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Advice on Getting a Loan With Bad Credit

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kim09



Joined: 10 Oct 2009
kim09's page
Posts: 22



52 Magic Points

Subject: Advice on Getting a Loan With Bad Credit
 
Posted on Sun Oct 18, 2009 7:13 am  

Hello, I have known for quite some time I have very bad credit. I recently looked up my score and its a 512. Bad I know. I also found that they have my birth year wrong and also that they list me a having a different last name at some point, but never have. I need help I don't even know where to begin on rebuilding my credit and fixing the wrong info on my credit report. Is it even possible to get a loan to pay everything off with such bad credit and not owning anything to do a secured loan. Please Help.
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



389 Magic Points

 
Posted on Sun Oct 18, 2009 7:10 pm  

You can write a letter to each credit reporting agency with proof to correct the errors on your report.

As far as getting a loan, even if you pay the negative accounts off they will stay on your report in the negative column, they will just reflect paid. They will not increase your score. I paid off four accounts and it did not help me at all. Everytime I apply for credit they affect the decision even though they are paid off. I would have been better off just leaving them alone and letting them fall off in the seven year time frame.
SIA



Joined: 18 Oct 2009
SIA's page
Posts: 62



2524 Magic Points

 
Posted on Fri Oct 23, 2009 4:43 pm  

I think the credit score you mentioned is not sufficient for getting loan. But still you can check with local lenders. that will help you.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1901 Magic Points

Subject: debts
 
Posted on Sat Oct 24, 2009 12:57 pm  

GOODNATURED is right. I've had some outstanding debts, on my CR (like everyone else, I suppose..LOL) and I din't want to try to pay them off. One reason: the SOL would come up soon. Second reason: the debt would 'fall off' soon. So..I put my money/payments towards those 'good standing' accounts (school loans, etc) and reduced my debt, THAT way. Believe or not, making payments on things like that, helps you Credit score, as well.

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