We have been attempting to find a lender that will provide us with a home loan so that we can complete a number of renovations around our home. The basement, add a bedroom and a bathroom downstairs as well as change the roof before it begins to leak are on the list. We have a poor credit rating and as a result we are having a hard time finding a lender who will lend us any money.
Do you currently have a mortgage? :: Yes, there is 19 years left on the mortgage
Home/Mortgage Loan Amount :: $15,000 ( $5000 for the roof and the rest for the basement)
Other Loans, Including Credit Cards:: No other loans or credit card debt
Are you employed and for how long:: Both my wife and I are employed and we have worked at the same place for the past 3 years
Your credit rating to be – excellent, fair, or bad? :: Our credit rating is poor, however we are unsure why it is this way. We have never missed a payment as far as we know. We did dispute a bill 2 years ago which was resolved in our favor.
Gross Amount Per Paycheck :: $2000 every two weeks combined
Do you agree to have this information published online, without your PRIVATE information of course? :: Yes
We suspect that the dispute we had with a local company led to our poor credit rating. We had purchased and item and then returned it. They did not want to give us a refund. They billed our credit card as if we had never returned the item. We had to go to small claims court to get our money back and credited to our credit card. The credit card company was fully aware of the situation. However we think they registered the non payment since in their opinion they were uninterested 3rd parties to the transaction dispute.
I guess we should have paid the credit card company. Then recovered the money we were owed separately.
If you have a question about debt, loans , mortgages or other financial situations, please feel free to leave a comment. Also leave as much detail about your situation as you can. We will try to answer your question in our next post. For more poor credit rating info on what to do, click here.
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