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Ki11erBarb1e · Sep 7, 2011, 06:40 PM

I work as an exotic dancer and make about $500 to $1000 a week. I have terrible credit due to my ex-husband ruining it. I have always been very responsible and pay my bills on time, but, unbeknownst to me until our divorce, he was not. He put a lot of things in my name without me knowing, I was naïve and too trusting I guess, but long story short, my credit was completely ruined behind my back, including owing money to 2 different banks. I also am in the middle of a home foreclosure, which IS partly my fault. I inhereted it and at the time I took over the loan it was already 6 months behind. I've tried valiently to catch up but have not been able to, so the lender is forclosing on me. Last I checked, my credit score was in the low 500s
Anyway, my question is, I need a loan for $10,000 for personal reasons, and I have a cosigner with excellent credit who is willing to help me. I was just wondering if there is a point where your credit can be so bad that even having a cosigner won't help you get a loan? I can certainly afford the payments, I just need the money within a month so I don't have time to save up.

cdad · Sep 7, 2011, 07:21 PM

Yes there is a point where your credit is so messed up lenders don't want to lend you any money no matter what. There will always be lenders that will lend you the money but the interest is so high its almost not worth it.

What you might want to consider is a bankruptcy. Its hard to swallow when you have been trying to do good but in reality it might be best for your situation and to get a fresh start. You will need to consult a lawyer in your area for which type is best for you. Also it may be able to stop the foreclosure and you might get to keep the home.

ballengerb1 · Sep 7, 2011, 08:17 PM

Let that cosigner just take the loan on his own and then you work out a payment with him. If a bank had loaned the money to you with the signer the outcome would be much the same. Tell me how this is going to work though. You make $1000 aweek, need $10,000 for only a month? How could you pay back $10,000 plus interest in one moth?

Ki11erBarb1e · Sep 14, 2011, 12:04 PM

I didn't say I needed the money for only a month. I said I need it WITHIN a month. I am planning to pay it off within 3 years at most. I have considered bankruptcy, but first I am going through some legal things with my ex to see if I can get it court ordered for him to pay off the debts he's incurred on my credit. Thanks for the advice though!

ballengerb1 · Sep 14, 2011, 03:48 PM

My bad, sorry for the misread. All I can say is to start applying for loans and you may find a bank or other institution willing to take a risk but they will be looking more at the cosigners credit than yours, low 500s will scare them off. Good luck.

Fr_Chuck · Sep 14, 2011, 06:19 PM

Yes, it can get that bad, but since the co signer can be forced to pay if you don't, if you have someone willilng to pay your bills for you, the bank is much more likely to.

excon · Sep 14, 2011, 06:39 PM

Originally Posted by Ki11erBarb1e

I was just wondering if there is a point where your credit can be so bad that even having a cosigner won't help you get a loan?

Hello K:

Not really. If the cosigner is good, the bank doesn't care about YOUR credit... But, these days, personal loans are usually done by cash advance against a credit card. Your cosigner can get one of those in HIS name without your name even being mentioned.. Then you make a deal with him. That's the way I'd do it.

excon