Getting A Loan

[Denmarie]

Is there a place me and my husband can get a $5,000 loan now that our bankruptcy is two years old? We tried Prosper.com but the bankruptcy stops the loan.

[tradewiz50]

What are your FICO scores and have you cleaned up your credit reports?

[CindyLou]

I was able to go through my local credit union even after the first year. Try credit union associated with your employer. That may be a good place to start.

[CindyLou]

Oh, and if you don't mind me asking, what is the loan for....that may give us a better idea of what direction to point you in.

[Denmarie]

The loan is for home improvements (new privacey fence, one side, and insulation in attic, and Orthotics for my feet. The orthotics are $400 and my Insurance won't cover. ) I just had serious foot surgery and will be going back to work this Saturday after being off for 2 months. We own our home. Mortgage is $866 a month. Have a car payment of $430. Tried to get home loan but bankruptcy drives everything way up. We have a rate of 6.25% which is good, but our Mortgage was recently transferred to a bank that we had included in bankruptcy. How do we "clean" up our credit. Our scores are in the 620 range. Some things on report show as deliquent and they were included in bankruptcy but don't show on report.

[CindyLou]

It seems that a home equity line of credit would make the most sense to me given that you are going to use the majority of the money for actual home improvements. Depending on your tax situation that would possibly also make the interest on that money tax dedutcible. (but check with your tax advisor to be sure) A home equity line of credit can be with any bank or credit union, it doesn't have to be with the same bank as your primary mortgage. I hate to sound like a commerical for Chrisitan Community Credit Union, but I just used them to refi my car and they were very BK friendly. They also do home equity loans. Anyone can join and you don't have to be a member to apply for a loan and if you are approved you don't have to deposit money in order to borrow money. You can google Christian Community Credit Union if you want to look them up. Keep us posted.

[Denmarie]

Thank you Cindy

I'm going to do that. That's the 2nd time I've heard of that place, and I had it written down but lost the paper with full name on it. I appreciate the input from everyone.