Posted on: 28th Aug, 2009 09:56 am
My question is where can people with bad credit score of 595 and 519 get a real loan? We own our home and title is clear. We have tried banks and they only accept scores of 600 and above. Please help!
piper, that 519 score won't get you a loan this side of anywhere, honestly. steps need to be taken to bump that score up far, far higher. i keep hearing that 580 is acceptable to a lot of lenders. my experience is that you need 620, but if you can get a loan at 580 then you need to work on that 519 and move much higher.
If 580 is acceptable why isnt 595? I dont understand. What would make 595 not get one?
what you described was the two scores - that leads a reasonable person to believe that you're applying jointly. are there two of you attempting to borrow?
lenders look at the lower of the scores, so in this case, 519 rules over 595. i'm not trying to say 580 is more acceptable than 595, but instead that the 519 must get to 580 before you'll get more consideration.
lenders look at the lower of the scores, so in this case, 519 rules over 595. i'm not trying to say 580 is more acceptable than 595, but instead that the 519 must get to 580 before you'll get more consideration.
my husband and I applied jointly. Would I be better to apply alone, and how long should I wait to try again?
as i noted, piper, in my area of expertise, 620 is the minimum. if you have all the other proper credentials (income, assets, lack of debt, etc.) and your 595 is acceptable to lenders you've spoken with, then you could certainly try it yourself.
Thank you for your answers. I work 2 jobs, 60 plus hrs a week. I try to get bills paid on time, but has been hard. My husband is disabled and can't work. So sometimes things get late. I am in need of a small loan to get bills caught up and paid off. All the places online want upfront fees and those are scams from what I have read. I just would like to know where is a legitimate loan company? Our area is depressed right now, and Banks don't want to lend small amounts.
so a mortgage isn't what you're looking for, i guess, piper. have you ever considered joining a credit union? is there one near you? call around to see if you are eligible to join one, ask about their lending habits and see if they might be helpful. you will find that credit unions are, by nature, far more likely to lend to borrowers whose credit is tarnished than any other financial institution.
the next alternative, for me, would be what used to be called (traditionally) a finance company (household finance, beneficial, citifinancial, etc.). i dont' think beneficial even exists any more...but shop around - look online, look in the yellow pages, etc.
credit union first, though; finance company second. yes you'll pay more there, but not as bad as these payday loan companies, etc. and i agree with you that you need to watch out for anyone with an upfront fee. you ought not to have to pay someone a fee to borrow money from them. it might be legal, but it's ugly.
the next alternative, for me, would be what used to be called (traditionally) a finance company (household finance, beneficial, citifinancial, etc.). i dont' think beneficial even exists any more...but shop around - look online, look in the yellow pages, etc.
credit union first, though; finance company second. yes you'll pay more there, but not as bad as these payday loan companies, etc. and i agree with you that you need to watch out for anyone with an upfront fee. you ought not to have to pay someone a fee to borrow money from them. it might be legal, but it's ugly.
As my opinion you should talk with local lenders
yes. you need to communicate with local lenders as your credit score is below 620.
can we please stop being parrots?