I need a loan.I have really bad credit.Score is 567.Cant be a home loan because I'm trying to sell the home.

Question

Would like a loan of $8000.00 but can settle for $3000.00 if need be. I'm desperate!

I havent actually put the home up for sale yet. it is actually a mobile home and i cant sell it until i do some repairs and need this loan to do the repairs. Most loan companies have told me that my debt to income ratio is too high to qualify for a loan.

Answer 1

www.myfico.com is a good site.

Here's some of the tips they give to raise your score:

Payment History Tips

Pay your bills on time.
Delinquent payments and collections can have a major negative impact on your score.
If you have missed payments, get current and stay current.
The longer you pay your bills on time, the better your score.
Be aware that paying off a collection account will not remove it from your credit report.
It will stay on your report for seven years.
If you are having trouble making ends meet, contact your creditors or see a legitimate credit counselor.
This won't improve your score immediately, but if you can begin to manage your credit and pay on time, your score will get better over time.

Amounts Owed Tips

Keep balances low on credit cards and other “revolving credit”.
High outstanding debt can affect a score.
Pay off debt rather than moving it around.
The most effective way to improve your score in this area is by paying down your revolving credit. In fact, owing the same amount but having fewer open accounts may lower your score.
Don't close unused credit cards as a short-term strategy to raise your score.
Don't open a number of new credit cards that you don't need, just to increase your available credit.
This approach could backfire and actually lower score.

Answer 2

567 is not that bad unless you are at 100% now on your home. Just take the home off the market. Get the loan (should take about 30 days) and then put it back on the market. No matter who you go to they will want the house as collateral. If you have a Beneficial Fince company in your area, they make peroal loans with over 20% interest. If you want any info on a home loan contact me. I can help!

Answer 3

I bought my first car when my score was about where yours is. I qualified for a $20,000 loan. Mind you my score was only that low because I had not been in the country for long. If yours is there because of bad debt or poor credit management it's a different story.

Honestly I would be very weary about spending that kind of money fixing up a trailer. You won't get that money back, not matter how nice you make it look. It's still a trailer, and worse than that it's a USED trailer. They are not sound investments.

Answer 4

Is 567 A Bad Credit Score