Very bad credit?? My credit is below 600 and on the very bad scale and Im trying to get a small loan of $5000 to get me back on track with paying some of the past dues and get me to saving and having more money in my account. Anybody know about how to go with this? Ive tried a few online banks like bank of america and my wachovia as my girlfriend as the cosigner but still no good. I dont know anyone that has good credit either.

 

If you try too hard to get a loan you're only hurting your credit further... too many inquiries is a bad thing.

You'd probably have to have a cosigner with great credit to get anything at all - or have some sort of collateral.

 

If you have a credit union in your area try one of those banks, they tend to approve a little more than other banks. Most likely you will need a co-signer.

 

If you're in debt, you're much better off paying the high interest debt off first rather than going to the trouble of getting a loan.

At best, you're only buying yourself a TINY bit of time by redoing your debt structure. Unless of course the high interest debt is really enormous.

Cut all expenses to your bare minimum, pay off the high interest debt first, stop buying anything you don't need. You might have to sell off things that are putting you in the hole. Stop using your credit card.