What are my chances of getting a loan with bad credit?

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I had no choice but to default on several credit cards, utility bills and a home back in ’03/04. Since then I’ve been making peon money ‘under the table’ so it looks like to the world I have no job. My mom passed and left me a small inheritance, I would like to buy a house and will need a mortgage loan. I’m putting down 50% for payment which is all I have. All that stuff is going to show up on my report? If I even get approved my Interest rates will be sky high. Should I even bother? Or stay where I’m at and wait for the negative stuff to go away? I’m afraid to do a credit report myself because I don’t want the collectors to know where I’m at. My sister has a credit score of 780, Mine I’m afraid to find out, it’s probably 78.
Note to Delilah.
My exhusband got into meth and was sqaundering the money I was trying to pay bills with. I had no choice but to leave when he threw me around the house. Then he threw me out of the house at 3AM because I refused to hand over more money. The house was in both of our names and he never made a full payment himself. he was a nice guy at first but meth does bad things to people. Yeah I was trusting and stupid. Isn’t everyone at least once?
Maybe you should look at the real world. I’ve been cleaning horsestalls and housecleaning for Four dollars an hour so no, my life hasn’t been cushy. In a perfect world I would’ve avoided that guy all together. The house I want to buy is not much more than a run-down fixer upper not some Malibu mansion.

5 Comments
  1. Reply
    infinite crisis 247
    May 2, 2011 at 11:54 pm

    well, it depends on several factors:

    1. the negatives will not go away at least until 2011. they stay on your reports for 7 years. it also depends on when they filed it with the credit bureaus, which could mean it could be on your reports until 2012 or 13.

    2. how much of a loan would you be applying for and what your monthly salary is. you mentioned that you have an inheritance. you might not want to put all of your eggs in one basket in terms of putting 50 percent down for the house. you may save in interest over the 30 year period, but what will you do if you move into the house and in a year, the furnace breaks. better to stash some for a rainy day instead of putting it all into the down payment.

    3. whether you would be approved or not would depend on all of those things mentioned above. however, one thing that you need to do today is run your credit scores. do not even walk into a mortgage office or a bank without doing this. you will need to be preapproved to buy a house. every one of these places is going to want to run your credit. if you let every tom, dick, and harry do so, you will get all kinds of inquiries against your credit. this isn’t good either. better to run the scores and then shop around. they can’t run your scores, unless you give written consent.

    overall, whether to wait or move now, would depend on how bad the credit scores are. if they are less than 650, i would tell you to wait. build up your credit, pay on time, and hopefully some of the negs will fall off.

  2. Reply
    Deliah
    May 3, 2011 at 12:11 am

    You MIGHT get approved for a hard money loan that will cost you dearly in interest 12-25% but you might also have to pay off all the debt before anyone will give you a loan.

    So you walked out on your debts so the rest of us pay those and then you get your money and cheat us again by not paying your fair share of taxes and we are suppose to be concerned because you want a house and may not get it? Hmmmm…

    Go ahead report it or thumbs down to your hearts content, someone needs to put a little reality in your head!

  3. Reply
    snowrider98023
    May 3, 2011 at 12:11 am

    Your chances of getting a home loan right now is ZERO. Have you heard we are in a mortgage crisis? Now you can buy a house on a private contract, they are there, you just have to look around.
    Your bad credit will not just go away, your score will be 78 for the rest of your life until you start to repair it. Don’t worry, creditors already know where you live, pull your report and it will show your current address. You can call your credit card peeps and utility company and settle for less money. They have wrote you off as a loss, so if they get 10 cents on the dollar, that is pure profit for them. Do the right then and buck up!

  4. Reply
    helpdesk
    May 3, 2011 at 12:13 am

    There is a big chance. There are many lenders now that cater bad credit people. They give bad credit people a second chance. You can search using Google for those lenders.

    Also check this resource – http://www.badcreditresources.com/bad-credit-personal-loans.html

  5. Reply
    takebadcreditloan
    April 17, 2012 at 2:20 am

    If you are searching for a loan with bad credit in the USA in order to make payments on emergency bills then you will get better results on organic searches. Enter in your keyword in the search box and wait for results. You will get to see many online sites such as takebadcreditloan.com that show up on the top of searches. Log in to the site to learn more.

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