Is it possible to borrow 20,000 dolars to clean up my credit and get my dl back so I can get a better job home

Question

just need a new start. am able to do home repairs, remodeling.must obtain proper papers to do this legally. 30 years experiance won't put money in my pocket if I can't get rid of past dept.

Answer 1

Unless you have equity in a home you own, probably, almost definitely not.

Your past experience tells creditors you're a poor risk.

I feel your pain, we're in a very similar spot right now. You'll just have to do whatever work you can, for as many hours a week as you can to whittle down the mess.

Concentrate on your licenses first. That's your bread and butter. Then you can negotiate with your creditors and possibly pay pennies on the dollar to settle with them and get them off your back (and this ends up being a lot cheaper than borrowing the full amount and paying interest too).

An old cliche' - How do you eat an elephant? The answer: One bite at a time.

Your financial hole is the elephant. Break it into manageable pieces and keep chewing. It will be gone sooner than you think. Just try to to focus on the whole elephant at once. It's too intimidating.

Answer 2

Interesting question.

Borrowing $20,000 (assuming someone will give you the loan) is NOT the way to clean up your credit. While you might be able to get the money so that you can become licensed, that won't help with your credit problem.

Unfortunately, the only way to clean up your credit is to... well, pay off your debt!

There's a great way to do this. First, you have to call each and every person/bank/credit card company with whom you owe money. Explain your situation and see if they can lower your interest rate. The fact is that most WILL do this!! You can sometimes get it lowered by quite a bit if you talk to them.

Then, figure out which credit card has the highest interest rate. Estimate the MAXIMUM amount you can pay each month for your debt. Then, pay the MINIMUM for all debt, except the one with the highest interest rate. Pay as much as you can on that one until you're done paying it off.

Then, and this is key, pick the next highest interest rate. Add to the minimum amount the SAME amount you'd been paying to the card/debt that you just paid off. You'll pay this one off MUCH faster. Then, you'll watch your credit rating go up quickly.

This might allow you to then get your loan and get your license.

Sid

http://www.basichomeremodeling.com/articles.html

Answer 3

Borrowing a new 20,000 isn't going to clean up your credit. It will just give you more debt. Work and pay off the debt you already have as you can. Maybe you have to get a job doing something else for a little while. It might take you a year or so before you can get to doing the job you love.

Answer 4

The worst thing you can do is borrow more money when you're already having trouble with your debt. There are plenty of companies looking for someone to help them in the home repairs department, especially with all the fix-n-flips in the real estate market. Unfortunatly, you just need to work to pay off your debts and clean up your credit. Lending more money is not the answer.

Answer 5

No. Borrowing money doesn't ever, ever help anyone "clean up" their credit - getting out of debt does.

Get a second job delivering pizzas on the weekends or something. Or a first job at Lowes or Home Depot . . .

Answer 6

isn't that sorta like an oxy moron? lol you wanna borrow $20K to clean up your credit? by borrowing $20K you are then going to be in debt again.. lol ... i would say... think about selling one of your kidneys on e-bay.. :P lol good luck with borrowing $20K from anywhere.

Answer 7

If your credit is that bad...noone is going to loan you 20,000.00 dollars. Your best bet is to keep working and pay it off little by little. You can contact people to help you consolidate all your bills so you only have one or two bills to pay and be paying it all off. Good Luck.

Answer 8

Can you re-write the question in proper English?