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Get a Home Improvement Loan with Bad Credit

Jul 15, 2008
Owning a home can be a source of pride and joy but if you've fallen on hard times and your credit rating has suffered then you know it isn't always easy to keep your home maintained and in safe condition.

There are times when you simply need to keep your home in working condition but don't have the money readily available to do the necessary maintenance and fixes. Some home repairs that could post serious health risks or dangers and be fairly expensive to fix are roof repairs, plumbing problems, electrical issues, air conditioner repairs and even heating and furnace replacements. Most of these types of repairs require substantial amounts of money which can often come in the form of a home improvement loan.

If you have bad credit you'll find that it will be more difficult for you to get a home improvement loan to fix up your house. Here are a few things you can do to improve your chances of borrowing the money needed to complete those necessary home improvement projects:

Secured Loan: If you have bad credit then banks will probably not give you a unsecured loan at all. An unsecured loan is based on your income and your past history of paying off debt regularly. However, a secured loan is often given with some type of collateral being offered in exchange for the money you're borrowing. If you own a home that is worth more than you paid for it, then you can use the value difference as a bargaining chip for a secured loan. Essentially the value in your house is being used as collateral. You still have to pay off the loan, but if you don't a bank may be able to actually take your home away from you in extreme cases.

Have Plans: If you walk into a bank and ask for $10,000 to fix your roof and you have bad credit they probably won't give you the loan. However, if you have three detailed quotes from roofing companies and you bring that to the bank asking for exactly the $10,112 it may cost to replace your roof then the bank will be much more interested. Banks are basically investing in you when they give you a home improvement loan, so they want to make sure their investments are wise ones. The more of a home improvement plan with quotes and contractor information you give a bank, the more likely they will be to give you a loan.

Keep Your Recent Credit Record Clean: Sure, you may have had some credit trouble in the past, but try to at least pay all your bills on time for the few months before you apply for a home improvement loan. Banks do want to help people and they will try to give you the benefit of the doubt, especially if they see that your behavior has changed and all your bills are being paid on time.

Using these simply steps can help you get that home improvement loan you may desperately need and help you keep your family's home safe and secure.
About the Author
Visit the Home Improvement Financing Site to learn more about getting great rates on home improvement financing and applying for home improvement loans.
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