topic Re: Anyone received a personal loan lately? in General Credit Topics

Anyone received a personal loan lately?

dude11 — Mon, 30 Jul 2012 17:55:13 GMT

Just wondering if anyone has received a personal loan lately either from a big bank or CU? What were your scores or did you have any negatives on your reports and approved?

I am going to need to apply for a loan soon for some auto repairs and I don't have enough credit on my CCs to charge the repairs to. Just wanted to know what your experiences were. Any help is appreciated, thanks!

Re: Anyone received a personal loan lately?

ShiningDown — Mon, 30 Jul 2012 22:28:59 GMT

Someone posted a credit card that has 0% for 1 year on car repair. I will look for it and post it if I find it.

Re: Anyone received a personal loan lately?

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Re: Anyone received a personal loan lately?

Repo-ed — Tue, 31 Jul 2012 02:08:52 GMT

copy/paste from my 2012 credit challenge journal. The two red entries are from a personal loan and motorcycle loan from my CU. They even used the same CR for both loan approvals. At the time of this entry, I don't believe (without reading through earlier entries) I had any GW success other than Amex. So at this point I had a repo, a 30 day, and 3 collections at time of loan(s) approval.

4/4/2012 Was able to get a 1k loan @ 9%. Was placed into my savings account and the monthly payments will be drawn each month on the 15th. 1 year loan and we’ll re-app for another 12mo. Loan at the end of this one, so that a revolving debt remains active on file. MyFICO for TU was 664, the CU pulled TU and it came back 627. MyFICO for EQ was 617, the CU pulled EQ and it came back 627.

4/4/2012 App, which resulted in a HP of both EQ and TU. Not yet sure on approval. Was for $1500 CL.

4/4/2012 Lady from Comcast advised that they will not be able to remove collection from CRs.

4/5/2012 USAA CMS alerted me to TU pull from yesterday.

4/5/2012 Gentlemen from Brighthouse networks called back, just as the lady from comast just above, to advise they were not allowed to remove the neg. TL.

4/6/2012 Sent out GW letter to Bright House Pres. Sent out dispute letter to CPA for Bright House acct.

4/7/2012 EQ FICO score up to 635 and SW says it has to do with a 30day either not found or missing

4/8/2012 Received a call from Brighthouse Networks Corp. office in Syracuse NY. Nice lady wanted to verify my info, so she could further help.

4/10/2012 Received a call from the same gentlemen from BHN. Apparently the lady from NY contacted him, not knowing him and I had already spoken. He wanted to make sure he addressed my concern in our previous talks. That’s why I sent the letter to the CEO; he didn’t address my concerns to the fullest. But alas, no GW removal.

4/16/12 MyFICO alert – EQ FICO dropped down from 635 to 624

4/18/12 Applied through my local CU for a motorcycle loan. (Instead of their CC). App’d for 10k, they came back with an offer of $8500 + 10% of my own monies or $850. I found a bike for $3500, so hoping for 100% financing on it, so I can pick it up today.

Re: Anyone received a personal loan lately?

dude11 — Tue, 31 Jul 2012 15:02:39 GMT

Thank you Shining Down and Repo-ed for your responses. The nationwide credit card sounds pretty cool since you get 0% APR for automobile repair purchases which is what I need. However don't think I may get approved since currently I have been turned down by most big banks or may even get the the credit limit I may need.

What about credit unions? Do they seem to be more willing to lend you a loan with poor credit in most cases? I applied for a membership at a local CU and I am currently waiting for approval to join.

Re: Anyone received a personal loan lately?

HoldingOntoHope — Tue, 31 Jul 2012 17:13:21 GMT

You may also want to look into the peer to peer lending sites such as Prosper and Lending Club. They do have their minimum credit requirements posted on the site but they are more lenient than most banks and credit unions. And it is a positive tradeline if you secure a loan. At least on Prosper they report to two of the three bureaus.

I am assuming you have some challenges in your credit files due to your statement of being unable to secure a useful credit line from the big banks.

Re: Anyone received a personal loan lately?

tcbofade — Thu, 02 Aug 2012 12:47:49 GMT

dude11 wrote:

What about credit unions? Do they seem to be more willing to lend you a loan with poor credit in most cases? I applied for a membership at a local CU and I am currently waiting for approval to join.

Yes, IMHO.

I got a personal loan from my CU last month...TU in the 630's, lots of inquiries, but NO baddies.

Good luck!

Re: Anyone received a personal loan lately?

dude11 — Thu, 02 Aug 2012 13:03:12 GMT

Yeah I've had some trouble in the past. A few COs that won't drop till 2015 and one in 2016. Scores I believe are in the low 600s possibly mid 600s the highest. Lots of inquiries EQ being the worse. I have looked into both Prosper and Lending Club but I have read on few different sites that they don't loan out to as many people as you think. Don't know how true that is.

Any one have experience with these websites?

Re: Anyone received a personal loan lately?

CC40 — Thu, 02 Aug 2012 13:32:23 GMT

Repo-ed wrote:
copy/paste from my 2012 credit challenge journal. The two red entries are from a personal loan and motorcycle loan from my CU. They even used the same CR for both loan approvals. At the time of this entry, I don't believe (without reading through earlier entries) I had any GW success other than Amex. So at this point I had a repo, a 30 day, and 3 collections at time of loan(s) approval.

4/4/2012 Was able to get a 1k loan @ 9%. Was placed into my savings account and the monthly payments will be drawn each month on the 15th. 1 year loan and we’ll re-app for another 12mo. Loan at the end of this one, so that a revolving debt remains active on file. MyFICO for TU was 664, the CU pulled TU and it came back 627. MyFICO for EQ was 617, the CU pulled EQ and it came back 627.
4/4/2012 App, which resulted in a HP of both EQ and TU. Not yet sure on approval. Was for $1500 CL.
4/4/2012 Lady from Comcast advised that they will not be able to remove collection from CRs.
4/5/2012 USAA CMS alerted me to TU pull from yesterday.
4/5/2012 Gentlemen from Brighthouse networks called back, just as the lady from comast just above, to advise they were not allowed to remove the neg. TL.
4/6/2012 Sent out GW letter to Bright House Pres. Sent out dispute letter to CPA for Bright House acct.
4/7/2012 EQ FICO score up to 635 and SW says it has to do with a 30day either not found or missing
4/8/2012 Received a call from Brighthouse Networks Corp. office in Syracuse NY. Nice lady wanted to verify my info, so she could further help.
4/10/2012 Received a call from the same gentlemen from BHN. Apparently the lady from NY contacted him, not knowing him and I had already spoken. He wanted to make sure he addressed my concern in our previous talks. That’s why I sent the letter to the CEO; he didn’t address my concerns to the fullest. But alas, no GW removal.
4/16/12 MyFICO alert – EQ FICO dropped down from 635 to 624
4/18/12 Applied through my local CU for a motorcycle loan. (Instead of their CC). App’d for 10k, they came back with an offer of $8500 + 10% of my own monies or $850. I found a bike for $3500, so hoping for 100% financing on it, so I can pick it up today.

I so wish I had kept a journal like this!!!!! I would love to look back and see my steps. It might would help in times if frustration, which seems to be plentiful at the end.

Re: Anyone received a personal loan lately?

Repo-ed — Thu, 02 Aug 2012 13:50:45 GMT

CC40 wrote:
Repo-ed wrote:
copy/paste from my 2012 credit challenge journal. The two red entries are from a personal loan and motorcycle loan from my CU. They even used the same CR for both loan approvals. At the time of this entry, I don't believe (without reading through earlier entries) I had any GW success other than Amex. So at this point I had a repo, a 30 day, and 3 collections at time of loan(s) approval.

4/4/2012 Was able to get a 1k loan @ 9%. Was placed into my savings account and the monthly payments will be drawn each month on the 15th. 1 year loan and we’ll re-app for another 12mo. Loan at the end of this one, so that a revolving debt remains active on file. MyFICO for TU was 664, the CU pulled TU and it came back 627. MyFICO for EQ was 617, the CU pulled EQ and it came back 627.
4/4/2012 App, which resulted in a HP of both EQ and TU. Not yet sure on approval. Was for $1500 CL.
4/4/2012 Lady from Comcast advised that they will not be able to remove collection from CRs.
4/5/2012 USAA CMS alerted me to TU pull from yesterday.
4/5/2012 Gentlemen from Brighthouse networks called back, just as the lady from comast just above, to advise they were not allowed to remove the neg. TL.
4/6/2012 Sent out GW letter to Bright House Pres. Sent out dispute letter to CPA for Bright House acct.
4/7/2012 EQ FICO score up to 635 and SW says it has to do with a 30day either not found or missing
4/8/2012 Received a call from Brighthouse Networks Corp. office in Syracuse NY. Nice lady wanted to verify my info, so she could further help.
4/10/2012 Received a call from the same gentlemen from BHN. Apparently the lady from NY contacted him, not knowing him and I had already spoken. He wanted to make sure he addressed my concern in our previous talks. That’s why I sent the letter to the CEO; he didn’t address my concerns to the fullest. But alas, no GW removal.
4/16/12 MyFICO alert – EQ FICO dropped down from 635 to 624
4/18/12 Applied through my local CU for a motorcycle loan. (Instead of their CC). App’d for 10k, they came back with an offer of $8500 + 10% of my own monies or $850. I found a bike for $3500, so hoping for 100% financing on it, so I can pick it up today.
I so wish I had kept a journal like this!!!!! I would love to look back and see my steps. It might would help in times if frustration, which seems to be plentiful at the end.

Ya, it's been a great source of motivation. It's never to late to start now, unless you've already fully rebuilt or just waiting for last items to fall-off.

Re: Anyone received a personal loan lately?

tcbofade — Thu, 02 Aug 2012 15:45:19 GMT

Prosper uses it's own version of an Experian Fako score...

Earlier this year, they told me that my score was 650 or so, and that they had no products to offer me...

Re: Anyone received a personal loan lately?

princechristian — Fri, 03 Aug 2012 00:10:44 GMT

You might want to check with local auto repair shops. Often times they deal with good lenders. Not sure where you live but I live in Alabama where there is a local loan company, Acceptance Loan Co, and they offer, even secured loans, by word of mouth of what your secured goods are. I am speaking from experience. Had to get one a couple years ago for auto repair. Got $2000 in 30 mins, credit score they pulled said 605, they asked me about my household goods of value, I random told them things like computer, flat screen tvs, sound systems, etc. and I had several collections and derogs at the time. Many repair shops, especially transmission specialist use them regularly, even having apps at their shop. Good Luck!

Re: Anyone received a personal loan lately?

jamesdwi — Fri, 03 Aug 2012 01:52:32 GMT

My daughter was able to get a $750 Card from Firestone ( via GE Money Bank) she only has one Credit card and needed car work done. They may even have no interest deals for X months.

Re: Anyone received a personal loan lately?

sewmuchdebt — Sun, 05 Aug 2012 18:28:19 GMT

dude11,

i was >1yr out from my chapter 7 when my car got stolen. i went to prosper.com to apply for a personal loan to buy another vehicle. they check experian and you need at least 600 to qualify. i had two rebuildier cc that were >1yr old. prosper uses ratings to determine what your interest rate will be. my rating was a D! i did get approved for 3000.00 loan and 36 months to pay it off. they report to EX and TU so it was a bonus to use that tradeline when i purchased my home. they ask for normal paerwork (id,ss card, paystubs, etc) and even do some identity verification info over the phone that only the borrower would know. i was grateful that i got this loan from prosper because i did not have the cash to go out and buy another vehicle nor did i want to go get some long term bad credit auto finance loan that i would have probably regretted.

prosper works by indivduals who put up some or all of your requested loan amount, thus making them your lender (s). they fund your loan. prosper just acts as the middleman who processes everything.

Re: Anyone received a personal loan lately?

ShiningDown — Mon, 06 Aug 2012 08:20:28 GMT

What was the apr they charged you if you don't mind telling us. Where did you shop around before you decided on prosper?

Re: Anyone received a personal loan lately?

sewmuchdebt — Mon, 06 Aug 2012 16:46:13 GMT

my apr that i was charged was 29.50%. i pretty much shopped around everywhere i could think of but no one would touch me, not even my banks ( had bank accounts with wells fargo & best bank & and a credit union account) i could have paid this off early with no prepayment penalties but decided to just pay minimum payments due to have it when i bought my house. i only have 1700.00 left and plan to pay this off with tax refund.

Re: Anyone received a personal loan lately?

dude11 — Mon, 06 Aug 2012 17:28:04 GMT

Just tried for proper.com and was given the message that there were no offers for me or that my score was low. Oh well.

Re: Anyone received a personal loan lately?

dude11 — Wed, 15 Aug 2012 18:23:23 GMT

Just coming back with an update. CU's are awesome! So I applied at a local CU for membership and applied for a loan. Approved! I then realized that the amount I asked for was not going to be enough for the car repairs so I applied for another loan from the CU at my work. Approved! CU's definitely are willing to work with you even if you have had credit problems in the past unlike big banks.

Thanks everyone for the help, I really do appreciate it.

Re: Anyone received a personal loan lately?

Sonic98 — Fri, 26 Oct 2012 16:58:46 GMT

Well, I'm glad it worked for someone. I know someone looking for a personal loan. Their FICO scores are between 660 and 670 with the three CRAs (a recent app and a score pulled when applying for a car reported some of the scores over 710, but I'm sure that can't be FICO). Credit history is not that long. Had a account with a furniture store for about 2 years thay was paid off about 6 months ago. A credit card with about a 500 limit that will reach a year in age next month. A car loan of 12K originally that's only about 5 months old. Probably 8 inquiries in the last 12 months from applying at 2 other car lots, applying for a mortgage, and applying for another credit card. She also has a 3 year old 1K medical collection.

The last time she was denied for something it was based on limited length of credit history and the number of inquiries.

BTW how was the process with the repo? I know someone who was repoed. They paid the car off. They were made to wait 10 days before the car would be released. They were charged 80 a day during the process including during the 10 day waiting period. Seems like a rip-off to me.