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You may have heard that people with bad credit can't get anythingfinanced. Well that's a myth because there are many companiesthat will offer you refinancing and loans no matter what yourcredit rating looks like.

Therefore how to do bad credit refinance is not a problem. Buthow can one tell if they have bad credit? The major indicators ofwhether or not you have bad credit are the following:

*If you have a FICO score of 620 or lower

*In the past 12 months you have had two or more 30-day delinquencies

*Or in the past 12 months, you have had a 60-day delinquency

*If there has been a foreclosure or a charge off against you in the past 12 months

*If you have filed for bankruptcy in the past 60 months or have been declared as bankrupt

*If you're debt-to-income ratio is 50% higher (simply stated your income can't cover the debt expenses)

It's best to know your credit scores before you make a decisionhow to do bad credit refinance any other loan. The other areas tolook for are the loan amount that you are seeking, creditreputation that you have (that is your credit score and yourhistory), and the collateral that you willing to put up (roughlythe amount that equal to your loan amount), and of course theability that you can pay back the debt. Therefore lenders alwaysprefer lower score borrowers than those with higher scores.

Look for lenders who process loans in-house rather thanoutsourcing for credit refinance. This saves time as well asmoney. Also, look for experienced loan counselors who can giveyou the best advice.

Some companies will also offer you the facility to check for thestatus of your loan online 24/7. Shop around for rates andvarious terms and conditions. The longer you shop, the betterchance you will have of finding your ideal refinance package.

Talbert Williams 2000-2006 All Rights Reserved