Hey
I was just wondering if anybody had any idea on how much of a personal loan I could take out with only about a year of credit history.
I'm 19 and I got my first credit card back in September of 2006. Now, I have three credit cards:
Chase - 1200 Limit
Citibank - 1700 Limit
AMEX - No Preset
No late payments on any of them and very low (less than 5 percent) balance all together.
I want to get a car but my insurance is astronomical. So, financing is out of the question for right now. So I figure I could take out a personal loan and pay the entire car off with the loan so I am not forced to put collision on my insurance. About 6 months back, I was approved for financing an $8000 car. I couldn't follow suit though, because my insurance was too high.
But when I apply for a personal loan of $5000, I am denied. Any particular reason for being approved for financing a car but not for a cheaper, personal loan? I'm guessing it's going to be almost impossible to get a decent loan with such a short credit history?
Thank you in advance.