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Personal loan after closing

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Anonymous
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Personal loan after closing

I closed on May 26th. I need some money for buying stuff for my house. I do not have one credit card but not enough money and dont want to kill with high utilization. Is it wise to instead get a personal Loan at DCU or somewhere and utilize that money .. then make monthly payments as opposed to apply for more credit cards and maintain? Anyone please advise. I just want to be financial responsible.

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Personal loan after closing


@Anonymous wrote:

I closed on May 26th. I need some money for buying stuff for my house. I do not have one credit card but not enough money and dont want to kill with high utilization. Is it wise to instead get a personal Loan at DCU or somewhere and utilize that money .. then make monthly payments as opposed to apply for more credit cards and maintain? Anyone please advise. I just want to be financial responsible.


 

 

Hi! Congrats on your closing!!

 

are you saying you don't have any CCs?  If so this is how I would do it:

 

Open 2-3 CCs and spread your UTI among them but do your best to keep each one at/under 29% and when time to pay if you can't do a "pay in full", pay at least 2x (or more) of min.

 

or

 

open a personal loan, that will report at 100% UTI and turn around and pay off asap (before you shop) 11%-21% and bring it (at least) under 79% for the smallest hit on UTI, then each month (or sooner) pay down another 10%-20% of balance

 

also at the same time

 

open 1 card and use only 25% of CL and pay at least 2x min bal

 

without knowing your disposable income and how much you can pay each month this is only a guess, but your scores are more then likely at this moment optimal because of closing on the house (they are usually at their best within 25-30 days of closing before new mortgage hits CRs)

 

Good Luck and Congrats again Smiley Happy

Message 2 of 7
CaliforniaLoaner
Valued Member

Re: Personal loan after closing

It depends on your situation and future situations that may arise. If your concern is keeping your credit score up, utilize a personal loan.

 

If your concern is just about saving money, open a long term 0% credit card, or even a couple. The important thing to remember is that if you take the credit card route, it will definitely have a large impact on your credit score due to the ratios of utilizing a large balance on your limits. If you are going to be purchasing anything else in the next 12 months (Car, etc.) then a personal loan is probably going to be the way to go.

Message 3 of 7
Anonymous
Not applicable

Re: Personal loan after closing

Thanks. Do I have to wait for certain number of days after closing to apply for personal loan? I closed on May26th.

Message 4 of 7
Anonymous
Not applicable

Re: Personal loan after closing


@Anonymous wrote:

Thanks. Do I have to wait for certain number of days after closing to apply for personal loan? I closed on May26th.


No.

Message 5 of 7
Anonymous
Not applicable

Re: Personal loan after closing

Do you have any suggestion for good personal loan offering companies/bank? Heard Digital Credit Union was good in terms of service and quickness. Any other suggestions?

Message 6 of 7
CaliforniaLoaner
Valued Member

Re: Personal loan after closing

It seems like Sofi has some competitive rates. I don't have any experience with them though...

Message 7 of 7
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