Can You Get A Home Improvement Loan With Bad Credit?
Our customers and dealers often ask if we provide bad credit home improvement loans. The short answer is, “Yes, we do.”
Credit scoring models and data that carries weight on scores has changed a lot in recent years. What used to be beneficial to your credit often will have little or no effect on scores such as a co-signer on a credit card that has outstanding credit. This used to be a loop hole in the scoring model that has since been closed by the 3 major repositories. Medical collections are often looked at as having no effect on credit to some lenders.
Credit inquiries can be confusing to some consumers as there is a lot of people that think each one counts against your scores and this is not always the case. The bureaus let you have some leeway when you are shopping for a car , mortgage or home improvement loans. Multiple hits within a few weeks from the same category doesn’t count against you nearly as much as you think and sometimes not at all.
So yes, we finance a lot of home improvement loans for people with bad credit. It takes a trained eye and a skilled credit analyst to read between the lines and find creative ways to get the bad credit home improvement loans approved. We have seen loans with scores below 500 get approved and home improvement loans with foreclosures, previous bankruptcy, collections and liens get approved as well.
I would advise anyone that thinks that they have good, bad or questionable credit talk to a representative to see how your situation might allow us to get your loan approved and your new home improvement project or remodeling job started.
Happy Home improvements!
Tags: bad credit loans, home improvement financing, home improvement loans
