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How to obtain a personal loan with a judgement against you?

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appe5003

Joined: 29 Sep 2008
appe5003's page
Posts: 1

38 Magic Points

Subject: How to obtain a personal loan with a judgement against you?

Mon Sep 29, 2008 9:48 pm

Is there any way to obtain a personal loan with collections and judgements against you? I have a co-signer with excellent credit and still I am having no luck finding a lender

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 406

10601 Magic Points

Tue Sep 30, 2008 9:39 am

Hi appe5003
Having a very low credit score with Judgments and collections will not help you to get a new line of credit even if you have a co-signer with excellent credit score. Now, with such judgments and unpaid debt listings, if you manage to get a personal loan, the creditor will be charging astronomically high interest rate on such loans. Co-signers are just guarantors to your loan and are only approached if you fail to repay the loan. But the precondition for getting a loan is a good credit score of the person who is applying for the loan.
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Best Wishes
Justin

Mary

Joined: 06 Jul 2006
Mary's page
Posts: 317

8546 Magic Points

Tue Sep 30, 2008 9:50 am

Yes, I agree with Justin. This is because having judgments on your credit report mean that you have made late payments on your earlier debts and so you have a bad credit history. This makes you a risky borrower in the eyes of the creditor and so either he charges a high interest rate on the personal loans or he just rejects the loan application. Now even if he offers a loan at a higher interest rate, you need to provide some collateral for getting the loan.
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Where there's a will, there's a way !!


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