It is said that people with bad credit can't get anything financed. That is not true because there are lenders out there who specialize in refinancing loans no matter what your credit score is. This makes refinancing with bad credit not a problem. How do you know if you have bad credit? Here's how you can tell if you have bad credit:

• Two or more 30 day delinquencies in the past 12 months
• Foreclosure or a charge off in the past 12 months
• If your debt to income ratio is 50% higher
• If your FICO score is 620 or lower
• 60 day deliquency in the past 12 months
• Bankruptcy in the past 60 months

Knowing your credit scores is very important before refinancing with bad credit. Other things you want to look for are the credit reputation that you have which is your credit score and credit history. What collateral will you be putting up, the ability that yo can pay the debt back and the loan amount your are looking for. Mortgage lenders usually like you having a lower score than a higher score because then they can charge you high interest rates and make more money on there end of the deal.

You will want to find a lender that doesn't out source your bad credit refinancing. This is better for you because it saves money and time. You will want an experienced loan counselor so that you can get the best advise from. Also, look for a lender who allows you to check the statis of your loan online 24/7. Shop around for the best terms you can get. The more you shop around the better chance you will find the right loan for your refinancing with bad credit.

You might ask what has caused your bad credit and the only way you can find this out is to go to credit reporting agencies such has Experian, Equifax and Transunion these are the top 3 credit bureaus that all banks, lenders and mortgage companies go to to find out how good or bad your credit is.

If you want to wait to get better rates for your refinancing you will want to improve your credit score and clean your credit up. There are many different companies out there that claim they can improve your credit score but you must be careful in who you trust because some off them are illegal and you will want to avoid them. Do your due diligence before signing up with a company that claims they can clean up your credit in a short period of time.