Seeking Help to Get Lower Interest Rates

Updated on June 20, 2007
B.B. asks from Saint Augustine, FL
7 answers

Ok this is a litle bit embarrassing but I want to try to cut down on some of our expenses since we are paying so much for 2 children in daycare (25mth old and 6mth old). The problem is we don't have good credit. I want to trade our vehicle in for something cheaper but we really can't get a good interest rate with our credit. I also want to stop renting and buy a house to lower our monthly payments plus so the money we pay can go towards equity which in the future can help pay off my studen loans but we can't get a loan with a good interest rate and they want 10% down, which we don't have. We are not first time home buyers, we bought a house years ago but our finance person totally took advantage of us and we even had a lawyer present at the closing too. To make a long story short we were told that real esate taxes and insurance were included in the loan. On the day we were signing we realized our interest rate jumped up from what it was suppose to be but the payments were still affordable (little did we know they took out the real estate taxes and insurance to get the price there). When we got bills for being delinquent on our real estate taxes I called the title company, the finance guy even went down to the title co. office and was reassued it was included because they do that for all first time home buyers. Well, it wasn't and it got escrowed into our payments and almost doubled it so we had to sell the house fast and never got any equity from it. Thus we are not eligible for any first time home buyer programs. I have called those programs to fix your credit and lower your monthly payments but they all take 4 years to do that and it hurts your credit when it shows a third party. We need to lower our payments now. Does anyone know how someone can either fix there credit fast or boost it up or get a loan with a lower rate? It seems like our society hurts people when they are down. Most people with credit problems are the ones that need lower rates but instead they have to pay more for their car and everything because they get the higher rates. Most of our credit issues resulted from when I was out of work and from when my husband had credits cards as a teenager. We just haven't been able to get out yet but are working on it.

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answers from Jacksonville on

call ###-###-#### which is the bargin channell they have a credit repair sponser that is really great called credit fx.They work with all 3 credit bureaus to delete bad credit history.The only things they can't do is child support issues but as far as negative credit history its gone.what they do is pull yur credit see who is on there and they then ask for proof it was you who signed for the credit and most places dont keep records because it goes from collection to collection and gets lost at some point so therefore if the creditors cant produce proper documentation then its off.It's a 3 month package and you can upgrade to lifetime for a small price.the bargin channell sells the certifates real cheap if your married you will need 2 certifactes.anyhow thats my can call the bargin channell get the # to credit fx and call explain and see if they can help you ask for josh at credit fx.hope this helps you.if you need any additional info plz feel free to email me ty

2 moms found this helpful


answers from Ocala on

Wow B.. Reading your short story is like a glimpse into my own life. I unfortunately do not have any additional advise to offer. I am kind of in the same boat as you. I have a car that is on it's last leg with just about a year of payments left on it and I can't get anyone to take it on trade in without a lot of money down. Not to mention my credit is shot so they want a co-signer. I am up to my ears in bills and my house payment just went up again this year because the insurance and taxes that are escrowed into my payment went up. I feel like there is no getting ahead sometimes and it kills me. I am writing this only to tell you that I agree and understand with what you are feeling! I don't understand either why people have to pay more for having bad credit. They usually get into these circumstances because of the extremely high interest rates that they had to begin with. I have been paying a 16.9% interest rate on my car since I bought it. When I tried to refinance I was told no because I owed over 200% on it. I got suckered when I bought it basically. The finance company made their money back and then some one me because I was one the ones that got stuck. I will definitely follow your thread to see if you get any good advise and I wish you luck on getting things squared away.

P.S. I do know that you may want to check with you local housing office though...most offer all kinds of programs where you may not be first time home buyers but if you attend seminars you usually get money off on your closing cost and money to put down.



answers from Jacksonville on

Hi B.,

I have been working with a company that actually DOES work on your credit report and will constantly be in touch with you letting you know what has been done, etc. I've been working with them since November and already had at least 6 items removed from my credit report! I've worked with "credit counseling" services in the past and they are basically a rip off & don't give you any info on how to improve your credit standing or anything else (despite what they otherwise claim, repeatedly). I've been very happy with the place I've been working with and they even offer a guarantee (of course there are conditions). I totally checked them out before I went with them because I couldn't afford to get ripped off. It will not be an immediate fix, but may help you out enough to get your situation better.

Credit help:

I also know of a Mortgage Broker who is beyond knowledgeable and I believe he will offer a guaranteed rate (most rates are not absolutely locked in until you actually sign the paperwork). He also has some great resources for credit repair, if it is something you want to try to take on yourself.

Mortgage Broker:

I hope that helps you out some!!




answers from Tampa on

Hi B..

Sorry to hear about your problem. Daycare is way too expensive now a days but they know people have no choice unfortunately.
My husband is a mortgage broker who may be able to help you out. He deals specifically with people who have bad credit. If you are interested, let me know and he can see what he can do.




answers from Punta Gorda on

Hi, B.. We're in the same boat and one thing that is supposed to help is a prepaid credit card. We are planning on doing that ourselves very soon...we have been told on more than one occasion it will help bring up your credit score. It's even harder with 2 little ones in day eats up most of the second income! We have 26month old and a 9 month care is expensive!! Good luck!



answers from Sarasota on

Try calling Metropolitan Home Loans. They are located in Sarasota ###-###-####. The guys there are really helpful!



answers from Tampa on

Give us a call ###-###-#### we own Home Funding USA mortgage company. Hopefully we can help you guys out!

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