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Getting a small personal is so scary!!!Help!!!!!!!!!!!!

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jjett77
Valued Member

Getting a small personal is so scary!!!Help!!!!!!!!!!!!

Hello,

 

                     I 'am trying to get a personal loan small amount 1500 to pay some cc off and books for school. However my credit score low 580 trans 560 eqfa but my cc are always paid on time but I have balance and that the reason for the loan . Just have one bill and not use card again until necessary. I do not want go to payday loan that's crazzy..........So what to do? Any suggestion? Thanks

Message 1 of 6
5 REPLIES 5
kroberts67
Established Contributor

Re: Getting a small personal is so scary!!!Help!!!!!!!!!!!!

My CU (SchoolsFirst) has both personal loans and payroll savings loans available to members.  I would go to your CU first.

FICO: EQ 814 | TU 847 | EX ? (Started in the low 500's... you can do it!)

Amex BCE $25000, Amex AP $20000, SFFCU Visa $15000 + LOC $5000, USAA Amex $6000, USAA MC $7000, Cap1 $9500, Freedom $12000, Slate $500, Barclays "RIP" SM $11500, USBank Cash+ $12500, Citi Diamond $11200, Citi Double Cash $12000, Care Credit $13500k.
My Credit Repair Journey
Message 2 of 6
jjett77
Valued Member

Re: Getting a small personal is so scary!!!Help!!!!!!!!!!!!

Hello,

 

                      Thanks for the response for cu I'm not in one and don't they check your score? My bank I'm wells Fargo and they hard to get anything.

Message 3 of 6
HoldingOntoHope
Valued Contributor

Re: Getting a small personal is so scary!!!Help!!!!!!!!!!!!

With low scores it is going to be difficult or impossible to get an unsecured personal loan. You said you wanted it to pay off credit card balances. I am assuming you are looking for a lower interest rate than what your credit card offers? In any event your best bet right now is probably to just bite the bullet as they say and pay down the credit card as rapidly as you can.

 

More importantly you need to address whatever is keeping your credit scores so low. If you have bought a credit report from this site then look at the page that tells you what is hurting your credit score. There should be three comments on it. Use those comments and either look through the Rebuilding Your Credit forum or post a new question to get advice on how to move forward. Transferring debt is only a temporary solution and so many people end up adding new revolving debt after getting a loan. And that just makes the situation worse.Smiley Sad

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


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Message 4 of 6
jackg
Established Contributor

Re: Getting a small personal is so scary!!!Help!!!!!!!!!!!!

Unfortunately your scores are not going to allow you to proceed with your idea & even if you could get a loan the interest rate would likely be higher than what your payinng the CC bank. What rate are you paying?

FICO scores on November 17, 2014 (prior to applying for and being approved my mortgage)

EX=738
EQ=735
TU=754

FICO scores on March 4, 2015 after being approved for mortgage and buying the home, the mortgage isn't yet reporting.
EX- 689 EQ- 739 TU- 739
Message 5 of 6
jjett77
Valued Member

Re: Getting a small personal is so scary!!!Help!!!!!!!!!!!!

Hello,

 

          Much as my surprise I receive a loan from financial company Spins Leaf and I was approved of 2500. I was shock ..I asked the women that had taken my application it wasn't my score they look at which they used experian which is my lowest 570 however they look at my payments which all up to date no late . Eventhough they were high on interest  19% however my payments are lower then all my credit cards put together. This will boost my score after all cc are paid and the payments are on time which I have 24 months to pay and no penalty's pay off early. Thank you all you're input.

Message 6 of 6
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