Can I get a line of credit loan bad credit and grace?

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Our credit rating has dropped drastically after the purchace our house (put off trying to pay the mortgage and other bills) We also have an arm loan. We want to get a credit line to pay his debt, repair our credit. These two factors that prevent us?
my husband’s work was slow the first time in years, and bills have been many of us are familiar with on.now that his work was very busy. but we can not seem to penetrate. we are late and need about six thousand dollars to start new, but have a bad credit get a loan. I need help finding where a currency loan, which helps people with bad credit.

9 Comments
  1. Reply
    jordanwah
    February 1, 2011 at 6:02 pm

    Yes one sec ill get the site
    While i do there are certain and alot of companies that are ok with the risk that low Credit offers. there is a FEW sites that actually allow multiple banks to finance each portion of the line. EX 10K Credit line may be financed by 8 banks with varying intrest rates. the nice thing is you pay the company they send payment to everyone that financed the line ( this is not Debt consol) it is a line of credit through one bank financed in multiple peices by others. This can help with credit rates since its unsecured.
    TIP dont max out the line it hurts your credit rating to be so close to max. Im working on a few sites will post as soon as i find them

  2. Reply
    Rick K
    February 1, 2011 at 6:25 pm

    yes you would be better off trying to get a unsecured line of credit to get caught up

  3. Reply
    foreverhappilysingle
    February 1, 2011 at 7:18 pm

    Some credit card will do it, but will a very low crdeit line, something like 200-300 dollars. But yeah its possible!

  4. Reply
    Jaelyn
    February 1, 2011 at 7:27 pm

    Home loans are now available to many people for whom they would have been out of the question just a few years ago. You’d be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal youinterest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!

  5. Reply
    Jeff's Girl
    February 1, 2011 at 8:17 pm

    Typically a low credit score will hurt your chances of securing additional credit. It will also make your rates on any credit you DO get much higher than a borrower with a better score would get.

    Recent and frequent late payments are a red flag that a borrower is in over his head, or is just not responsible enough to pay his bills on time. Your post makes it sound like your history may have this issue. That may make it harder to get a loan than someone who has a similar credit score and a good payment history, but a high balance to credit ratio or a short credit history.

    If you recently purchased your home you may not have enough equity in it to take out a line of credit against the home. This is especially true if you financed 100% of the purchase price or have an interest only ARM loan.

    Even if you DO have the equity you may want to talk to a person you trust and discuss your finances in detail. Sometimes money is tight after a big purchase and it’s just a short term situation. However if you’ve gotten in to a situation where you are having trouble paying all of your bills you may benefit from consumer credit counseling. Often there are ways to consolidate bills and save money that we are too close to the situation to see ourselves.

    If you are confident that you have the situation under control and this is just a short term cash flow then you’re probably best off talking to lenders and seeing what kind of offers they can provide. Do not authorize anyone to run your credit (for a loan) at this point – too many inquiries will hurt you. Give the lenders an honest estimate of your current score (or situation if you don’t know the score) and see if they can even work with you.

    If you have too much trouble with traditional lenders you may wish to investigate http://www.prosper.com – a peer to peer lending site. You have a chance to describe your situation and tell what the loan will be used for. Peer lenders will bid on your loan (or a portion of it) and may bid your interest rate lower than you could get from other institutions.

    Good luck!

  6. Reply
    S P
    February 1, 2011 at 8:37 pm

    It’s called a loan “shark”. Contact your present creditors and make arrangements with them. More debt won’t help you.

  7. Reply
    lou_kur
    February 1, 2011 at 9:24 pm

    S P hit the nail on the head. Talk to your mortgage company.

    Mortgage companies are reporting low percentages of people trying to work things out with them. I heard one statistic that with 20% of foreclosures, the borrower (you in this case) never contacted them (the mortage company).

    With the current subprime mess, mortagage companies are more than willing to help you the best they can. Countrywide Financial reached out to 35,000 mortgage holders who were behind last month.

    They are not going to foreclose quicker because you called and tried to work things out. They are more likely to forclose later, or not at all, if you talk with them.

    Your mortage company does not want to own your house. Trust me, call them.

  8. Reply
    readyfor_you2
    February 1, 2011 at 10:13 pm

    Yes, I do ! 1st Continental Mortgage inc. do you own your house? Do you have anything of value such as own a car clear and title in hand? call us 407-389-1166 we are a full service mortgage co. ask for tom penna

  9. Reply
    aecruiser
    February 1, 2011 at 10:17 pm

    You need to get out of this mess and if you have poor credit, you won’t be able to get a proper loan. You need to sell the house and I know, you owe much more than what you could get. This is why you need to contact your lender and make arrangements for a “short sale in lieu of foreclosure without recourse”. What this means is that you will present the offers on your home to the lender and they will hopefully approve one of them. Then the lender will accept this amount as payment in full and will not come after you for the difference.

    So why would a lender ever agree to this? Lenders know that if they foreclose, they will likely sell the house for cheap since they want it sold immediately and then come after you for the difference. However, you know that if a lender sued you for 50k or whatever obscene amount, you would be unable to pay. You would probably file for bankruptcy and they would never see their money. Therefore, they may accept an offer if they know that it is more than what they would receive if they foreclosed and then sold on their own.

    This is your best bet. There are some tax implications with short sales but it is better than being foreclosed and sued for a much much much larger amount. Get out of this house and rent something cheap.

    Contact your lender immediately!

    I hope this helps!

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