I have bad credit but need a 20,000 dollar loan?

I am 26-years old and owe about 3,500 total on four different credit cards.

I just recently got laid off and moved several times due to this reason and haven’t been able to keep up with the payments.

How will my credit score be if I owe about 3-4,000 dollars on four different credit cards (pepboys, 2 visas and chase)

I don’t have a job yet but once I do I want to apply for a 20,000 loan and buy a town house throughout the area. (starter home)

Any ideas if this is possible or is my credit too screwed up? Thank you!

Also, I am still seeking employment!

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5 Comments at "I have bad credit but need a 20,000 dollar loan?"

Ben with spikes May 8th, 2010 (#)

i worked for a broker company and i’d say you have too many things against you to qualify for the loan.

1) You keep moving – you need to be at an address for a long time, this helps your application – especially being on the voters roll.

2) if you haven’t been keeping up minimum payments on the credit card, this won’t have helped – when a lender looks at a loan, they see your possibility to pay back. if you owe lots and are behind, you are more of a risk.

3) you don’t own a property – which means the lender has little or no security to bond the loan against.

With these in mind, i’d say it’s unlikely.

MadMan May 8th, 2010 (#)

You will not get a mortgage until you are in steady employment and have paid off your debts.

Alvin May 8th, 2010 (#)

mmm… maybe this will help you :

http://www.apply-housing.co.cc

Alexander May 8th, 2010 (#)

creditreport.fateback.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

Moore Williams May 8th, 2010 (#)

Hello, I am Moore Williams Iam from Atlanta US. I saw your question and decide to direct to Mr Mike Franklin who gave me loan some time ago when I needed loan for a car,he gives loan at interest rate of 4% with monthly installion repayment to his client at first I thought it was a scam by I decided to give him a try and I got the loan from him,So I will advise to contact him via email mikegloballoanhouse@yahoo.com