2007-11-22 15:20:56 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
In my opinion if you have bad credit now, don't buy a house. Your expenses will only increase and if you cannot afford your expenses now there is no way you will manage to pay for a house. Good Luck
2007-11-22 18:32:17 · answer #1 · answered by just checking 2 · 1⤊ 0⤋
Whatever you need to buy - a house, a car, a pack of gum - is difficult to do if you don't have good credit.
Lenders look at how you handled loans in the past to predict how you'll handle loans in the future. If you borrowed money and then screwed the lender, or took forever to pay them back, it's unlikely that anybody will be very interested in loaning you any more money.
Start small. Borrow small amounts of money, and make your payments on time. Over a long period of time - several years - you can build up good credit. Then, and only then, you can decide to borrow enough money to buy a house.
However, with bad credit, anyone who's willing to lend you money is going to want a large amount of interest, and will be breathing down your neck for the whole term of the loan.
Reality is, with bad credit, you're not really in a position to borrow enough money to buy a house right now.
2007-11-22 23:28:56 · answer #2 · answered by Stuart 7 · 1⤊ 0⤋
who do you think would trust you a loan shark maybe
2007-11-22 23:29:16 · answer #3 · answered by d s 4 · 0⤊ 0⤋