Question about Secured Loans
Date: Thu, 07/02/2009 - 22:01
Hello everyone,
I'm looking to buy a home within the next 6 months to year. I'm a very handy person so I'm going to look into buying a fixer-upper. At this time my credit score is 451 (I made very stupid errors when I was in my teens). Currently I'm with a local credit union, I've been with them for about 6 months now. So far everything has gone great with them, no overdrafts or any other problems.
Anyways houses that I've seen and could work on myself go for about $9,000 to $20,000. I looked at my credit union's website and saw they have Personal Secured Loans. The loans have an APR of 5.99%. Now this is the details they list on their site
Quote:
So my question would be is this an option to go since my credit isn't the best. I've been with my current employer for two years and my current address for doing on two years.
Since the loan amount wouldn't be a lot (about $7,000) would an personal secured loan be better or should really do a mortgage if I was approved for one?
Would it be easier to get a loan with a CU or should I look into other options?
Thanks for taking time to read this!
- Marc
I'm looking to buy a home within the next 6 months to year. I'm a very handy person so I'm going to look into buying a fixer-upper. At this time my credit score is 451 (I made very stupid errors when I was in my teens). Currently I'm with a local credit union, I've been with them for about 6 months now. So far everything has gone great with them, no overdrafts or any other problems.
Anyways houses that I've seen and could work on myself go for about $9,000 to $20,000. I looked at my credit union's website and saw they have Personal Secured Loans. The loans have an APR of 5.99%. Now this is the details they list on their site
Quote:
Share Secured Loan A personal loan that uses the shares in your account as collateral. You can borrow up to 100% of the balance that is in your share account. As the balance of the loan declines, the pledge against your shares also declines by an equal amount. triboro-fcu.org/loans/persloan.php |
So my question would be is this an option to go since my credit isn't the best. I've been with my current employer for two years and my current address for doing on two years.
Since the loan amount wouldn't be a lot (about $7,000) would an personal secured loan be better or should really do a mortgage if I was approved for one?
Would it be easier to get a loan with a CU or should I look into other options?
Thanks for taking time to read this!
- Marc
If you qualify for a loan from the credit union I think you shou
If you qualify for a loan from the credit union I think you should go for it. This is because in order to get a FHA loan you need to have a credit score of at least 620 and I don't think it is possible to increase your score to that level within a year.
