Posted on: 20th Jul, 2009 05:45 am
have had medical hardship, daughter with heart condition, 2nd daughter crashed car and totalled, youngest daughter 13 took other car with friend and totalled that, had no idea. loss of wagers and work during heart condition, fell behind on credit cards... 4 years ago had 780 credit scores now my husband and i have 550 . want a refinance to pay off all debt and clean up scores, and then down the road, refinance again... any lenders that would help us refinance mortage... oh, fell behind on credit cards, hired debt reduction they too 3000 and not legit lost all money and trashed scores even more..... is it possible to refinance or do we just give up.thank you
Hi,
It's true you're stuck in a difficult situation. But that doesn't mean you should give up your hopes. It is difficult to qualify for a refinance with a 550 credit score. A 600+ credit score is what the lenders look for while approving a loan. Is it not possible for you to negotiate with the credit card company and set up a payment plan with them? If you can do that, and keep making the payments for a few months, your credit scores are expected to improve. Once you get your scores to 600+ points, you can apply for a refinance.
It's true you're stuck in a difficult situation. But that doesn't mean you should give up your hopes. It is difficult to qualify for a refinance with a 550 credit score. A 600+ credit score is what the lenders look for while approving a loan. Is it not possible for you to negotiate with the credit card company and set up a payment plan with them? If you can do that, and keep making the payments for a few months, your credit scores are expected to improve. Once you get your scores to 600+ points, you can apply for a refinance.
yes, check a little bit about your credit cards. Do you have a lot of credit cards, check the credit lines too. Maybe you can make some balance transfer and make your credit card debt even rather than loaded up just one one card, which is no good for improving your credit score.