i have full equity in my home (i owe nothing on it) and a 611 credit score.. i make $3,400 a month. i want to borrow $125,000 to pay off my debt and do a little remodeling.. but i've applied at two places online and they said not approved.. WHY!? i would think with my high equity, they'd work with me..
does anyone know of anywhere that will qualify me even with my not so great credit??? thanks....
2007-09-27 10:42:33 · 6 answers · asked by what's it gonna be?? 2 in Business & Finance ➔ Credit
it's really a shame that i own this house and can't tap into any of that equity when i actually need it!
guess i'll get through these rough patches and thank my lucky stars later that i didn't borrow against the house, though i really want to :(
2007-09-27 10:44:22 · update #1
Have you tried your local bank? Sometimes on-line lenders want your arm and leg and first born before they will even start to think about giving you a lone. it is not you, the problem started a long time ago with the people they tried to give a chance and they blew it by not paying on time or not at all. so now everyone has to suffer because of there ignorance. Go to your local bank and ask them, they should be able to tell you if your not approved, why that is. all lenders no matter where they are, they will always look to your past repaying status, how good you are at paying your bills on time etc. Here is a idea, go to www.freecreditreport.com and get your free credit report, you are allowed to get one a year for free and all you have to do is do and fallow the instructions. this is the place you will be able to find out what is against your credit and gives you a good idea of what you can do form there. good luck.
2007-09-27 11:36:56 · answer #1 · answered by Rowan Red Tail Hawk 4 · 0⤊ 1⤋
A FICO of 611 is not good and since you said "pay off debt" ,
You may already be maxed out . . .
Is your debt more than $12K ?
OR , you home value is less than $160K ?
What did the appraiser say the value was ?
Try for a HELOC from your credit union and request they pay off ALL your other outstanding debt from the proceeds (so they know it will not continue to be a liability )
>
2007-09-27 10:49:52 · answer #2 · answered by kate 7 · 0⤊ 0⤋
They should send you a notice in the mail telling you why you were turned down. When you get that I would get a copy of all 3 reports to make sure nothing weird has shown up (you can get them free after adverse action). Sometimes when you shop around for something like that an old debt will resurface.
2007-09-27 10:48:04 · answer #3 · answered by Delaina77 3 · 0⤊ 0⤋
Pay your debt with home equity is like suicidal mission, "DON'T"
Looking for the way how to make money with your equity, then find the way to make this money work for you. If you can tke it out $125K, you can put it to work make you 25% and pay interest of 12%, then you should be able to get ahead.
Learn and analyze if there you can find 10 ways how to grow your $125K, then due your diligent and ask lots of questions. IF you can find successful storey that anybody would take you in and mentor you would be a plus.
If you make money from real estate, why don't you try to make more with real estate then!
Manage wealth is harder than find wealth!
Best of Luck.
2007-09-27 10:53:24 · answer #4 · answered by L L 3 · 0⤊ 1⤋
By law they must tell you why you are being turned down. Is the amount your asking for more than the value of your home?
2007-09-29 03:00:05 · answer #5 · answered by Classy Granny 7 · 0⤊ 0⤋
try FHA they do up to 95% cash out financing.....and have no credit score requirement.
2007-09-27 11:17:21 · answer #6 · answered by Anonymous · 0⤊ 0⤋