Will I not get a loan with bad credit score?

My credit score is 500. As such most landlords are refusing to rent apartments. My loan applications are also getting rejected by most lenders. Will I not get any loan due to low credit score? How can I get out of this situation?

5 Answers

You chances are not likely you'll burn your credit down just with inquiries on just trying to get approved which is just killing your credit even more.  I suggest you fix it first.  I used nationalcreditenhancment.com they are affordable and they promise results or your money back.  Check them out and Good Luck!

Now a days, it does seem like more Landlords are doing both Background checks and Credit checks. Usually a credit check is done, by a landlord, to see if you have any deliquencies with previous landlords or utility companies. But..yes..500 is a low score to alot of lenders. What ever debt you have now (CC's, loans, etc) keep paying on them. Everytime you make a payment, to something, your debt will go down and your credit score will go up a little.

Nelly has a good point - follow a proper budget. List all your regular expenses on a piece of paper and try to remove ones that you may actually do without. This way you may at least try to save some money which you can use towards repaying your existing debt. Otherwise with such a credit score it won't even be easy for you to achieve a secured loan.

Yes, it will be difficult for you to secure a loan with such a low credit score. The lenders will regard you as a risky borrower becuase of your low credit score. Your first step will be to repair your credit. You can go to a reliable credit repair organization to know about the tips and strategies to restore your credit. You can also take steps to repair your credit on your own. Start making payments on your delinquent accounts. Be current on your other accounts. Follow a proper budget. Save money to repay your debts. Once the debts are paid, ask your creditors to update the status of the accounts.

With a low credit score of 500, you won't be able to qualify for any kind of mortgage. You should take steps in order to improve your credit score and then apply for a loan.

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