We sometimes think there is no option for new credit with adverse credit history. You may already know that you must look further into products when you are applying for further credit. And still, if granted a new finance, you have a chance to be offered other terms, like higher APR or a shorter term, this is called risk factor in financial terms. They only half-trust you, so make sure to reduce the risks.
That said, you want to tell them about your consolidation plans, besides this is an appealing method that has been easily used by others before. The lender is going to more likely to grant you a finance for consolidation than topping up your existing bad looking credit. So you want to clearly indicate the consolidation purpose in the beginning of the application, as they choose to look at your existing bad credit when checking your details with credit reference agencies, you cannot keep it secret.
You want to make a careful choice, and be extra cautious with the so called guaranteed acceptance bad credit financial products with some of them having a really high APR, avoid further damaging your credit file. Attempt to avoid IVA-s and other easy financial solutions in any way. Do not abuse the use of it like many others. You have to distinguish that it is just tremendously easy to get hooked up but very hard to obtain a good credit rating after. With some of the bad credit products on the market you are going to throw away the option to solve your bad credit, just imagine to hold no chance for credit for at least some years. Request a professional advice before you jump into any product you don?t fully understand and know how it is going to solve your bad debt.
Start with using getting a credit file copy. You can get it for free at many agencies. Make sure you read every detail in order to see clearly about your credit situation. When you found out your credit score you could go to agencies that could determine and provide you the best advertised product for your score.
You need to review all the financial offers available, read the small print, before you apply make sure you do hold a chance to be be accepted and the monthly payments fit your budget. Applying for even more than one credit can swiftly reduce your credit score to a level where you will be stuck to having no options to get out of bad credit anymore. So it is OK to shop around but it is not to submit plenty of credit applications.
If you don?t think you are very good at finances, and in case you are not considered to be a good negotiator, you can opt for a debt advisor?s help who might explain the features of the financial products and detect the most suitable one that will not damage your credit rating further and provide you the extra finance you need as well.
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Source: http://www.iire.info/2012/03/Bad-debt-Repair-your-credit-Step-by-step-instructions/
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