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With our credit rating being so bad where do we go?

If my husband has a good job, stable and long term…but our credit looks really bad. How can we get a consolidation loan vs going into bankruptcy? I have done the math and I am 90% sure we can do this without losing our very little assets we have( a car and a timeshare) but with our credit rating being so bad where do we go? If we have the payment come out autodraft,and show that he makes decent money, will that help? I am desperate to get us out of this and we have already used any and all assets we had. All it did was carry us a few months without worry and now we are right back where we started.

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Answer #1

The fact that he has a long term stable job is a huge factor…however so is your credit score. I think there are a lot of people in the same boat as you. Everyone is struggling these days. You may want to consider getting help from the government. I don’t know how old you are, but you’d be surprised how helpful they can be. Sadly, you may be in this position until the economy gets better and the banks are able to lend more money. But right now even people with good credit are having a hard time. Just hang in there and work on building your credit. When possible open a credit card and pay something like your phone bill or some reccurring bill on it and pay it back within that month. This will improve your credit score faster than you may think. Don’t spend it on anything else!!! It will only get you in a much deeper hole!!! Good luck!

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