Reply
Established Member
RED_Knives
Posts: 69
Registered: ‎02-11-2014

CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loan.

 Alright so this month I made it to the 700 club at 701 fico score and 726 transunion. 6 months ago I had like a small cli of 1250 now I am at 13750 cli which is pretty cool. I am stilling working to try to open up a business in my local community. I have applied for business loans and got denied due to my account being too new. the banker at wellsfargo told me that everything else looked good and that if I came back in 3 months I should get accepted for a loan of 20-30k. 

 

still trying to find an installment loan. as of now I can't seem to find anything I need. my discover statements are telling me I need a non mortage installment loan to appear less risky if I want to conitnue to improve my credit line. I cant seem to confirm if leschwab has installment loans or not. Every store I called they don't need know what an installment loan is. 

 

anyway how are people doing? how much has your score increased in the last 3 months same with cli?

 

Also who here has gotten a successful buisness loan?


Starting Score: 651
Current Score: 714
Goal Score: 715

Credit Cards and Credit Limits: Barclay 1500, AMEX 2000, Discover it-5250, Capital One-1500, Best Buy-1000, CO QuickSilver 500, Chase Slate 1000, BillMeLater-1000, TOTAL 13750
Credit Record Month/Score , 6/650, 7/669, 8/680, 9/693, 10/701
Take the myFICO Fitness Challenge

Community Leader
Senior Contributor
KennyRS
Posts: 3,784
Registered: ‎01-15-2009

Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

People get these types of loans from banks or whatnot for like boats, cars, trucks, or a personal loan in general. (Personal loans are usually trickier to get at first especially for a large amount. If you do get one from a lender for a large amount, it's usually what I consider a predatory lender that will charge a tremendous amount of fees.)
Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:773(7/09) - EQ04:754(6/24) - EQ08:783(7/19) - TU08:790(7/12)
Goal Score: 800+
Established Member
RED_Knives
Posts: 69
Registered: ‎02-11-2014

Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

hold up where do you get info on predatory loans? and did you or someone you know experience such a thing? I figured out after the crash of 2008 predatory loans wouldn't exist as much. What do you consider a large amount?

Starting Score: 651
Current Score: 714
Goal Score: 715

Credit Cards and Credit Limits: Barclay 1500, AMEX 2000, Discover it-5250, Capital One-1500, Best Buy-1000, CO QuickSilver 500, Chase Slate 1000, BillMeLater-1000, TOTAL 13750
Credit Record Month/Score , 6/650, 7/669, 8/680, 9/693, 10/701
Take the myFICO Fitness Challenge

Established Member
RED_Knives
Posts: 69
Registered: ‎02-11-2014

Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

I should probably make sure the loan is back by the gov since such loans would have less fee's?

Starting Score: 651
Current Score: 714
Goal Score: 715

Credit Cards and Credit Limits: Barclay 1500, AMEX 2000, Discover it-5250, Capital One-1500, Best Buy-1000, CO QuickSilver 500, Chase Slate 1000, BillMeLater-1000, TOTAL 13750
Credit Record Month/Score , 6/650, 7/669, 8/680, 9/693, 10/701
Take the myFICO Fitness Challenge

Valued Contributor
tcbofade
Posts: 2,029
Registered: ‎09-26-2011

Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa


RED_Knives wrote:
I should probably make sure the loan is back by the gov since such loans would have less fee's?

If you're looking for a business loan, the SBA is a good place to start.  :smileyhappy:


Current Scores: EX 676 (FCR) TU08: 648 Wally (TU08). 07/01/14 Last app 05/29/2014.
Gardening until 01 November 2014.
(Thou shalt not app, thou shalt not app, thou shalt not app...)
Zero percent financing is where the devil lives...
Established Member
RED_Knives
Posts: 69
Registered: ‎02-11-2014

Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

What about wellsfargo vs sba or sbdc?

Starting Score: 651
Current Score: 714
Goal Score: 715

Credit Cards and Credit Limits: Barclay 1500, AMEX 2000, Discover it-5250, Capital One-1500, Best Buy-1000, CO QuickSilver 500, Chase Slate 1000, BillMeLater-1000, TOTAL 13750
Credit Record Month/Score , 6/650, 7/669, 8/680, 9/693, 10/701
Take the myFICO Fitness Challenge

Valued Contributor
tcbofade
Posts: 2,029
Registered: ‎09-26-2011

Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

Wells Fargo is a fine bank, don't know about sbcd.

 

SBA was good to me many years ago...if they can't help you, they can point you in the right direction.

 

Good luck!


Current Scores: EX 676 (FCR) TU08: 648 Wally (TU08). 07/01/14 Last app 05/29/2014.
Gardening until 01 November 2014.
(Thou shalt not app, thou shalt not app, thou shalt not app...)
Zero percent financing is where the devil lives...
Community Leader
Senior Contributor
KennyRS
Posts: 3,784
Registered: ‎01-15-2009

Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa


RED_Knives wrote:
hold up where do you get info on predatory loans? and did you or someone you know experience such a thing? I figured out after the crash of 2008 predatory loans wouldn't exist as much. What do you consider a large amount?

lol, I'm talking about places like Beneficial, SpringLeaf, etc., etc. While some people may be able to get great rates there, I don't know of one person that has. You end up paying back almost double the loan. Large amount to me is anything greater than 5k. I say this because I was looking to get an unsecured loan about 6-8 months ago, but no one could do it. They all want it to be secured aka your title of your car, boat, etc.

Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:773(7/09) - EQ04:754(6/24) - EQ08:783(7/19) - TU08:790(7/12)
Goal Score: 800+
Established Member
RED_Knives
Posts: 69
Registered: ‎02-11-2014

Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa

who did you end up going with a non secured loan would be nice?

Starting Score: 651
Current Score: 714
Goal Score: 715

Credit Cards and Credit Limits: Barclay 1500, AMEX 2000, Discover it-5250, Capital One-1500, Best Buy-1000, CO QuickSilver 500, Chase Slate 1000, BillMeLater-1000, TOTAL 13750
Credit Record Month/Score , 6/650, 7/669, 8/680, 9/693, 10/701
Take the myFICO Fitness Challenge

Community Leader
Senior Contributor
KennyRS
Posts: 3,784
Registered: ‎01-15-2009

Re: CURRENT UPDATE: a few months later I hit 701, looking to improve my potential for a business loa


RED_Knives wrote:
who did you end up going with a non secured loan would be nice?

I didn't end up getting an unsecured. I had paid my loan off for my car about 2-3 months prior, and I just used my title to take a loan out on my car again.

Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:773(7/09) - EQ04:754(6/24) - EQ08:783(7/19) - TU08:790(7/12)
Goal Score: 800+

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+