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 Posted: Sun May 22, 2005 8:23 pm Subject: How do i get a loan |
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i have around $7000 in debt and some are in collections. i have a very low credit score, around 480 or 490. will anyone give me a loan?
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moropeza
Joined: 22 May 2005
Posts: 1
Location: Marquette, MI Debtcc Points: 248
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| Posted: Mon May 23, 2005 2:08 pm Subject: |
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Hi moropeza
Welcome to the forums. You can explain your financial problem to the consultant who will get in touch with you. He will evaluate and choose the best option for you so that you get clear of your debts slowly and surely.
Keep us updated and post and your valuable suggestions and comments in the forums regularly.
Regards
Roxette
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roxette
Moderator
Joined: 18 Mar 2005
Posts: 4140
Debtcc Points: 50415
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| Posted: Tue May 24, 2005 12:22 am Subject: Getting a loan. |
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Hi moropeza
Welcome to debt consolidation care forums.
Your credit score is 480 or 490, and you have $7000 in debts. Well unfortunately, you will not get a loan immediately. You have to improve your credit score immediately. You can avail one method, and that is by getting yourself enrolled in a debt consolidation program.
This has dual advantage-
i) it will help you increase your credit score
ii) it will help you to get rid of your debts.
This site can help you a lot in this matter. Please use it to its fullest extent. Hope this information will help you a lot.
Regards,
Peter.
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peter
Joined: 20 May 2005
Posts: 293
Debtcc Points: 11312
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| Posted: Sun May 29, 2005 11:07 pm Subject: |
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well, I am a bit new at this, but I recently put myself into about 3500 dollars in debt, and am having the worst luck on trying to pay it off due to my credit being so bad and my score so low. How can tackle this and get on with my life? Ashley
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Guest
Debtcc Points: 100
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| Posted: Mon May 30, 2005 1:35 pm Subject: Re: How do i get a loan |
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| moropeza wrote: | | i have around $7000 in debt and some are in collections. i have a very low credit score, around 480 or 490. will anyone give me a loan? |
Whoa! what do you need another loan for? if you are having trouble taking care of the $7,000 you already owe, then how would you be able to handle more debt on top of that? First of all I would advise you against seeking another loan. This will add an extra burden and another loan request would succeed in lowering your credit score even more. So if you are really concerned about your credit score, you should give the additional loan idea a rest.
First, you should try to recuperate yourself from the hole that you are in now. If you have a steady income, then go for the consolidation. However, if you don't think that you will ever be able to pay any of this off, try to go for settling your debt with you creditors. But right now, you are not helping your situation by allowing you debt to go to creditors while taking on more debt. First recuperate your credit score and pay off your debts; then afterward, you can think about taking on more debt.
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benjaminz6
Moderator
Joined: 10 Mar 2005
Posts: 269
Debtcc Points: 10351
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| Posted: Mon May 30, 2005 1:54 pm Subject: |
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| Anonymous wrote: | | well, I am a bit new at this, but I recently put myself into about 3500 dollars in debt, and am having the worst luck on trying to pay it off due to my credit being so bad and my score so low. How can tackle this and get on with my life? Ashley |
Well it is a good thing that you decided to take control of your debt before it festered out of control. With a little fiscal responsibility, you can tackle this debt and get your life back on track. i believe that you can overcome this debt through consolidation.
debt consolidation would be beneficial in your situation for many reasons. First, it will allow you to reduce the interest on your debts. Since you said that you have bad credit, your creditors probably increased your interest rate a few notches because they perceived you as a risk. Consolidation would allow you to work with your creditors to reduce these varying interest rates while allowing you to concentrate your payments with one company. Through this method, you would eliminate your debt more quickly because you would be paying less interest and more principal. And the lower payments would make this debt more manageable for you.
Next you should be concerned with recouping your credit score. The best way to get started with this is by trying to become up to date with all of your debts. Once you prove that you are capable of taking care of large debts, then creditors would be more willing to trust you with larger sums of credit. So you should really try the consolidation route in order to completely eliminate this debt.
Another important element involves fiscal responsibility. How did you get into your debt in the first place? you should keep track of your good and bad spending habits so you can be sure that you would not commit the same mistakes that got you into your situation in the first place. taking these steps would lead you to a path toward a debt free life.
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benjaminz6
Moderator
Joined: 10 Mar 2005
Posts: 269
Debtcc Points: 10351
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| Posted: Mon May 30, 2005 3:49 pm Subject: |
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Hi Ashley
| Quote: | | well, I am a bit new at this, but I recently put myself into about 3500 dollars in debt, and am having the worst luck on trying to pay it off due to my credit being so bad and my score so low. How can tackle this and get on with my life? |
You can opt for a debt consolidation program at this stage. All your multiple payments will get consolidated into one loan amount which will be paid each month and thus improve your credit report.
However, please keep a check on your spending habits as this program works the best when you have a perfect control over yourself.
Please do let us know your feedback and do visit the forum regularly.
Regards
Roxette
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roxette
Moderator
Joined: 18 Mar 2005
Posts: 4140
Debtcc Points: 50415
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| Posted: Mon Jun 20, 2005 11:25 am Subject: debt |
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hi i am christy and we are about 10,000 in debt what can we do we need help now and fast. a loan would be great but we have bad credit and low score i see no way out
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christylmitchell
Joined: 20 Jun 2005
Posts: 2
Debtcc Points: 143
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| Posted: Mon Jun 20, 2005 3:48 pm Subject: |
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Hi christylmitchell
As I have replied to your post in your previous thread, the debt consultant will be whole heartedly negotiating with your creditors and offer you the perfect payment plan so that you start seeing your debts erasing within a short time.
His counseling will be helpful to you in all your times of need and you will be able to live this life happily once again.
Regards
Roxette
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roxette
Moderator
Joined: 18 Mar 2005
Posts: 4140
Debtcc Points: 50415
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| Posted: Tue Jun 21, 2005 10:27 am Subject: Re: debt |
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| christylmitchell wrote: | | hi i am christy and we are about 10,000 in debt what can we do we need help now and fast. a loan would be great but we have bad credit and low score i see no way out |
Hi,
You may be in a serious hole but there is hope. With little fiscal responsibility, you can be on your way to a debt free life. You are correct that a loan consolidation would not be able to work out in your situation. If you do have poor credit and low score, obtaining a loan will be a tough going. Unless you have a cosigner, you may not be able to consolidate with a loan. But there are other consolidation options that you should consider.
There is another consolidation option where the consolidation company will contact your creditors in order to negotiate lower interest rates for your debts. the reduction of these interest rates will have a cumulative effect or lowering your monthly payments to something that would be more manageable for your situation. So if you contact 877-No-debt-8, you will be able to speak with a counselor who will be able to assist you with this endeavor.
Another thing that you have to do is reign in useless spending. The consolidation program will only be successful as long as you are able to keep up with them payments. however, if you budget poorly and continue with reckless spending habits, you will not see your way out of this debt. So you should try to budget for the most important/necessary expenses and save the non-essential items for a time when you will be debt free and able to pay for them.
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benjaminz6
Moderator
Joined: 10 Mar 2005
Posts: 269
Debtcc Points: 10351
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| Posted: Thu Aug 11, 2005 1:06 pm Subject: try to raise your score |
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Do you have a credit card? You might even be able to get a free copy...but try to get your credit report. You might be able to raise your credit score. I took a look, and at EVERY company I didn't recogrnize, I disputed it saying I didn't know the company. My score went up 80 points.
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Teleport
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Joined: 09 Aug 2005
Posts: 1483
Debtcc Points: 38851
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| Posted: Thu Jul 06, 2006 3:47 pm Subject: Credit Help |
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I have been in a chapter 13 bankruptcy for 4 1/2 years now and have 6 months to go. My estranged husband's house is being foreclosed (home is not in my name) but I'm having a hard time getting approved for a home loan because my credit score is 498, 525, 501. I need to move ASAP but I don't want to rent. What should I do?
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Evette
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Debtcc Points: 100
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| Posted: Thu Jul 06, 2006 4:57 pm Subject: |
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Loan companies like to view a credit score above 600 before any financial deals are offered. You need to pay off the accounts with the small balance so that the scores improve a bit. There are other ways to improve the credit scores. Go through these tips if it does any help to you.
http://www.debtconsolidationcare.com/forums/credit-check.html
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Justme
Debt Samaritan
Joined: 19 Jan 2005
Posts: 502
Debtcc Points: 8026
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| Posted: Tue Jul 11, 2006 1:42 am Subject: No credit,but need a loan. |
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I know that in order to get a loan you would need to have excellent credit. But as a person who now trying to establish good credit for furture plans.Would it be a good thing to ask for a loan at my bank?
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Shelby
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Debtcc Points: 100
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| Posted: Thu Jul 13, 2006 12:52 am Subject: |
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That might be a good idea, you may also try credit unions.
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dave
Joined: 15 May 2006
Posts: 64
Debtcc Points: 1012
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| Posted: Wed Jul 19, 2006 4:57 pm Subject: evette |
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Depending on your down payment or loan to value you can get a mortgage with that credit soore.
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irish1
Joined: 19 Jul 2006
Posts: 3
Location: Southeastern WI Debtcc Points: 155
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