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    8 Replies Latest reply on Apr 11, 2008 9:24 PM by intechspecial

    low credit score

    rayandnay Newbie
      my credit score is below 500, me and wife make good money but fell on hard times awhile ago, where could i go to get a loan by name and please no payday lenders to rebuild my credit score?
        • Re: low credit score
          BDS INC Adventurer
          Sorry to hear about that but unfortunately with a sub 500 credit score you'll have a real difficult time getting any financial institution to loan you funds. Do you have a family member or relative that could co-sign on a loan for you? This way your credit will rise as you pay the loan back on time but the bank feels comfortable that should you default, someone will be on point to repay.
            • Re: low credit score
              rayandnay Newbie
              unfortunately, i am up against the clock, do not have any family or friends in a position to help out. i am willing to pay any interest rate
                • Re: low credit score
                  LT Lawn Care Wayfarer
                  I was in the same boat you guys were in about 8 years ago when I wanted to start my business. I went to a local beneficial financial office where people with damage credit can usually get a loan although the interest rate will likely be high. I did not get loaned a ton of money, however it was enough to get me the basic equipment I needed to get my business started.
                  • Re: low credit score
                    Dwaz39 Wayfarer

                    Are these funds for a business or personal use? You can check with Virgin Money, which formalizes loans between family and friends. I know you mentioned you don't know anyone who is in a position to help, but they may be your best hope. I have tenants who came upon some hardships (bankruptcy in 2002) and have low (sub-500) credit scores but a high income ($100k+). Recently they wanted to try to finance a car, but he couldn't even get a loan with a co-signer at the banks he check at.

                    A couple things to keep in mind when trying to rebuild credit...
                    1. Longevity is key. Try not to close credit cards you have had for a long time (obviously don't keep high interest cards open).
                    2. Pay down newer balances first. The newer the debt, the bigger the effect on your credit score.
                    3. Keep open communications with your lenders.

                    Hopefully this helps and good luck.

                • Re: low credit score
                  LUCKIEST Guide
                  Have you tried googling "low credit score". There is a lot of info.
                  I suggest you research how to rebuild your credit score.
                  Good luck, LUCKIEST
                  • Re: low credit score
                    DomainDiva Ranger
                    You may not be able to secure any loans right now. The good news is you can rebuild your credit rating.

                    You can get a copy of your credit report online. Examine it very closely...there may be erroneous information that you can get removed. You can dispute these items online at the websites of the credit bureaus.

                    Cleaning up your credit report and making payments on time will go a long way in rebuilding your score. Be sure to have a look at your debt to equity ratio as well. If ytou are working on a new financial plan for your family you may want to take a look at Dave Ramseys books.
                    • Re: low credit score
                      getmoney Newbie


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                      • Re: low credit score
                        intechspecial Ranger
                        rayandnay -

                        Things can be rough at times, I understand.

                        I cannot offer you advice as to how to over come your financial status.

                        I have another way that I might be able to help.

                        My company offers pro bono web design services for qualifying organizations.

                        One of the requirements to be eligible is financial status.

                        I know this will not solve all problems, but I would be willing to at least build a website for you, pro bono.

                        Please email or call: (330)626-2345

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