we just purchased a house cash with money made from seasonal business. Reo property for under 20k. house is worth 140k. it needs work plus we want to open another office for our business. is it possible that a bank would give us a home equity loan for bout 50k? we have stopped paying credit cards for about 8months and we r so upside down we want to settle but we need more cash to do that? any advice?? also i work a full time job that I have had for about 1yr making about 3k month.that is the only income. reason bills got behind was out of work for a period of time.

The following article presents the very latest information on Bad Credit . If you have a particular interest in Bad Credit , then this informative article is required reading.

I trust that what you’ve read so far has been informative. The following section should go a long way toward clearing up any uncertainty that may remain.

Bad credit can increase the difficulty that a homeowner encounters when seeking a home equity line of credit. Bad credit can be the reason for a poor credit score.

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A family member is desperate and need to apply for a consolidation loan, but have very bad credit. Can someone suggest loan companies that work with bad credit?

Ok heres the situation, I have bad credit, I make a steady paycheck, but my bills seem to add up so much I’m left with nothing to live off of, I cant get a payday loan because I’m military. I need a consolidation loan I pay about 1400 a month in bills right now, I need about a 14,000 loan thats it, and I can make high monthly payments like 500, 600, 700 maybe even more but it would be a huge help from 1400 a month because I just cant live off of what I have left is there anything I can do I’m stuck!
To add on to this I am military so since that wonderful new bill passed I cannot get a payday loan no matter what. I have also checked out several debt consolidation people you know the ones who don’t give loans but try and work with the people you owe and that wont work either because no one wants to budge on the payments we’re making to them now, and as far as the loans I have found to get no one is willing to give me anything that would even be worth my time I would be trading in maybe one debt I owe for another debt I need something that will pay all my debt and give me one lump sum to pay off every month

What is a credit score? The credit score varies between the values of 300 and 850. The credit score is the creation of the Fair Isaac Corporation. Lenders who arrange for a home equity line of credit use the credit score in order to set the interest rate that will be charged the homeowner.

Homeowners with a low credit score will need to pay higher interest payments. A score above 700 is assurance of good interest rates. The credit score also serves as an indicator of whether or not a lender should accept a homeowner’s application for credit. Decisions on credit limits for the homeowner are likewise based on the homeowner’s credit score.

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I recently have decided to pull some money from my house for a few different reasons. I have had one of those years where some bills have gone unpaid and have gone to collections, not my best year but I am sure we have all faced this in our lives.

My credit score has hit as a mid score a 585 which is below the guidelines for some lenders to allow an Heloc. My home value is about 500 K, and the loan pay off is about 250 K so I do have the equity in the home for the loan but just not the credit score.

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I would like to get a debt consolidation loan for my outstanding debt from closed credit cards, old utility bills, etc

I have student loans, but I would like to consolidate them separatley and not through another loan.

Also, I have an auto loan, would the loan be able to cover that as well?

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 Owning a house is the Greatest American Dream. Additionally, having a house to save you from monetary needs adds up to the benefits of owning the greatest American dream. You have tightened your belt during the time you are saving for your house. Now, that you have enough equity in that property, you may loosen up a bit by making use of your equity through Home Equity Line of Credit. 

Home Equity Line of Credit or HELOC, can help you in myriad of financial necessities. It can help you have a fund when you need it and for whatever purpose you may need it. Although, you should be careful because putting your house as collateral may cause you to loose your house if you fail to pay your debt. This should make you think many times before you embark on taking money through home equity line of credit.

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my boyfriend and i have bad credit but we own a $85,000 home with no mortgage. the house is paid for. we were looking into getting a home equity loan to pay some back bills off and do home improvements. is there anywhere that we could get a loan even with bad credit?

Most people with bad credit do not realize that if they own their own home and are paying off a mortgage, they can qualify for a home equity loan. Even with bad credit, a home equity loan is a possibility, because the home itself is collateral. If you default on the payments, you will lose your home, just as you will by not making your mortgage payments. As long as you have been making every effort to keep the payments on your home up to date, most lenders will approve a loan based on the equity you have built up over time.

You do need to have 20 percent or more of your mortgage paid off. If this fits your situation, even though you have bad credit by not making other payments on time or by missing them altogether, with your bad credit, a home equity loan is possible. You also have to provide proof of your income and ownership of the home. The lender will also require an appraisal to determine the exact value of your home and thereby determine the amount of equity you have. The equity is the difference in what you owe on your home and the amount of money you would get if you sold it.

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