Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
Should I or Shouldn't I?
[ Edited ]
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
Frequent Contributor
chartley3
Posts: 488
Registered: ‎05-23-2007
Re: Should I or Shouldn't I?
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.
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
Re: Should I or Shouldn't I?
Okay... 
Regular Contributor
javi84
Posts: 171
Registered: ‎05-18-2007
Re: Should I or Shouldn't I?
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
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007
Re: Should I or Shouldn't I?
Save what?  You are making me laugh!!!!:smileyvery-happy: