|---|---|
| 30 Year Fixed | 4.99% | 4.93% |
| 15 Year Fixed | 4.55% | 4.53% |
| 1 Year ARM | 3.92% | 3.90% |
| 30 Year Fixed Jumbo | 5.82% | 5.99% |
| 5/1 ARM | 4.39% | 4.19% |
| 3/1 ARM | 4.96% | 4.74% |
| Loan Type | Today | Last Week |
|---|---|---|
| $30K Home Equity Loan | 8.32% | 8.35% |
| $50K Home Equity Loan | 8.19% | 8.20% |
| $75K Home Equity Loan | 8.22% | 8.23% |
| $30K HELOC | 5.20% | 5.22% |
| $50K HELOC | 4.93% | 4.95% |
| $75K HELOC | 4.93% | 4.95% |
| Loan Type | Today | Last Week |
|---|---|---|
| 36 Month New Car Loan | 6.72% | 6.66% |
| 48 Month New Car Loan | 6.83% | 6.78% |
| 60 Month New Car Loan | 6.88% | 6.82% |
| 72 Month New Car Loan | 6.12% | 6.12% |
| 36 Month Used Car Loan | 7.18% | 7.16% |
| 48 Month Used Car Loan | 7.04% | 7.00% |
| Card Type | Today | Last Week |
|---|---|---|
| Business Credit Cards | 9.74% | 9.74% |
| Low Interest Credit Cards | 11.65% | 11.65% |
| Cash Back Credit Cards | 12.08% | 12.08% |
| Balance Transfer Credit Cards | 12.13% | 12.13% |
| Reward Credit Cards | 13.29% | 13.29% |
| Instant Approval Credit Cards | 13.32% | 13.32% |
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