I have a personal loan of $12,200 which i'm paying around $490 a amonth (this is a secure loan which they are using my car as collertal). The reason why i'm paying that much is because of my bad FICO credit score (612). Is there anyone out there that can give me advice on how to get another loan with lower rates with someone with bad credit. I cant seem to get out of this hole.
2007-10-03 04:26:38 · 1 answers · asked by Anonymous in Business & Finance ➔ Credit
Shifting your debt to another loan is not the answer!!
You need to set up a strict budget. Eliminate all the extras -- eating out, new clothes, cell phone, etc. Put every penny you can squeeze out of your budget on the highest interest rate debt, while making minimum payments on the rest. When the highest is paid off, move to the next till everything is paid off.
You should also look for ways to pickup more cash. Have a garage sale, collect alum cans, get a second job.
The only way out of the hole your in, is to pay it off.
2007-10-03 04:42:10 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
1
2016-09-28 08:26:28 · answer #2 · answered by ? 3 · 0⤊ 0⤋
You must stay in and pay it off, but be sure to pay it on time everytime, so that way your credit score will go up. Stick in there, it will be over before you know it. Just don't eat out anymore and live off of macaroni and cheese for awhile. Read books for entertainment, and for Pete's sake, quit spending all your money on alcohol!
2007-10-03 04:36:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋