04-05-2013 11:26 AM
Thanks all for the responses. I just applied and I am very nervous. I did read your responses before i applied but my 401K hardship rules require me to try to get a loan first. I really don't want to go through and gather the mountain of paperwork the 401K investment bankers require given that if I don't supply them with enough info, it most likely won't be approved. Plus i'm worried my check won't be here until the 15th which doesn't give me much time.
My CU only pulls STUPID Experian which was 639 in January. I don't know what the score is now but my CU said the cutoff was usually 640 and I was at 639 so I am panicking. They said it is going to an underwriter and I should hear back by this afternoon. I'm trying to stay positive but I have to admit that I'm worried. Because they pull my lowest score which is out of family from EQ and TU, I'm afraid it won't go through. I've been a member since 1998 but one of their CC got burned in BK 7 back in 2003. I reaffirmed and paid it off and it was closed. The last time I did an app with them was over 5 years ago. The LO put in the app for the credit card instead of the personal loan because the interest rate is 1 pt lower. If this doesn't go through, I'm never apping with them again. I hate my CU when it comes to loans...they are so fricken strict! Nothing like NFCU.
I have 4 years of perfect revolving history. Utilization is at 39% right now. I can't help that at this time. It could be worse. The LO was barking about a stupid collection from the cable company in 2009. The underwriter through the mortgage company didn't care about that and it didn't have to be paid. Ugh!
Does anyone know who Discover pulls?
Are you a member of NFCU? Do you already have a credit card with them? Maybe you can use that for a cash advance since they don't charge any fees and the funds would go directly into your checking account. The rate is usually the same as your credit card rate as well. Of course your score would take a hit due to increase utilization, but that could help keep you gardening. *fingers crossed* that your credit union comes back with good news.
04-05-2013 12:09 PM
04-05-2013 12:11 PM
04-05-2013 01:26 PM
No I'm not a member of NFCU. I have been with my CU since 1998 when I turned 18. It is too much hassle to move all my recurring payments and direct deposits over to another bank. Given my time constraints, that's not possible.
I'm wondering if someone would kindly answer my question regarding the fact that my EX FAKO went up 42 pts a couple of days ago. My EX fico of 639 was when it was pulled in January. Do you think there is a good chance that my EX fico went up two days ago as well? I only need 1 pt so it doesn't have to be 42 pts.
IF your FAKO went up 42 points, even though it's a FAKO, there's a reason for that to happen, something probably in your favour. I would guess, and it's only a guess, that you COULD see some sort of increase in your true FICO score from EX. It would be logical to presume that, a positive indicator with a FAKO would also be a positive indicator with FICO. My best guess would be that you'd likely see at least that 1 point increase that you are looking for, maybe more.
04-05-2013 02:05 PM
04-05-2013 02:08 PM
1. with your scores, an unsecured personal loan may be difficult. If you can get approved, it will likely be with a high interest rate. Unsecured personal loans typically are paid back over 3-5 years, although there are some 10 year products out there. My guess is that with a max payment of 50 spread over 5 years, you will get somewhere between 2000 and 2500, depending on interest rate.
2. If you put down 20% or more on your home, you could look at a HELOC or home equity loan. These will have better rates, a longer repayment schedule and you are more likely to qualify as it is secured with your home.
3. Pay attention to the interest rates. For high risk borrowers, you may be better off putting the charge on a credit card for a few months (even 6-12) and looking for other sources of money than tying yourself to a high interest loan for years.
4. This is why I think everyone on this forum should have at least one low interest non-rewards card. Emergencies happen and that is the worst time to be looking for loans. You might even check with your CU now. The rate they offer on a credit card might be better than what they offer you on a loan.
AMEN to that! Better to have something like a Slate, or regional bank like IberiaBank or Zions for lower interest cards.
My PSECU Visa does this with 9.9APR, I just nee to focus on paying it off!!
04-07-2013 06:32 PM
My score went up from 639 to 658 but DENIED! I'm PO'd. I told them being conservative can bring success but that must offset loss of business. Never bounced a check. Thousands in my accounts. Been a member for FIFTEEN YEARS. Oldest account is 13 years. No missed payments. I have a mortgage, 4 CCs with 4 years of history, an a auto lease with tier 1 financing and you are telling me it is not the 9.5 year old BK, but a $1000 collection from 2009 from a stupid cable company that kept jacking up their rates on me waaaayyyyy back in 2006 when I was still emerging from bankruptcy! No, really???? When all my new accounts started reporting right after that and they certainly didn't care about that collection and Chase was one of them. Ugh!!!! Unbelievable given my history with them. I told them that if it is not reversed, I'm done with them and I'm closing ALL my accounts!!! ALL 3 of them! They won't be getting my $5000 deposits anymore!!! It will be a hassle but it is worth it.
Does anyone have other ideas of someone else I could try? No CUs because they want you to be a member with history before they will give you a loan.
Don't let emotion drive business decisions. Also if you have thousands saved why apply for new credit cards or loan for emergency?
TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!
04-07-2013 08:52 PM
Most underwriting guidelines for LOC or most unsecured loans require a 660+ score. LOC are stricter 680+ and no collections or charge offs. Have you considered a Cash Out Title Loan or a Secured CD/Savings Loan? At my bank they offer both and the guidelines are less strict with 600+ scores.
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