i want to refinance and take 65,000 cash out but keep getting rejected because of my score (542).?

Question

I have had late payment which did me in. Any one know where I can turn to?

Answer 1

I don't know but if you can't afford your current payment even if you can finance more money at a huge interest rate you probably can't afford the payments.

Answer 2

One late payment will not make you a 542 score. I would look into that a bit more, and be honest with yourself.

Answer 3

I think you're going to have a tough time getting this loan. The mortgage and loan industry is now cracking down due to a high default rate on subprime loans the last few years. The companies that were taking large risks on people with poor credit have taken heavy losses. Good luck anyway.

Answer 4

One late payment wouldn't make your credit so bad (542 is atrocious). You can't afford the payments (see last guy's post), you need to focus on fixing your credit not getting another loan you can't afford.

Answer 5

First question: Why do you need a loan for $65,000?

Next question: Can you afford the payments?

$65,000 @ 15% @ 15 year plan = $900/month
$65,000 @ 15% @ 30 year plan = $811/month

$65,000 @ 10% @ 15 year plan = $700/month
$65,000 @ 10% @ 30 year plan = $565/month

Answer 6

You can turn to Vito the loan shark, he doesn't care what your credit score is, as long as he knows where you live.I think there is more to the story that you are not stating, one late payment is not sufficient to blow you out of this!

Answer 7

You need to eliminate your debt, not "till it". You're not so good at personal finance.

Answer 8

Hey thats better then mine !!!

Good LUCK!