• 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 decision how to do bad credit refinance any other loan. The other areas to look for are the loan amount that you are seeking, credit reputation that you have (that is your credit score and your history), and the collateral that you willing to put up (roughly the amount that equal to your loan amount), and of course the ability that you can pay back the debt. Therefore lenders always prefer lower score borrowers than those with higher scores.

Look for lenders who process loans in-house rather than outsourcing for credit refinance. This saves time as well as money. Also, look for experienced loan counselors who can give you the best advice. Some companies will also offer you the facility to check for the status of your loan online 24/7. Shop around for rates and various terms and conditions. The longer you shop, the better chance you will have of finding your ideal refinance package.