need a Line of Credit
need a Line of Credit
I currently own my home, value 175k-185k. I need to borrow 10-15k to pay off some back taxes and do some repairs. Problem is that my trans union score is 540 and that's the best of the three. Is there anyone out there who can help me get this loan?
4 Answers
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1
Your score is very loan. I don't think that the lenders will agree to give you a loan. You need to improve your score first.
1
Hi rrson!
Welcome to forums!
With a credit score of 540, you won't be able to qualify for any kind of loan. None of the lenders will be ready to offer you a loan with a score of 540. You should have a minimum score of 600-620 in order to qualify for a FHA loan. Take a look at the given page in order to know some steps to improve your credit score: http://www.mortgagefit.com/credit-rating/credit-repair.html .
Feel free to ask if you've further queries.
Sussane
1
Take steps to repair your credit score and then qualify for a loan. For immediate results, you may try getting a secured credit card as this helps establish positive credit history.