Could I Qualify For A Loan? (Simple personal one)

[jbh]

For now, my EQ and TU are clean. EXP was frozen since a fraudulent account was reported, and I have since received notice that it will delete shortly. I plan to unfreeze it.

When my utility decreases, my TU and EQ will be over 720. EXP will be less due to one last ca which will blow up in May. I have few inquiries overall but my concern is how new so many of my accounts are.

Right now, I have 1 card over a year old, 1 about 8 months old and many about to be 4 months old. In a few months I'd like to qualify for a simple loan. Would I qualify for a $3k-$5k loan with $30+k income the last 2 years (provable) with 700+ but new accounts or am I doomed?

In short,I just want to build trust with a bank, add an installment mix (I have an 8 year old paid car loan as well). The point is to show I can pay it off and then, one day, earn the right to ask for simple small business loans to grow my llc.

Thanks, again, for your time.

[Chopbrocoli]

What are the limits on your cards card?  I would honestly hold off until June-July so your new accounts can age while your collection account can fall off. Then you should be able to qualify easily for a small personal loan from like citi financial and etc. Keep in mind your will probably be looking at an interest rate at 20%

[jbh]

If they pull the only report with a baddie, it'll be blocked. If they pull TU/EQ, there are no baddies.

The limits are 250, 400, 500, 1000, 6000 (the $250 is the 1+ year account and the $400 is near 8 months)

I would aim to apply when util is down as well. I just want to know what it takes to get a basic loan. I read about people going to local credit unions with lower scores getting approved. I'd hope that if I am still at 700+, I have a shot despite my new accounts.

PS. I am referring to loand from an established bank/cu, not citi financial as I would not want to put that on my reports or pay the APR.

Thanks for your time. I just want to aim for a real bank loan and, one day, know what it's like to have a real bank believe in me. I've already proven I can handle sub prime world.

Message Edited by jbh on 01-01-2009 01:50 PM

[marty56]

Yes, I would look at a CU for a LOC.  Its hard to tell what they would do with the collection on your report but just think what what your score will be in 4 months when the collection falls off.

IMHO I forgot to add you score could be over 760 after the CA falls off as long as your util is 9% or lower.

Message Edited by marty56 on 01-01-2009 02:49 PM

[jbh]

Well, TU is ca free now and is 686 with horrendous utility (thanks, x-mas!) and EQ is the same, but with a score of 707 (No Crown Jeweler account posting)

I'll just consider an EQ pulling cu when my util improves. You suggested an LOC, is that going to be terrible hard to get compared to a simple one time loan? I have never applied for such a thing before.

Thanks, guys.