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Member
Julyanne26
Posts: 7
Registered: ‎01-11-2013
0

Personal Loan Approval

Hi,

 

I hope I'm posting appropriately-there wasn't  forum dedicated to Personal Loans.

I'm just looking for advice. I'm seeking a personal loan of 15-20k to finish paying for my July 2013 wedding. Myfico TU score of 708. Experian 692. My monthly income is around 4k. No negatives on any of my 3 reports, high utilization however. I will be bringing my utilization down to 29% before applying. Does anyon have any recent loan approvals with similar numbers?

 

Thanks

Regular Contributor
babbles
Posts: 144
Registered: ‎11-11-2007
0

Re: Personal Loan Approval

[ Edited ]

From what I've seen, the DTI is a huge factor along with your monthly income is critical.  When they add in that new note, it still has to fall withiin the guidelines.  Some will say, use the equity in your home but who has equity now days in their home now days, if you even have one!

Member
Julyanne26
Posts: 7
Registered: ‎01-11-2013
0

Re: Personal Loan Approval

I'm not a home owner, my FIT is 1%
Member
Julyanne26
Posts: 7
Registered: ‎01-11-2013
0

Re: Personal Loan Approval

auto correct! I meant DTI
Regular Contributor
babbles
Posts: 144
Registered: ‎11-11-2007
0

Re: Personal Loan Approval

Well I did end up getting an offer for a large personal over 30k from NFCU and USAA and my DITI is over 40%.  Now my interest rates for 60 months would vary between the two, 11.49%USAA and NFCU 13.4% I believe. 


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