getting a personal loan

[Anonymous]

I have applied for a loan with citifinancial and got approved for $10,000 with an interest rate

of 20.99%. I know that interest rate is crazy. I would end up paying about $4500 in interest alone at

the end of the loan term. My equifax credit score is 613 and my husband is 630. We are needing to

borrow to pay of some cc debt of about $3000 and build a fence of about $3500. I also applied with

bank of america and got denied within seconds. I want to apply at a local credit union but I'm not

sure they will lend us what we need. I'm afraid all these credit inquiries will lower my credit score.

Should I keep trying to apply elsewhere or just take the $10,000 from citifinancial? Any ideas?

[dangphuocloc72]

wow $ 10000 with 20.99 % , better ask your friend who can help you . with your score I don't think you can get it .

[Tuscani]

I recommend trying a local CU... 20.99% is atrocious.

[Anonymous]

Thanks, I think i will try a local credit union.

[future]

i recently applied for personal loan thru secu, as a co-borrower for dw to try and help her credit since mines is stronger. secu is her credit union, unfortunately  they denied our application.  they said my history is to short, although my oldies acc is 12yrs old!  to many new acc(new acc 5months old) and to many inquiries-6.  what gives. the only reason we applied was to help her credit and pay some of her bills off, to help improve her score, they told her she need another co signer..............   i just made it in the 700 club, so i figured that her chances for approval was good.. guess i was wrong .go figure.  any suggestion on what we can do.   all answers are appreciated

[Anonymous]

Try CCCU.
MyCCCU.com

Terri Pagett
Assistant Vice President/Lending Center
255 N. Lone Hill Ave. San Dimas, CA 91773
800.347.CCCU ext. 6129 • Fax 909.599.5685
terripagett@myCCCU.com

[cabledude27]

Definitely try for the local CU, I just got approved last week for 11.7k personal loan at 13.51% ($291.00 monthly payments) and my credit isnt all that great. I consolidated everything and cut up my cards!! Here's my scores: TU - 649 EQ - 652 EX - 644 And I have a bankruptcy on my credit reports from 1999, couple of lates on a few cards but they range from 2-5 years ago. The CU saved my butt and I cant speak highly enough of them for helping me out when the certainly had every right to tell me to pound sand.

[Anonymous]

that's really encouraging cabledude27. I will be applying tomorrow at the navy army credit union and hopefully if everything works out i also want to pay off my cc debts. I've heard that closing out credit accounts hurts your credit score but in my case a couple of my cards have annual fees and i don't want to keep paying those fees. I only got them to re-establish my credit.

[cabledude27]

Well good luck to you ms2800! Yeah if you close your credit cards and reduce your available credit it can hurt your utilization from what I've read by the pro's here. In this case, I am looking at 22k in credit available with only 11k used so I went from ~80% utilization over 6 cards to ~50% utilization total.

I've cut up my cards to limit their use, 2 have monthly charges still (sirius and Myfico.com) so I'll just pay those small balances monthly and I am hoping that should bump up my scores.

Then I am just going to throw money at the loan and try and pay that off ASAP, as I am definitely going to need a new car soon.

Again good luck and report back on how you make out!

[Anonymous]

Well i went to the credit union today and unfortunately, my credit application was denied. My credit scores actually went up a few more points. The loan officer said i had too many new opened accounts and my debt ratio was higher than what they allow. What happened is my husband and I just bought a house in June and ofcourse with a new house we had to buy some furniture and a new refrigerator. Well i might resort to plan b-my husband has a 401-k savings. I know they let you borrow money and make payments back with a lower interest rate. I'm just not sure if we have a qualifying reason to borrow. Oh well.., maybe that fence will just have to wait.