Need to consolidate loans and our credit score is 450 any id

hi cindy,

welcome to the forums.

i can very well feel what you are going through. this is a tough situation but have patience. this is the time when you need to be calm and take the right step forward.

first of all, let me know what type of loans you wish to consolidate. your score may be affected further if you go for debt consolidation with a debt consolidation company. so, if you have sufficient equity, then taking out a home equity loan can be an option. but your score isn't appreciable, so you need a loan which isn't score driven such as the conforming loans or an fha.

however, if you can provide me with some details of the debts, i would be able to give you an appropriate suggestion.

take care

hello cindy,

your credit score is pretty low and it is difficult to qualify for any loan with this score.

you can try for a conforming loan, as sara has already said, and also look out for the fha refinance, if that helps you.

What you need to do is get your credit cleaned up first you're not going to get any loan with a score that low not FHA and defenitely not a conforming loan I work along with a company that will get I of those negative items on your credit report removed here is the link "http://firstfinancial.fixcreditbiz.com/credit_repair.php"

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Scott Sheely
Sr. Loan Officer
Crown Financial

cindygward,

Welcome to the forums!

Anyone can fix their own credit by going directly to the credit bureaus. You go to 'annualcreditreport.com' and get your free yearly report. You then can legally dispute any incorrect items that may be found.

Scott,

Welcome to the forums!

If you have any valuable information to add that would help that would be great. An add to your $500 service helps no one. Not trying to run you off but a first post should be either A. an introduction or B. something helpful

I work for a company that specializes in credit restoration. We can get forclosures, bankruptcies, credit card charge offs, reposessions, judgements etc. completely taken off of you credit reports.

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Hey gds...

Would be nice if you were in Arizona!!!

What concerns me is Scott saying a 450 score will not qualify for an FHA loan. That is incorrect. FHA loans are not score driven. Underwriters consider all aspects of a loan before approval or decline.

It is unlikely, however, a 450 score will qualify. The law of averages shows with a 450 score, your problems are too numerous or recent to qualify.

As Sara asked ( Good info Sara ) What type of loan are you looking for?

Everyone keeps saying that you need to get your credit reports and challenge anything that is incorrect on the bureaus. Well that is partially true. Let me explain a little known secret. What you need to do is challenge any negative on your report. You are not challenging the accuracy of the report. Most things on your report is going to be correct information. What most people dont understand is you need to get the mindset that you are challenging the right of the credit bureaus to report it at all. When you challenge any negative your 1st responce usually is going to come back verified. That means all the credit bureaus including your FICO credit report all have the same information. You have to challenge it agin and have them document the negative. If they cant document it they cant report it and it has to be deleted. I think Im being conservative when I say that they cant or wont take the time to document it 90% of the time. It costs them time and money to document it and they arent going to spend the money. We sued the credit bureaus 363 times in 2006 and over 400 times in 2007. You have to stay on them and eventially you will see a substancial increase in your score. I still think in most cases it is better to use a professional for the fastest results but an individual can get it done eventially. It just depends what time frame you want it done in and how much time you want to spend doing it. It can be very time consuming if you dont know what your doing and have to learn as you go. I highly suggest with a 450 score you get professional help.

In my opinion. Disputing negative reporting on a persons credit report, knowing it is correct, for the purpose of having companies remove the report due to cost concerns is unethical. That would be why most persons would not endorse that business practice.

I'm not speaking for anyone else here. Just my thoughts on the matter.

unfortunately its unlikely that you will get approved with a credit score that low. I would work on improving the credit and then apply at a later time.

I have debt on my three credit cards of $55,000. Me and my wife both lost jobs and there is no chance of job in recent future. I have house with 15,000 equity. I am not defaulted yet on my cards. I want to know whether I should go for credit councelling. How much my debt be reduced and what will be the effect of this on my credit score ? Does it going to effect my other credit cards or line of credit?

You can always try for a credit councelling. Depending on your situation, the credit councelling company wil offer you their plans and programs. As far as as I know, if you go for a debt consolidation, it will affect your credit score.

"In my opinion. Disputing negative reporting on a persons credit report, knowing it is correct, for the purpose of having companies remove the report due to cost concerns is unethical. "

NO! , credit card companies charging 30% interest rate is unethical.