I have a question regarding home equity loans. So if anyone knows I'd be grateful for any guidance.
DH and I really want to put up a garage and do alittle remodling. I figure it would be great if we could get a home equity loan for $10-15,000. Now, we don't have the greatest credit. We have low debt to income ratio though. And pretty much all our "bad credit" is old. We do have a few recent car loans that have been paying on for 2 years that we've never been late on. However, the credit score is still low. I think it's because I have a few credit cards that had higher balances that were charged off about 4 years or so ago. So, I think it's really dragging it down.
Now, of course there are 1000's of lenders online. I don't think we can get traditional bank financing. We couldn't w/ our car loans (well not 2 out of the 3 we had in the last 5 yrs). Our most recent is through a regular bank. So I don't know about wasting the time by going to a standard bank. Nor do I want to go in and have them look down at me. We pay our bills now, and we make good money. We have been for quite awhile. But I got turned down still for a car loan last year-- they said my overall credit score is still too low.
I'm really confused about what to do. I've read that a home equity loan is a lot easier to get even w/ risky credit. Because the home secures the loan. I have no doubt that we can pay the loan-- our I wouldn't even look into it.
Just wondering if anyone can give me any head's up on these types of loans... Thanks!!
DH and I really want to put up a garage and do alittle remodling. I figure it would be great if we could get a home equity loan for $10-15,000. Now, we don't have the greatest credit. We have low debt to income ratio though. And pretty much all our "bad credit" is old. We do have a few recent car loans that have been paying on for 2 years that we've never been late on. However, the credit score is still low. I think it's because I have a few credit cards that had higher balances that were charged off about 4 years or so ago. So, I think it's really dragging it down.
Now, of course there are 1000's of lenders online. I don't think we can get traditional bank financing. We couldn't w/ our car loans (well not 2 out of the 3 we had in the last 5 yrs). Our most recent is through a regular bank. So I don't know about wasting the time by going to a standard bank. Nor do I want to go in and have them look down at me. We pay our bills now, and we make good money. We have been for quite awhile. But I got turned down still for a car loan last year-- they said my overall credit score is still too low.
I'm really confused about what to do. I've read that a home equity loan is a lot easier to get even w/ risky credit. Because the home secures the loan. I have no doubt that we can pay the loan-- our I wouldn't even look into it.
Just wondering if anyone can give me any head's up on these types of loans... Thanks!!
