Need info on loans, house is paid off but credit is bad. what options do i have?

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i have a home that is paid off, i would like to be able to get a loan for around thirty. i think it may be hard if my credit score is well below 650. i would like to have the money vailable in case of any emergencys or things that may come up. i dont want any rates that are not fixed, and higher int rates dont scare me.

Need info on loans, house is paid off but credit is bad. what options do i have?

It sounds like you don't NEED the money, you just want it sitting in the bank in case of an emergency, right?

Instead of taking out the loan, just calculate how much you'd be paying if you DID have a loan & pay that amount to yourself every month. Stick it in a savings account so you can draw on it if yo uneed it.

There's no sense taking out a loan just becuase you THINK you might need the money sometime in the future.

Focus on fixing up your credit score - pay off your debt.

You said high rates don't scare you, but if your score is bad, that shows a history of non-payment probably. You're not going to be able to get a loan if you can't pay the bills you have without a mortgage payment to worry about, does that make sense? You're not going to be able to get a fixed rate with your credit score, it's just not going to happen in today's market. SO if you focus on fixing the score instead,then run into a time when you really DO need the money later on, you can apply for a loan with a decent fixed rate.

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Need info on loans, house is paid off but credit is bad. what options do i have?

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