I,m looking for a loan to pay off bills but my fico is 513.Hard to get approved for a loan.I,m paying over 600.00 a month, trying to pay them all.But i would like to be able to make one payment.Any advice!
2007-03-15 18:06:24 · 9 answers · asked by caroljea 1 in Business & Finance ➔ Credit
See if you qualify for a mortgage - if you own your home, you can take a home loan out, and use that to pay your CC bills, and may even be able to deduct mortgage interest from your taxes - check with a tax advisor about that.
2007-03-15 18:15:13 · answer #1 · answered by Richard H 7 · 0⤊ 1⤋
Don't!!!! Instead, you can call a credit counseling or legal service that can help you negotiate a settlement with your CC companies. Sometimes, if it's approached correctly, they'll settle for pennies on the dollar. Make certain you research the service thoroughly, there are some scams out there. Also, many lawyers will give you an "initial consultation" for free, and if you have to pay $400 for them to make a few phone calls, you're still ahead.
Whatever you do, don't take out another loan - just diggin deeper.
2007-03-15 18:17:12 · answer #2 · answered by Rudy DelRojo 2 · 1⤊ 0⤋
6 bills a month on credit cards? You're insane. You seriously need to learn to live within your means. With a score like that, you'll never get a loan. Better ask mom and dad. And when/if you DO pay 'em off, tear 'em up. I haven't had a credit card since '98, and I do just fine.
2007-03-15 18:17:20 · answer #3 · answered by Anonymous · 1⤊ 0⤋
"If you are worried about your poor credit history then you will not get any credit. There are many lenders who provide loans to people whose credit record is bad, but at a higher interest rate. You can get bad credit loans from some lenders quickly and easily.
Before you apply for a bad credit loan, there are some points you should first take into account. The only eligibility for the bad credit loan is poor credit history. To increase your credit score, ensure that the details of your loans are sent to major credit bureaus. "
2007-03-18 22:33:01 · answer #4 · answered by stone m 2 · 0⤊ 0⤋
Whatever you do, do not take a home equity loan in order to pay off your credit cares. You be exchanging an unsecured debt for one that is secured with the collateral in your home.
Try to negociate a lower interest rate with the credit card companies. Tell them that you will transfer your balances to a lower interest card.
Good luck.
2007-03-15 18:49:31 · answer #5 · answered by Ti 7 · 0⤊ 0⤋
If you are paying over $ 600 a month for a credit card bill or bills then you might want to talk with a bank or your creditor for an advise. Apply for the best deal.
2007-03-15 18:17:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋
With that FICO, your only real chance would be to get a home equity loan if you have a house. Otherwise, just pay them off as quickly as you can. That will improve your credit score.
2007-03-15 18:16:54 · answer #7 · answered by Anonymous · 0⤊ 1⤋
You could contact a credit counseling agency like Consumer Credit Counseling Service. They can help you get lower APRs on the debts you have, as well as combine your debts to one payment.
2007-03-15 18:17:26 · answer #8 · answered by Lyzz 2 · 0⤊ 0⤋
maybe u could try debt consolidation
2007-03-15 18:20:01 · answer #9 · answered by jai1603 3 · 0⤊ 0⤋