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Host: What is the worst type of credit account I can have?
Markita Aldridge-Woods: The worst type of credit account is with finance companies and what I mean by finance companies, I don t want to name any. However these are companies that solicit you typically by mail, offering you some type of unsecured loan that typically carries an APR anywhere from 22%-27%. Typically, these companies offer you to consolidate debt with them and not that they are not reputable companies out there, but the APR is a red flag that these are really high risk loans; they are unsecured loans, meaning not secured by any property, is absolutely the worst type of account that you could have on your credit.
Expert: Markita Aldridge
Mortgage Consultant
Markita has been called :The Queen of Mortgage Financing especially after a BK". Since 2002, Markita has been a top-producing loan officer with WestStar Mortgage located in Lake Ridge, VA. She offers her clients expert service in mortgage financing regardless of credit history. Markita's former career as a professional basketball player with the "Washington Mystics of the WNBA" has been her More »
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Tags: Credit, Debt, Bills, Payments, Pay, Counseling, Cancellation plan, Bankruptcy, Financial, Finances, Money
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