I do not want to refinance my 1st loan, but like to get a 2nd and get cash out..would this be possible?
2006-12-15 04:14:15 · 4 answers · asked by mcoopd1 1 in Business & Finance ➔ Credit
Sounds highly unlikely with a credit score of only 547
2006-12-15 04:15:58 · answer #1 · answered by tchem75 5 · 0⤊ 0⤋
I doubt it with a 547, but if you can raise that to about a 560 or more, then you have a lot better chance. It should be pretty quick to raise that score, probably takes about a month to raise it by about 40-50 points.
2006-12-15 13:16:37 · answer #2 · answered by Mike M 3 · 0⤊ 0⤋
Yes, with a little work. I would try your score up to around 580 or so, then you will be in a better position to secure financing.
2006-12-15 12:36:59 · answer #3 · answered by Kevin K 3 · 0⤊ 0⤋
This would depend on loan - value ratios and employment status as well as debt ratios.
Here is some additional info. Hope this helps.
2006-12-15 12:18:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋