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Member
Posts: 11
Registered: ‎07-04-2007
0

Recent 741 in Houston / Need Emergency Loan / Is it safe to apply?

I had a correction to my credit report the other week that raised my score to 741. It was in the mid 600s before. I earn $58000 a year, and only have around $2000 total in credit available to me. I just got through Hurricane Ike last weekend, and need a little bit of an emergency cushion for some minor repairs, and to cover evacuation expenses...Should I apply for a loan? or a Credit Card? If my credit score only increased recently, is it safe to apply and have it not effect my score? Than ks
Established Contributor
Posts: 991
Registered: ‎05-14-2008
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Re: Recent 741 in Houston / Need Emergency Loan / Is it safe to apply?

Your personal life comes before your score.  If you need a loan take a short term loan out.  Try your bank or CU first for the best rates. 
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Recent 741 in Houston / Need Emergency Loan / Is it safe to apply?

I would go for a card-
 
With your scores - you deserve a higher CL.
 
Try your CU or Discover .
Frequent Contributor
Posts: 435
Registered: ‎06-17-2007
0

Re: Recent 741 in Houston / Need Emergency Loan / Is it safe to apply?

What cards do you have? Perhaps you can ask for an increase on those without a hard inquiry?
Sept 07 EQ 419

April 2012 EQ- 669 EXP- 680 TU-700= Proud New Homeowner!
Member
Posts: 11
Registered: ‎07-04-2007
0

Re: Recent 741 in Houston / Need Emergency Loan / Is it safe to apply?

Obviously I prefer a line of credit since I can access it immediately, but my local branch is still closed. Does it matter anymore that people at your local branch know you? I know they probably do the same type of online application that I could do over the phone. Also, would it be safe to ask for a $5000 loan with the rating/income that I gave you before? I can ask for more if repairs to my house exceed what I need.
Member
Posts: 11
Registered: ‎07-04-2007
0

Re: Recent 741 in Houston / Need Emergency Loan / Is it safe to apply?

I only have a Amazon Chase with a $1500 limit...I have a Foley's/Banana Republic account that I never use and have no balance on. Should I get rid of those/
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Recent 741 in Houston / Need Emergency Loan / Is it safe to apply?

An LOC will work well too-
 
Most banks will let you hook your CC up with your checking account (my CU does)
The interest starts running right away (it would with an LOC as well) my rate is the same as my purchase APR 8.X%.

triplethree wrote:
Obviously I prefer a line of credit since I can access it immediately, but my local branch is still closed. Does it matter anymore that people at your local branch know you? I know they probably do the same type of online application that I could do over the phone. Also, would it be safe to ask for a $5000 loan with the rating/income that I gave you before? I can ask for more if repairs to my house exceed what I need.


Frequent Contributor
Posts: 435
Registered: ‎06-17-2007
0

Re: Recent 741 in Houston / Need Emergency Loan / Is it safe to apply?

Don't get rid of them. The store card is helping in your mix and the Chase card is a good card to have. I would probably apply for a BOA card and your line of credit  or 5000 loan should be approved without a problem I would think. What is your utilization?
 
Sept 07 EQ 419

April 2012 EQ- 669 EXP- 680 TU-700= Proud New Homeowner!
Member
Posts: 11
Registered: ‎07-04-2007
0

Re: Recent 741 in Houston / Need Emergency Loan / Is it safe to apply?

Wow, thank you so much for your help everyone.

I have $1300 on my Chase, but I can pay that off immediately if it makes a difference. I just keep it open for little purchases, and auto pay the minimum but the Hurricane was a little unexpected, so if need be I can pay off 50-80% of the amount off the bat.

I will take all your suggestions in mind this afternoon. What a great bunch of people to turn to though, I wouldn't know where else to look for honest answers...

Thanks again.
New Visitor
Posts: 1
Registered: ‎09-24-2008
0

Re: Recent 741 in Houston / Need Emergency Loan / Is it safe to apply?

First thing I would do is apply for FEMA!!  They are 'granting' money for motels (some motels will even direct bill when you get an application number), repairs, etc.
 
I'm in Houston and one of my homes is still without power, fortunately I have alternative resources. So, the moral of the story is -- if you need assistance, apply--it never hurts.
 
Website for FEMA:  www.FEMA.gov
 
GOOD LUCK!
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