Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
mnblondie1

0 Contributions
0 People Helped
How do I improve score enough to get home equity loan to pay debt?
have 2 judgments and several charge off and collection account...All from credit cards after getting laid off. Once I was on my feet again, I tried to get home equity to pay creditors and was denied because my score has to be between 640-680. My score is currently 549. If I get a secured credit card and pay timely, will my credit score increase enough to get the consolidation loan?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7373 Contributions
3812 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

You want to put your house on the line because of unsecured debts?  Not smart at all.  You need to get those judgements and collections taken care of without the equity loan.  Read the articles provided here and also search for Dave Ramsey's site so you can have the information you need to help you get the bills paid.  If you default on these debts, only your credit score hurts.  If you default on a home equity loan, you're likely to be homeless.

1 Contribution
0 People Helped

I would recommend making payment arr on the judgements and charge-off's, if possible.  I too had some debt from when I lost my job and after I got on my feet, I made payment arr with ALL of my creditors.  Some, I paid $5/month, others I paid half or 30% to settle the account.  I then applied for a capital one card and started with a 500 limit and it was just increased to 750 by makingmy payments on time.  My credit score went from 449 to 597 in 3 months.  I paid off past due and collections over a year ago so the increase in score was by simply opening a new credit card and paying on time each month.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.