need to find a company that give me a loan. My credit is not that good.
2007-01-25 08:54:09 · 6 answers · asked by pushpop1 1 in Business & Finance ➔ Credit
Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
2007-01-25 17:43:30 · answer #1 · answered by gabriel jones 4 · 0⤊ 0⤋
Are you looking for a loan for a home? If so, there are other factors to consider, besides credit. Medical Bills are Over looked by underwriting (since medical is a unforseen event), where as credit cards, are looked at (since you purchased items on a credit card.) Also, Job time of 2 years, Rental history for 2 years is looked at. What collections & judgements are on your credit report. Some collections may not have to be paid off. Judgements may need to be paid off - depends on the Lender and Their Underwriter. All of these are taken in as a factor on getting a home loan. Credit can be worked on, by adding alternative credit. If you are paying regularly on a cell phone, auto insurance, rent, etc - these are called alternative credit.. All is not HOPELESS - ok - take a deep breath. If your credit score is 500 or higher, anything is workable, with a seller second - etc the higher the credit score the better. Lenders look at the middle score...of the 3 scores. If you only have 1 score or 2 scores (have seen it), it is still workable....but unless a lender sees the whole picture - credit - income - job time, etc - than you will not have a "true" picture of what you can afford - To get 100 percent financing you will need a MIDDLE Credit score of 580, but, like I mentioned there are Sellers 2nd, and FHA does not necessarily go by your credit score, but they DO look at your credit for collections, and judgements that appear on your credit report. There is also the USDA Rural program, where your payments are based on your income. (They to look at collections and judgements on your credit report), if medical, you would need a letter of explaining what happened. It is harder to qualify for, and there is a lot of paperwork involved. But, if it is worth the lower payments based on your income, than the paperwork is worth it. Hope this helps - .. Good Luck.
2007-01-25 17:06:33 · answer #2 · answered by W. E 5 · 0⤊ 0⤋
If your credit is real bad you probably will not get a loan anywhere. If you do find someone to give you a loan I am sure you will be paying a real high APR., like 25% or higher.
2007-01-29 00:26:37 · answer #3 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
getting a personal/unsecured loan will be difficult with bad credit, but if your loan is for a car the roadloans.com may be able to help.
2007-01-25 17:00:47 · answer #4 · answered by surgicalvenom 2 · 0⤊ 0⤋
This site is great as a starting point. You can get quotes here too. http://loan.divinfo.com/
2007-01-25 17:11:23 · answer #5 · answered by Reenie 3 · 0⤊ 0⤋