Question by samantha r: how can you get a loan? to fix credit?
i have bad credit- a defaulted car loan from 6 years ago-they repo the car, but since last month i was paying on it for 2 years, and a couple of other items that i am paying for that are in collections
i want to try to get a loan, so i can just pay these off, and by having that loan, use it to establish good credit by paying it on time, withno late payments
does anyone know of loans i can try to get?
i don’t care about the interest rate, i am in a better financial situation now, i just want to pay them off, and establish good credit, the rates don’t matter, i can always refinance the loan at a later time
Fast Credit Repair
Best answer:
Answer by bdancer222
Bad idea to take out a loan to fix bad credit. The interest rate will be high.
Instead work on paying it all off yourself. Make a strict budget. Eliminate all the extras — eating out, new clothes, cell phone, etc. Put every penny you can squeeze out of the budget on the highest interest rate debt, while paying the minimum on the rest. When the highest interest rate debt is paid off, move to the next one till they are all paid in full.
You should be able to do it within 2 or 3 years.
Know better? Leave your own answer in the comments!
