Okay, my husband and I need a loan to pay off some bills and upgrade the house.
We went to the credit union where we belong and at a low interest rate, we can "get a line of credit" depending on our secured vs. unsecured.
I own two homes, one is a really nice condo that I rent out and the other home is large (5 bedroom, 3 ba, finished bAsement, attached garage). We own--paid off---two vehicles, a motorcycle. He makes decent $ and I'm self-employed, so I don't make that much. I have investments, but they've dwindled.
My credit score is in the mid 700's, his is in the top 600's.
We've had 9 outstanding credit (on report, paid off bills in past on time), I have one "potentially negative" account for $91 that I didn't even know about until recently--can pay that off.
He has two, but both of those were also paid off on time, so we need to dispute those.
And, 8 mortgage loan companies have looked into our credit over the last year and a half because at the time, we were looking to possibly re-finance, but decided against it.
So...with all of that, is it gonna be rough getting a low interest line of credit?
We definetly need a loan and getting a loan based on our equity wouldn't be enough at this time because the comps have dropped in the area.
We're hoping to get a loan of $10k or less.
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