topic Re: Should I or Shouldn't I? in Mortgage Loans

Should I or Shouldn't I?

myhearts07 — Tue, 24 Jul 2007 13:02:45 GMT

I get paid every 45 days from the State for providing subsidized childcare. However, this is a real problem for us getting bills paid on time and improving our scores. I wonder if trying to get a loan or line of credit for the amount we spend monthly on bills and expenses? Once I received my payments, then I could just pay the balance back down to where it was originally and continue do that until I open my daycare center next year? How would this affect credit, close 2 maxing loan availability and then repaying it?

I need a 5k line or better and what kind of scores would I need to get that kind of line?

Message Edited by myhearts07 on 07-24-2007 06:02 AM

Re: Should I or Shouldn't I?

chartley3 — Tue, 24 Jul 2007 13:37:25 GMT

Any type of Signature loan is probably going to require a 620-640 score at any CU or bank, and thats also without alot of baddies on the CR.

Re: Should I or Shouldn't I?

myhearts07 — Tue, 24 Jul 2007 13:40:21 GMT

Okay...

Re: Should I or Shouldn't I?

javi84 — Tue, 24 Jul 2007 15:38:52 GMT

Wouldn't it be better to start saving some of it to a savings account then borrowing from it and paying it every time you get money? If you get out a loan or line of credit then you are going to be paying interest on the money you take out and still have to put some of your own on a savings account since you get money every 45 days and the loan/LOC will be due every 30 days.

Re: Should I or Shouldn't I?

myhearts07 — Tue, 24 Jul 2007 20:15:12 GMT

Save what? You are making me laugh!!!!:smileyvery-happy: