Home Equity Loan
is there any escape to bad credit? i have3 times the caltoral for the loan!!!!?
i am trying to borrow $45,000 to open a doughnut shop and my fico is 500 i have $15,000 in shop equipment i have already purchased, the funds will be used to purchase and rehab a building that will upon completion be worth $90,000 and i have $79000 in equity in my home that i cant borrow because my fico score will only allow 70% ltvand my math says $184,000 of equity should suffice for a $45,000 loan. my credit issues are mostly old (10 years in a lot of cases)debt thats been sold from vendor to vendor and shows up 3 to 4 different vendors with different number making it seem like its different accounts and you can go in and clean it up but next month they just relist them who will police these people ? does anyone have any suggestions?
Public Comments
- Threaten to sue them if they won't give you the loan.
- http://www.sba.gov/services/financialassistance/index.html SBA provides a number of financial assistance programs for small businesses including 7(a), 504 and disaster assistance loans. Within this section, they will review eligibility requirements, SBA’s loan programs, surety bonds and the role of SBA, equity capital topics, special purpose loans, SBA partner topics and 7(a) lender programs. Though the SBA does not provide grants to help you start a business, included is information on organizations and sites that can assist you in locating special purpose grants. click on this link: http://www.sba.gov/
- There are plenty of places that offer quick loans for people with bad credit with no-hassle applications and easy requirements. Some of these lenders even offer 1 minute approvals, and have both secured and unsecured loans, depending on your need and situation. Check the page listed below, it has information and bad credit lenders listed off and on. http://www.axalda.info/bad-credit-loans.html
- Take this difficulty as a blessing. Remember that borrowed money equals risk. If you already have the equipment try leasing a place first. There you can get your business up and generating cash flow with a greatly reduced amount of risk. It would be horrible to have your business leveraged to your home. You want to run your business not worry if you'll make your mortgage payment if the business doesn't cash flow. Good luck.
- Good evening, First I would like to start off saying 'fix your credit bureau report'. This can be done. Your stating there are items 10yrs old. Debts showing multiple times. Just some advise that may benefit you long term. Find out your state restrictions concerning your credit and reporting. Some things you may be able to have removed from your cbr. A debt that was sold, should only reflect under the original creditor and the collection company that purchased the debt. So it should show a max of 2x, no more. Once you find out your rights to fix your cbr, this may start a domino effect to getting what you want. Do a search on state restrictions. It should return a slew of information. Hope this helps!
- just try the link given below: http://www.proloanz.com/bad_credit_refinancing_mortgage.asp http://www.topamericanmortgage.com/bad_credit_refinancing_mortgage.asp
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