i need a 25,000 loan to clear my bills and get my credit back on track ,so I can buy a house for my family.?

Question

I have asked banks and looked on the internet and asked friends and relatives to borrow money I'am running out of options,I don't know what else to do.my wife and I both work,too many late payments,can't get caught up . thanks p.s very frustrated

Answer 1

Bankrate.com
Saving when you're barely surviving
Monday August 28, 6:00 am ET
Don Taylor
Dear Dr. Don,
I am a husband and father of two young toddlers. My net pay is just enough to scrape by every two weeks. With health insurance premiums well over $400 per month, my net pay is only enough to cover the bills. Every time I set aside money, I end up having to use it all for some unforeseen expenditure, and then some with credit cards (whose balances continue to escalate). Where does one in my situation begin to save?
-- Underfunded Mike

Dear Mike,
Your question is one of the more difficult issues in personal finance. How do you work toward the future when you're having trouble getting through the week?
The key is to keep spending less than income. Easier said than done, but that doesn't mean it doesn't need to be done. Spiraling credit card balances aren't the answer. Credit cards just postpone the problem and have you spending money on finance charges that should be going toward meeting your family's needs.
Differentiate between what's necessary and what's nice in your monthly spending. Cutting out cell phones (or alternatively land lines), cable TV, dinners out, etc. brings down your monthly nut. Bankrate has a budget work sheet that you can download to put together a monthly spending plan. Talk to your employer's personnel department to see if there are ways of reducing the health-care costs while keeping family coverage. Taking advantage of flexible spending accounts to pay for medical costs with pretax dollars is one possible way of accomplishing this goal.
The other side of the equation is to increase income. Take a second job, or a third. Don't think of it as forever, just until you can get the credit card balances down and build a bit of a cash cushion. If your wife doesn't work, perhaps she should. Bankrate's "Should my spouse work, too?" calculator will help with that math.
The answers aren't easy, but you've got to ramp up income, throttle back on spending or both to get to the point where you move past paycheck-to-paycheck living and get to the point where your income is also building toward your family's future.
If you've worked through all this and still can't see a way, it's time to ask for help. Your state government might be able to help with health-care insurance for the children, for example. A Bankrate feature, "Finding help in hard times," has some other ideas, too.
To ask a question of Dr. Don, go to the "Ask the Experts" page, and select one of these topics: "financing a home," "saving & investing" or "money."

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Answer 2

The answer to your question is that there are more then one type of credit reporting system. Most people are only aware of their credit report, which is called a FICO score. As you already know, this only shows your loan history. Banks use a credit repoting system called ChekSystems. This system reports how you've handled your checking account not just at B of A but at all banks that report to the system (which is most all banks). To open a checking account you pass three basic criteria. The first is your FICO score. Whether it makes sense or not, banks won't give a checking account to someone with bad credit. The second is that you have (in their jargon) "pass ChekSystems." Since you are in the negative at B of A (much less what you have done elsewhere) you would fail this, for certain. The last qualification is proper ID and the minimum opening deposit. To answer your question, those other things you are mentioning aren't reported anywhere outside of those companies. They are internal credit reporting systems. The only exception to this is if you don't pay them, and they sell your debt to a collection agency (a collection would show up on your credit report) or you don't pay your land lord, for example, and he files a legal judgement against you, which would show on your credit report (FICO) as a judgement. Both of these negatively effect your FICO score. By the way, even those things you mention that are internal credit scoring systems (i.e. only they know how you paid them) that doesn't mean they can't cause you trouble. For example, if you try to get lights hooked up at your electric company how you have paid them in the past can determine whether you have to give them a deposit.

Answer 3

Seems like you're in a position where you need to rent for a little while. I know that it's not the investment home ownership is, and that it's not ideal. But I've been there and done that and just bought my first home for my family. I've never been more proud, because I am otherwise very close to being debt-free.
You may have to go without. Seems like a big thing at first, but I'll swear to you that we did more as a family and were happier when we were going without cable tv. I had to deal with dial-up internet for a while. I drive a used car that I paid cash for after a bonus at work. I took a second position at work. I cut up my credit cards (ouch) so I couldn't get further in debt.
Once my debt was down, I was able to start thinking about what I wanted to change. My dream was to own a house, so that's what I went for first.
I'll attach a couple of websites that offer free advice on financial issues. Be careful of someone who wants you to pay them to help you fix your credit.
I'd also like to encourage you and your wife during all this. Finances are so stressful, be careful not to let it come between you. I've been there and done that, too.
Hope I could help.

Answer 4

I know you feel like you can't get your head above water and like a little extra cash would help, but buying a house and going into more debt is not the answer. There are some places that deal specifically with unsecured debt. Try those options out. They will consolidate your loans. If not, just cut down on an expense somewhere. I would look at my car first. Its usually a big payment. Cable and internet could be as high as $150-200.
Try going without those. My brother was in your situation. He just had to barely survive and pay 85% of his income to nothing but cc bills. You can do it, I just wouldn't add a house note on top of it.

Answer 5

Try talking to some of your creditors and see if they'll extend the payments so you don't have to pay so much each month. You'll still be paying interest, but maybe can get your head above water a little.

Cut up your credit cards, or if you have enough self-discipline, put them away and only use in dire emergency. And be careful how "emergency" gets defined.

Buying a house, and adding expenses, isn't what you need to do now. And if you do get this $25,000 loan to pay off your bills, you'd still have to pay that off. Look at all your current bills and see what you can cut back.

Good luck. Sounds like you're in tough times right now.

Answer 6

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Answer 7

have you looked into a consumer credit counseling place? Ive used them before. they can honestly help reduce the monthly payment that you make to all those credit card companies.- reduce the interest rate. I owed 19000 in debt, and i was cleared in 3 years of starting in their program. It simplified life tremendously to make the one payment to them, and they distributed the payments to my creditors every month. all my bills were paid on time, and my credit score gradually improved. now im debt free with the best fico score of my life. but be careful, there are some companies that will try to consolidate all the bills together, then you just pay them. i would avoid them. make sure the company you choose sends a monthly payment to each creditor every month. that is how you credit improves.

Answer 8

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Answer 9

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