debt consolidation with bad credit score

Hi Trish!!! With that credit score, you probably could still get a loan---although it might be tough finding someone to do it, and the interest rate will be sky high. But with the garnishment/repo--it just got harder.
My car just 'bit the dust' literally and we were forced into getting me another car. Before anyone freaks out on me here....its used and I got a really good deal on it with very reasonable monthly payments. The story behind this is, my husbands score was a little higher than what yours is. We put in for the loan at the car dealership, I was sooooo nervous the whole time. Because we have TONS of charge offs on our report. I just knew they were going to laugh us right out of there. Well, we got it. The interest rate is high but my payment is still affordable. It went through like four loan companies before anyone would say yes. Luckily we have an account with citi financial that is in excellent standing, never even late. When they asked them, because we already had an account with them, they said yes. But you know what? I went for a little while not telling anyone about the new (not new but new to me) car, for fear I was going to get a phone call telling me to bring it back, that the loan had fell through. They only gave me $500 for a trade in on my car---thats HOW BAD my car was.
so I'm just telling you, its going to be tough. hope I have helped. :D Shirley

If your going for a car loan,which is a secure loan,you may not have a problem,but if your looking for a unsecure loan,it will be alot harder,since they have nothing to take back if you default.Like Shirley said, its going to be tough.

Hi Trish! See as far as the credit score is concerned your score is not a good one. Generally one should have a minimum score of around 650 to be on the safer side. Any score below that could invite trouble as you may face problems in obtaining credit. But don't lose heart since different lenders have different criteria. And since you are willing to pay a high interest rate I think you will still be able to get a loan.

Trish,

Are you looking for loan to pay off your debts? Since you are already in debt problem, another loan might not be the right solution for you. As your score is not so high and your report contains negative marks, you might have to pay higher interest rate as well.

Why don't you consolidate your debts? debt consolidation has been proved to be helpful in the long run. You can register with this site to avail the free counseling. Discuss your situation with the consultant and get your debts paid within a short time.

Good point Stanley!!! I got to thinking more about this last night and was wondering if Trish was thinking of getting a loan to pay off a loan.

Trish, although it seems like the solution at the time---I mean, I'm sure you're thinking of getting people off of your back---but in the long run you're better off not doing it! It could become a train wreck for you later on. I agree with Stanley, "IF" this is what you were thinking of doing, check into debt consolidtion. That may be a simple answer for you--. Check back with us and let us know how everything is going! shirley

Since the score is not so high and there are marks like garnishment/repo in the credit file, lenders might ask for some collateral as well. So you cannot deny the chance of losing your property if you default again.

Shirley, good to know that you think of your forum friends even when you are off of this place :D