Debt Consolidation/Bad Credit
Does anyone know of lenders or options for obtaining debt consolidation loans with poor credit.? My only negative credit items are late mortgage payments & my FICO score is about 550.
I currently have one HELOC ($10k) in good standing (a few late payments) but i didnt qualify with that lender to refinance because my credit is not as good as it was when i first applied. Also, I prefer not to refinance this unless i can get the re-payment term extended. I really need some relief from current misc financial burdens so any suggestions would be helpful.
So you are looking for an unsecured loan? That might be tough with your situation, as far as refinance, there are plenty of sub prime lenders that can work with that score. You could leave the HELOC and refinance your first, assuming yuo have a first mortgage.
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I would strongly consider this offer. However, I am confident that their "generous" offer has some significant fees.
Read the terms and every inch of the offer twice. If you are then 110% sure you can keep your end of the agreement, then you should definately do it.
Just remember CapitalOne is as money hungary as they come; they want the chageoff off their books and the money --> this gives them what they want, and by massaging your CBR, you can get what you want.
[ Edited by hawkpwr2000 on Date 02/12/2010 ]
I just discovered this post so I hope you read this.
I too was offered this program from Cap1. It has worked out OK so far for me. However, I would like to point out that my monthly payment was $75/mo. Everybody that I mentioned this to said I was nuts.
I would recommend investigating via recommended sites in posted replies. Also, try to negotiate a lower monthly pmnt if that is what you need. Initially, $75/mo for me was doable and I wanted to get rid of it asap.
Much success to you
Hawk,
I suggest using a credit repair company and get it taken off you credit report. I can recommend one to you if you need. The one I used has a 100% money back guarantee. You can PM me for more info.
Ok i got all three reports , what should i do next
the stuff that I owe is like 4 to 6 years old the credit card i think was last used in 99
No I did not write a bad check he was trying to colect one of the debt on the report
If you contact the credit card companies or better yet the collection agencies, you may be able to negotiate the amount owed. Or at least try to set up some form of a payment schedule to get them paid off.
Once you get them paid off, get a letter from them stating that the debt has been paid. (This is just in case you have to dispute it later or if you have to apply for other credit, you may need it as proof.)
Good luck to ya!
make sure you negotiate them cleaning up your credir as part of the pay off deal.
FYI the artofcredit link seems dead, others are though
Quote:
On 2005-03-21 20:13, flack wrote:
FYI the artofcredit link seems dead, others are though
AoC was briefly offline ... believe they were upgrading their systems.
Once you have your credit reports look for anything 7 years or older, and same debts reported more than once. You should look up the Fair Debt Collections Act and the Fair Credit Reporting Act these are the laws that govern any debt collections. If a sherif came to your house one of the debts must have won some sort of judgment, but you should have known way before he showed up. The laws are explained well on any internet search. I went through a very bad credit repair and had 59 negative things in which 51 were not mine. I was even successful at removing the other 7.
I had several things wrong on my report and was able to get everything cleaned up with the assistance of library books and a member of TCI who kindly provided me with a letter template for an unusual circumstance.
i heard once it is sold to a collection agency it is fairly easy to negotiate a lower payback, because they bought it on a discount, pennies on the dollar some times, and are happy to get anything for it. i would complain to the collection agency that the amount charge was unjust and you will only pay 40% or something that you owe, then negotiate from there. not a expert though
Have you considered trying to find a Lease Option?
Hopefully she told you NOT to close those accounts you paid off. It may take you 6 months to a year but use those accounts once every 2-3 months to build credit. You can write letters to the bureaus to dispute the wrong items on there. If you need a template, PM me.
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I have been trying to find a lease option and I found 2 deals that had potential, the problem was that the rent was ASTRONOMICAL, not to mention the price they were asking at the end of the line. I am not sure that I would qualify for a home like that in a year or 2 anyway. Plus this one potential landlord called my manager to verify my employment and he laid out in very explicit detail, the entire situation to my boss. The monthly payment, the price of the house. How he will "gift" me the equity and the whole ins and outs. He wanted 10K down as deposit plus first + last + security. If I paid my rent on time he would give me 2K back towards my closing cost, no rent credits, the equity would be mine because the current price was $270k , in the next year it would be worth 300k +. I called it off, I am still looking for a lease option. However I am staying ---------------------------------------> far from new construction.
Mr. Highdon, how do I PM you??
Pm means private message, are you a paid subscriber? If so, click on my profile and click private message me.
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Naturally, your first move is to find a home. I agree with the advice you are receiving regarding Lease Option. Your VERY NEXT step is to repair your credit. I used a company who worked miracles for me and can for you, too. Please PM me for more info.