Asked by edonna76  |  Submitted April 22, 2016

How can we refinance with low and fair credit scores?

Our current loan has a 10.999% Interest Rate since 2002. We can not find any bank to refinance due to my spouse's low credit score and mine is just fair. This is due to the place we both worked in 2008 closed and we have to let a couple of debts go and we were advised by NovaDebt who we turned to when we lost our jobs, however we have managed to pay out home mortgage. Please advise. Our home value is approx. $80 - $90K

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  Answers  |  1

April 27, 2016

It will be very hard for you to get a good rate for a loan. Try equity line of credit, maybe you can get a better rate if you only needing $50k or less. But if not, you really need to fix your credit score by paying your debts. If you need to learn more about personal finance. Our company is having a Financial Literacy Campaign Workshop through N. American & Canada. I can set you up to attend, it will help you a lot. PM for more information.

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