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 07-24-200706:02 AM
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.
For age and want, save while you may; no morning sun lasts a whole day. --Benjamin Franklin