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I’m a Disabled Mother Trying to Build Good Credit to Buy a Home. – Stacia

“Dear Steve,

I’ve been reading through your page and am still unsure what I should do. I’m a single disabled mother of an epileptic 14yr old son, just diagnosed on 11/11/11, I have been on Disability since 07′ and for the most part have been doing an amazing job of just getting by.

Recently I’ve been cleaning up my credit to purchase a safe permanent HOME for my son 21yr old daughter, 2yr old grandson and myself. I’m extremely close but have gotten myself in a payday loan and maxed out cards rut to do so.

I know my scores range from 599-670 and my total payments taking out of my checking monthly is around $665.

I desperately need about $4,000 to pay it all off and only have one monthly payment and continue to raise my score….where can I turn and what can I do before I get so far behind I lose it all!?!?! SERIOUSLY OVER STRESSED

Stacia”

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The Answer

Im a Disabled Mother Trying to Build Good Credit to Buy a Home.   Stacia

Dear Stacia,

Unfortunately, once you get into a spot like that I don’t know of any legitimate lender that would be willing to make a loan.

Even the lenders I normally recommend, Lending Club and Prosper don’t usually lend down to those scores. You can apply for one of those debt consolidation loans but there would be absolutely no guarantees you’d get approved.

The payday loan is the most damaging and costly to your financial health. By the time that’s over with it will have cost you a fortune. And the maxed out cards, it seems like in your focused effort to pay off others debts you would up digging a deeper hole. When you cards get maxed out they actually hurt your score rather than help it.

I recognize you are trying hard to build a better life. If you had a family member who could help you to pay off the cards and payday loans that could do the trick and your good payment record on the credit cards would help to boost your score.

Is the $4,000 all the debt you owe?

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Im a Disabled Mother Trying to Build Good Credit to Buy a Home.   Stacia
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Stacia

    Thank you so much for your time but I’m already receiving those benefits from my state. I’m officially out of options luck and resources. Life has been a battle for a long time..just a battle I now know I’ll never win.

    • http://GetOutOfDebt.org Steve Rhode

      You could still consider bankruptcy to discharge the payday loan and credit cards to clear some room to get by. Then rebuild your credit.

      If you qualify for legal aid then all you’d have to pay os just the bankruptcy filing fee. Check this link for the local organization that may offer you free help. http://probono.abi.org

      • Stacia

        I applied for a home loan just before my score drasticly dropped i was pre-approved but since then Ive been looking for a home and or contractors my score has taken the fall now I fear I’ll miss this oppertunity and am suffering MAJOR anxiety and stress I have talked to a few people since your last post and no one seems to think I even have enough debt to bother filing and NO ONE will approve my loan I just dont know where else to turn at this point. I’m scared and alone and dont know what else to do ;(

      • http://GetOutOfDebt.org Steve Rhode

        There is no minimum to file for bankruptcy protection. And it is unfortunate if people gave you feedback that you $4,000 is not enough but the reality is in your current situation it might as well be $400,000.

        Did you talk to legal aid? Who gave you the feedback it was not enough?

      • http://GetOutOfDebt.org Steve Rhode

        There is no minimum to file for bankruptcy protection. And it is unfortunate if people gave you feedback that you $4,000 is not enough but the reality is in your current situation it might as well be $400,000.

        Did you talk to legal aid? Who gave you the feedback it was not enough?

      • http://GetOutOfDebt.org Steve Rhode

        There is no minimum to file for bankruptcy protection. And it is unfortunate if people gave you feedback that you $4,000 is not enough but the reality is in your current situation it might as well be $400,000.

        Did you talk to legal aid? Who gave you the feedback it was not enough?

      • http://GetOutOfDebt.org Steve Rhode

        There is no minimum to file for bankruptcy protection. And it is unfortunate if people gave you feedback that you $4,000 is not enough but the reality is in your current situation it might as well be $400,000.

        Did you talk to legal aid? Who gave you the feedback it was not enough?

      • http://GetOutOfDebt.org Steve Rhode

        There is no minimum to file for bankruptcy protection. And it is unfortunate if people gave you feedback that you $4,000 is not enough but the reality is in your current situation it might as well be $400,000.

        Did you talk to legal aid? Who gave you the feedback it was not enough?

      • http://GetOutOfDebt.org Steve Rhode

        There is no minimum to file for bankruptcy protection. And it is unfortunate if people gave you feedback that you $4,000 is not enough but the reality is in your current situation it might as well be $400,000.

        Did you talk to legal aid? Who gave you the feedback it was not enough?

      • http://GetOutOfDebt.org Steve Rhode

        There is no minimum to file for bankruptcy protection. And it is unfortunate if people gave you feedback that you $4,000 is not enough but the reality is in your current situation it might as well be $400,000.

        Did you talk to legal aid? Who gave you the feedback it was not enough?

      • http://GetOutOfDebt.org Steve Rhode

        There is no minimum to file for bankruptcy protection. And it is unfortunate if people gave you feedback that you $4,000 is not enough but the reality is in your current situation it might as well be $400,000.

        Did you talk to legal aid? Who gave you the feedback it was not enough?

  • Stacia

    Thanks for answering me and yea the $4,000 is ALL the debt I owe I have no family or friends financially able to help me and now that I dis get denied from lending club I’m about to be homeless as well. What a failure! :,,(

    • http://GetOutOfDebt.org Steve Rhode

      Then I’d look at all the public benefit programs you may be eligible for to help offset expenses.

      Check out http://benefits.gov

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