Where can I get money for a major home repair if you have no credit?

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Our steam boiler operating on gas just conked out and it’s cold where we live. We desperately (and quickly) the need for a new boiler and is filed the $ 6,000 cost of the boiler and installation. I favor, but does not work (I’m 34 weeks pregnant) and my husband is a very good job within a reasonable return, but no credit history. We tried several times over the last two months to get a home loan or a credit card, either, but nobody is willing to provide us with either (my mom calls me a mortgage but we make a mortgage payment in order to obtain a mortgage loan is made on our behalf). How on earth can you get $ 6000 once we have the heat going before it gets very cold, and we have to worry about the newborn? I have not tried yet my personal loan, credit union, it would be more likely if the chain of the bank for a personal loan to us in this situation, where there is an emergency? The problem is that my husband is not a credit, not to bad credit. We applied jointly to two different credit cards and two different home loans within three or four months, we’ve turned everywhere we went.

  1. Reply
    April 30, 2011 at 12:40 am

    Is the problem you have no credit or bad credit? It is easier to get credit if it’s just a matter of no credit history. Much more difficult to overcome bad credit.

    If you have the good credit and your husband has the income, you should be able to apply jointly for the loan. You may not get a very good interest rate. Your credit union would definitely be the best place to try for a loan. They are more likely to extend credit to you.

    You could also check with the local utility company. Sometimes they have programs that could help.

  2. Reply
    April 30, 2011 at 1:00 am

    in the short term, Mom should apply for a HELOC.

  3. Reply
    Dan B
    April 30, 2011 at 1:25 am

    Under no circumstances use a credit card for this type of purchase. You’ll get $ 6000 @ 9% today which is affordable, but in the next few months, that interest rate WILL go up to 19%, 25%, 30%? Then you cannot afford the payments.

    We had a similar situation in VA. In the late 70s, our electric bill was $ 200 for a 900 sq apartment (total electric with resistance heating). In those days, that was EXPENSIVE! I’m paying that now on a 2400 sq ft total electric home. We closed off most of the apartment and stayed in one room, it was that bad.

    I think you would do better at the credit union if you have some collateral to help with security of the loan. It’s too late now, but consider putting about $ 25-$ 50 a month into savings. That will help secure a loan in an emergency like this or even be able to pay cash up front in the future.

  4. Reply
    April 30, 2011 at 1:52 am

    I think that you are going to have to move in with your mother until you have saved up enough money to pay for the new boiler.

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