personal loan - will it help me or hurt me

[Anonymous]

Hi all,

Im considering buying a pre-owned mobile home,asking pice $24,500. The reality company offers financing with a 640 or better credit score at 7% with a 12 year payoff, making the monthly payments around $182 a month if my math is correct.  

        Tallied up my monthly bills vs. monthly income based on a 40 hour week, but im not sure if I can swing the finance payment and lot rent $450 a month on top of what i already have, I work outdoors year round and the weather can play a big factor in the fall and winter as far as income is concerned,and i refuse to put myself back in the hole just spent digging myself out for the last 6 months.

         My highest fico score when I came aboard was a 523 and now 6 months later its a 662,a 139 point increase. It was hard work but well worth it. NEVER,SAY NEVER.

         Im considering taking out a personal loan to pay off my outstanding debt which is 10,000 and change for 2 reasons.

         Reason One: TU insists that my outstanding debt is too high which is hurting my credit score with them, which is weird because EX, and EQ. say my debt to credit ratio is very good, go figure?

        Reason Two: by paying off my outstanding debt would free up some cash making buying , then living at this new residence more managable, but borrowing 10k to pay off 10k in debt would keep my outstanding debt pretty much where it is, although it would free up 418 (truck payment) a month which would just about cover the lot rent.

       I know if Im approved its going to ding my fico's, not to mention closing 2 five year old tradelines,although from what Im reading in these forums Citifinancial does nothing as far as improving your credit scores,maybe another reason to take this personal loan with a more reputable institution. 

      My biggest fear is that if approved will this personal loan drop my scores to a point were I would no long be eligible for the financing offered through reality company.

TU. 626  EQ. 642  EX. 662

      Kinda feel like Im robbing Peter to pay Paul,although I did'nt get this far in 6 months being a pacifist

If anyone can offer some sage advice, for this particular situation I  would be indebted to them, hey thats pretty funny, OH MAN IVE BEEN HERE WAY TOO LONG.

          Keep up the good work, you guys and gals are amazing,

When in doubt just do like my name says and GITERDONE!           

[Anonymous]

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giterdone wrote:

Hi all,

Im considering buying a pre-owned mobile home,asking pice $24,500. The reality company offers financing with a 640 or better credit score at 7% with a 12 year payoff, making the monthly payments around $182 a month if my math is correct.  

        Tallied up my monthly bills vs. monthly income based on a 40 hour week, but im not sure if I can swing the finance payment and lot rent $450 a month on top of what i already have, I work outdoors year round and the weather can play a big factor in the fall and winter as far as income is concerned,and i refuse to put myself back in the hole just spent digging myself out for the last 6 months.

         My highest fico score when I came aboard was a 523 and now 6 months later its a 662,a 139 point increase. It was hard work but well worth it. NEVER,SAY NEVER.

         Im considering taking out a personal loan to pay off my outstanding debt which is 10,000 and change for 2 reasons.

         Reason One: TU insists that my outstanding debt is too high which is hurting my credit score with them, which is weird because EX, and EQ. say my debt to credit ratio is very good, go figure?

Do the same accounts/balances appear on all 3 reports? Along with same CLs?

        Reason Two: by paying off my outstanding debt would free up some cash making buying , then living at this new residence more managable, but borrowing 10k to pay off 10k in debt would keep my outstanding debt pretty much where it is, although it would free up 418 (truck payment) a month which would just about cover the lot rent.

       I know if Im approved its going to ding my fico's, not to mention closing 2 five year old tradelines,although from what Im reading in these forums Citifinancial does nothing as far as improving your credit scores,maybe another reason to take this personal loan with a more reputable institution. 

What are the two TL? Are they installment/revolving/etc? Who the credit is from is not really affecting the score, unless it is considered a consumer finance loan-like Citifinancial. However, closing it will not lower the effect a consumer finance loan has on your credit. CFL help more than hurt overall, in the long run. If approved, you'll take a ding for the inquiry and new account. You won't lose the age with those 2 accounts.

      My biggest fear is that if approved will this personal loan drop my scores to a point were I would no long be eligible for the financing offered through reality company.

TU. 626  EQ. 642  EX. 662

Try using the score simulator here on this site.

      Kinda feel like Im robbing Peter to pay Paul,although I did'nt get this far in 6 months being a pacifist

If anyone can offer some sage advice, for this particular situation I  would be indebted to them, hey thats pretty funny, OH MAN IVE BEEN HERE WAY TOO LONG.

          Keep up the good work, you guys and gals are amazing,

When in doubt just do like my name says and GITERDONE!           

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