In the process of trying to improve my credit. Have some collection activity and a couple of charge offs. Problem now is that I may be getting laid off and my car is DYING. I have thought about applying for a home equity line of credit- just in case. Will anyone loan me money?
Help- anyone? I have thought about companies like Lendingtree.com but I don't know. Is it better to try to apply for a car loan or a home equity loan?
It is impossible to say if anyone would give you a home equity line of credit. if you have substantial equity in the home, you may get it as the home itself is collateral. Why don't give your lender a call and see what they say. They may ask you to sign a paper saying that you haven't been told of impending layoffs. Mine did.
Well, does anyone know of a car loan financing institution that will approve me with my current bad credit situation?
Well, you havent given any specifics about what your credit looks like, so it's hard to tell. One thing though, is that you can call a bank armed with information on your credit (your scores.. all three, and what sort of derogs you have on there), a loan officer will be able to tell you without actually pulling your credit (work for me at several banks, and it was only after I was satisfied with what I heard that I allowed them to pull my credit). That way, you're even doing it anonymously, and dont have to give them your real name if you dont want to (you're just "shopping around")
5 years ago we got a car loan no problem with like $300 down and a score in the mid 400s. Of course, at 24% interest we got hammered but we did get the car. Now I curretnly enjoy 3.25% through a lease with ford credit.
