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Wrecked Credit - help?

I make great money - just came out of a horrible divorce and my credit is WRECKED - like everyone it's a long sad story - I hate renting - are their programs available to help me out?
  • August 30 2013 - Grass Valley
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Answers (5)

Profile picture for John Reeves1
Acquire a small loan from a local bank, or one that is in transit from home to work.  Then take this loan amount and deposit this money into a savings account that will not be accessed for bill pay or expenses.  Set this savings account to automatically pay the loan payment each month, making sure that you have also deposited the small amount of money that will be required for the interest on the loan.
Once this loan has been paid, attempt to acquire two loans at the same small amount.  Continue with this process until you can acquire a larger loan AND continue to add small loans additionally.  You will benefit both from the larger loan amount and also from the number of loans that have been acquired and paid off.
Avoid finance companies.  Remember, finance companies exist to make a profit. Instead of being swayed by debt consolidation offers, focus on maintaining your budget, putting money into savings, and slowly building up the limit on your secured card or retail card.
J. Reeves
CEO and Founder
Reef Point Realty & Construction
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  • September 12 2013
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It is hard to fully understand by what you mean with "wrecked credit" but I will try to help you. Of course having bad credit can hurt your chances of getting a loan, but it possible with certain lenders like myself. There are some lenders, like myself, that are able to give out loans with credit scores as low as 580 and sometimes lower when its due to hard situations like divorce. The best way to see if you can afford a loan is to talk to different lenders. Lenders like myself are more than willing to hear your situation to see if we can get you the loan you need.

Well I hope this helps! If you have any further question or if you would like a loan, feel free to contact me. Also, if you found this comment helpful, please leave me a review!

Good Luck!
  • September 03 2013
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Profile picture for Joanne Knauf
You might search for homes with owner financing or lease to purchase.
  • August 30 2013
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Sometimes finding a great lending company that is willing to work with you to restore your credit can help. Finding one that will work with you for months to help you improve your credit gradually. Wasting money on a company that claims to repair your credit can be risky business and can cost you a lot of money. There are many books that are great resources on how to get that gredit score without paying all the money to some company. Good luck!
  • August 30 2013
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Profile picture for wetdawgs
There are no miracles for credit repair, although many companies claim so and are happy to take your money. Spent time identifying the issues and an action plan to get on track as fast as possible. That will give you time to save a good downpayment, closing costs and emergency fund.
  • August 30 2013
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