I’m looking to barrow about $15,000 to do some home repairs. I have poor credit…any sugestions?
I own my own home and owe $55,000 on the first mortgage. Looking for some kind of loan to do some repairs ( home equity,refinance…ect.) but, my credit is not that good. Any ideas?
If you haven’t had a derogatory credit in the past 12 months, you may qualify for an FHA mortgage. This would refinance your current first mortgage (provided you have some equity). The cost of doing this would probably be too high. Maybe you could find a construction company to let you finance the work.
What are the pros and cons of borrowing on a credit card to pay for auto repairs? What are some alternatives?
I bought a used car and told my father that I would pay for the repairs needed by using my credit card. He told me to get answers on this questions and then see if I wanted to go with my plan. If you have any knowledge on this, can you please be very thorough with you answer, because my dad is a finance consultant and he will tell me,”that’s what I thought”. Thanks in advance.
If you put the repairs on a credit card, you’ll pay interest on the repair costs and the total cost will be way higher than the actual cost of the repairs. If you have the money to pay off the card in the same month (thus avoiding interest charges), then you might as well pay cash since you have the money.
Its a good idea to have an emergency fund for things like unexpected car repairs. That way you don’t have to go into debt every time life happens.
For regular routine car maintenance, you should be saving up and including it in your budget anyway. You know your car needs oil changes, tune ups, and new tires, so those aren’t emergencies, they are events that you know about and can (and should) plan for. The emergency fund should only be for things you could not have predicted, like if the alternator breaks and you had no idea it was going to happen.
Credit Ratings & Bad Credit : How to Buy a House With a Bad Credit Score
Im trying to get a loan and i wont get approved because my score is 525. I owe a student loan of $1,798.00, Macy’s about $300.00 Victoria’s secret about $350.00 and express $300.00. When i was 19 I settled a mastercard off which was about $ 2500.00. If I pay everything but the student loan can I bring up my credit score? if not what do you guys suggest? thanks and god bless
Are those current credit cards or are they in default? If they are current, pay them off. It is silly to pay the high interest rate on those store credit cards.
Are you saying that you defaulted on the Mastercard and settled for less than full balance? Or is the balance still unpaid?
Even if you paid off every one of these debts in full, you will not raise your score enough by January. Damage done by derogatory items stay even if you pay in full. Credit scores simply don’t go up that quickly.
You will need at least 24 months of consistent, on time payment history to even begin to improve your score. The longer the good payment history, the better your score.
As credit scores fall, more consumers vulnerable to credit-repair scams
Recession-hammered homeowners’ credit scores are on the decline across the country, say scoring industry experts, and that makes more consumers vulnerable to scams that purport to erase delinquencies, judgments, foreclosures and other problems from files at the three national credit bureaus — Eq… Credit Repair – What is “Credit Repair”? How does it work?
