How Do I get a HARd Money Loan FOr Bad Credit?
Jun 28, 2009
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Hard Money Loans
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2 comments
Robert on June 28, 2009 at 6:21 pm
I deal in the bad credit arena daily. It is currently almost impossible to obtain funding of any kind if you have a credit score under 600. From 600 to 720 you may experience difficulty, but it is possible. Over 720 you are likely to obtain funding but increasingly, I am having clients turned down with 730 and 740 scores. Of course, if your score is over 750 you are considered Jesus Christ walking on water and the lending institutions will bend over backwards to accomodate you.
Best of luck to you. Consider maybe undergoing a credit restoration. There are a few good companies out there who will get you cleared up in about a year or so. If anyone tells you they can do it in less than six months, don't even consider using them, they are lying to you.
If you have any further questions regarding this or other credit issues, please feel free to contact me at nebula7693@yahoo.com
Leif H on June 28, 2009 at 6:21 pm
That won't be easy to get a loan with low credit score. If you have alot of debt, my best advice is to back away for awhile and work on cleaning up your credit reports.Get a copy from all 3 bureaus and start with the lowest debt and call them.
Explain your financial situation,and try to work out a payment plan that you can afford. Then go to the next lowestand do the same. As each one gets paid off, combine that payment along with the the next one in line.As the ball gets rolling, you WILL notice the differance in Getting approved in the future.
If you use $75/ month to pay these bills, ALWAYS train your mind to keeping that earmarked for just that. Like you would your rent and utilities.
The collection companies are alot more adjustable if YOU show the inniciative to call them to negotiate than waiting for them to call. The higher the score the better the interest rates become and those loans become much easier.