Credit score for $6K Loan???

[goldencredit]

Hey Everyone:

I'm hoping to get approved for a $6,000 loan unsecured personal loan. My equifax fico score is a 700. Sorry if this is a silly question, but does anyone know the credit score needed for such a loan? This is my first personal loan....and I'm hoping to borrow it from a credit union. Any feedback at all would be great, thanks!

[guiness56]

CUs are generally easier to get loans through.  With a 700 I don't think you'll have a problem.

Welcome to the forums.

[Trigga]

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@goldencredit wrote:
Hey Everyone:

I'm hoping to get approved for a $6,000 loan unsecured personal loan. My equifax fico score is a 700. Sorry if this is a silly question, but does anyone know the credit score needed for such a loan? This is my first personal loan....and I'm hoping to borrow it from a credit union. Any feedback at all would be great, thanks!

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They will be looking over your credit report of course and also ...a big part of a loan will be your DTI !!!

[goldencredit]

Thank you both for your input! Idk about my dti (debt to income ratio??), but my credit utilization is 25%

[guiness56]

Yep, debt to income ratio. 

25% is still a little high.  I would try to get it down to at least 9% or under.  Optimumally, let all of your CC report a 0 balance except one that reports 9% or below.

Do you have any negatives on your report, lates, collections, etc?