I earn $31,000 a year... will a lender lend to me if I fix my credit?

Question

Credit Score is in the low 500's.

Answer 1

$100,000 with bad credit would be same.

would loan on $10,000 good credit.. so repair it--yes..

Answer 2

Yes, you can get a lender to loan you money to fix your credit. Your chances are significantly higher if you 'own' a home rather than rent, but you might luck out.

The real question is whether borrowing and incurring more debt to pay off debt is the ideal solution for you. If you can get a significantly better interest rate and you're absolutely certain you can make the payments, then do it. Just be forewarned, its probably in your best interest to cut up your credit cards and do everything possible to NOT acquire new debt at all while you try and get out of debt with or without a consolidation loan.

I found pretty good information on debt issues over at http://www.debtcareguide.com . It might have some stuff that could help you out.

Answer 3

You can probably get a loan now, but it will cost you a much higher interest rate & the loan company will probably want some type of collateral.

"Fixing" your cedit usually doesn't work. If it does work, it's probably illegal. You can improve your score yourself by getting a copy of your credit records (free - once a year for each rating company) & dispute inaccurate records. If your credit is already messed up (like mine is), maybe you should not consider borrowing money. Experts say the only two things you should borrow money for is a house and education. Experts also say we should have 6 months of gross income in liquid savings - something I haven't even been able to come close to.

BTW, I helped build the skyscrapers in NYC (from interest paid) foe CitiBank, MBNA, Countrywide Home Loans, American Express, etc.

Hope this helped.

Answer 4

you have a very good chance.