Looking for an LOC.... any suggestions?

[Laurenlou]

I am looking for a small personal loan of around $3000 to get my husband's truck fixed. My Ficos have gone up, but still aren't great. Right now I'm ranging between 600-630. I have 2 unpaid collections- 1 for around $3000 with Capone and 1 for $1000 with citi. I have several CCs and 1 auto loan with perfect history. My salary is $58K and I would be able to pay it back in 18 months.

I've never apped for a LOC so I dont even know where to start. Anyone know of any good banks? Someplace that would be willing to overlook my less than perfect credit? Any ideas or advice?

[FretlessMayhem]

Hi Lauren. Happy Holidays!

I definitely recommend checking out the local credit union in your area. CUs are usually more willing to work with members as opposed to banks. 

Are you eligible to join NFCU? PenFed is another CU a lot of members like. 

[Laurenlou]

Thanks for your reply.

I have looked into Navy Fed because my DH is a vet. However, when I tried to do the online membership app it only gave me options for retired or active duty military, and he is neither. I guess I'll give them a call and see what they can do for us. Thanks for the suggestion!

[grneydangl]

Would your husband fall into the "retired" category?  Maybe you should call them and explain the situation (about your husband's military status) and they would help you from there.  I would agree with FretlessMayhem about checking with your local CU, that's always worked best for me.  Good luck!

[Anonymous]

I got a sig loan from NFCU $1500 with 600 scores, you shouldnt have a problem if you can get membership.  After some good history on the LOC or sig loan, you could get a nice CC there too maybe.

[laz98]

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@Laurenlou wrote:

Thanks for your reply.

I have looked into Navy Fed because my DH is a vet. However, when I tried to do the online membership app it only gave me options for retired or active duty military, and he is neither. I guess I'll give them a call and see what they can do for us. Thanks for the suggestion!

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it's my understanding that only active duty or retired are eligible.  other veterans, such as myself, are not. 

[Anonymous]

Do you have any family active in DoD?

[JRInWA]

Lauren - NFCU will also grant membership to military contractors, their family members, and anyone who "resides in the same household" of that military contractor.  So... keep that in mind.  I am a army contractor, and I was able to join.  In addition, through me, my brother (who doesn't live with me) was able to join as well as my girlfriend (who does live with me).

Also, just a suggestion... I would go for a signature loan as opposed to a LOC.  From my past experience dealing with CUs, it's always been easier to obtain signatures especially with lower credit scores. 

HTH and GL!

Message Edited by JRInWA on 12-26-2008 05:42 AM

[USC08]

What is the difference between a "signature loan" and a "LOC"?

[FretlessMayhem]

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@USC08 wrote:
What is the difference between a "signature loan" and a "LOC"?

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A signature loan is a one time loan. A line of credit is like a credit card, except cash. You can revolve a balance and pay it back.