Ok. So here is the way it works from a LENDERS prospective. The only thing they have to go on is your credit history (score). They don’t know how you got your house or it could have been inherited and you have no real ownership interest. All they see is how you (don’t) pay your bills. This is not negative- it is the cold, hard truth. So there are quite a few things YOU can do to fix this. First and foremost, you need to order your free annual credit report and figure out WHY your score is so low and take steps to fix it. This will be your fastest and best way to go. (My score was 589 to 760 in a few years. It takes work) You could also join a credit union. Get a secured credit card if they offer one, set up a small savings, something to show you are a good risk. Develop a relationship with the credit union, and perhaps over time they would be willing to take your situation to the committee for a loan. All these things don’t happen overnight but are possible. Unfortunately, though you feel like there isnta risk to getting a secured loan, that isn’t true. A bank/lender doesn’t want to evict someone and go through collection, foreclosure and the whole gambit either. They could be out more than you borrow. They need some kind of idea that you are going to pay, and sadly your credit doesn’t show them that. Instead of being defensive about it, get proactive and fix it. I wish you luck! Many on here have been where you are and clawed out of it! You can too!
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