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New Member
Posts: 3
Registered: ‎10-08-2017
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Personal Loan - Best Egg Pre-Approval

Hey all, 

Long time lurker, first-time poster. I am looking to open a new line in the form of an installment loan to bolster my credit history. I will be using this to buy a new motorcycle. I have been pre-approved for a 5k loan from Best Egg at 13%. 

Here is where my score stands: 

Score: TU 699 EQ 706 (paid off my CC in full just before reporting cycle, CK estimates this will put me at a 723)
Open accounts: Only one - Capital One Quicksilver
History: Very little history - 8 months on-time payments with the above card, older account still reporting but closed in 2015.   
Income: $75k/Yr, no issue verifying. 
Derogatories: None 

Questions:

A) Will I be approved with limited history? I won't be applying until I know EQ and TU are logging my most recent payment. 

B) Should I just apply thru the motorcycle dealer? I am inclined to think that It's better to know what I'm getting with something like Best Egg than run the risk of being denied or to wind up with a terrible rate at the motorcycle dealer. 

Thanks in advance

Valued Contributor
Posts: 2,441
Registered: ‎03-28-2017
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Re: Personal Loan - Best Egg Pre-Approval

[ Edited ]

Credit Karma scores are fake scores and useless for creditworthiness.

 

Never, ever use Credit Karma "Vantage Scores" to figure out your FICO credit scores.  They don't always align.

 

Spend $1 at CCT to pull real FICO8 scores (and cancel the trial after).  Post those scores.

 

 Doing the Alliant SSL Technique asap should get your scores up to qualify for a better loan approval in November or December.  http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

FICO8 3/17 550EX, 570TU, 559EQ
FICO8 10/17 710EX, 693TU, 717EQ -- almost 700 club!
Gardening since Aug 7, 17
New Member
Posts: 3
Registered: ‎10-08-2017
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Re: Personal Loan - Best Egg Pre-Approval

Christ. Thanks for this - super helpful. 

FICO® Score 8
699 EX
635 TU
629 EQ

A collections account that I paid off a year ago is still showing open in TU, unpaid in EQ. 

 

Valued Contributor
Posts: 2,441
Registered: ‎03-28-2017
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Re: Personal Loan - Best Egg Pre-Approval

Make sure to call and cancel your CCT trial.  Some folks have luck just emailing them at info at creditchecktotal dot com to cancel it.  Lots of people do the $1 "trick" monthly for years.

 

Your scores are a bit on the low side but it's feasible you can get a subprime approval at 13%.  I bet if you bumped your scores higher you could get a way lower interest rate.  The Alliant SSL Technique would work but might take a month, or two, to report.  Also getting your credit card utilization to follow the AZEO Method could get you some FICO points back.  http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

FICO8 3/17 550EX, 570TU, 559EQ
FICO8 10/17 710EX, 693TU, 717EQ -- almost 700 club!
Gardening since Aug 7, 17
New Member
Posts: 3
Registered: ‎10-08-2017
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Re: Personal Loan - Best Egg Pre-Approval

Thanks ABCD - I will be dealing with the collections account, getting a secured loan, and checking back in a month or so. 

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Valued Contributor
Posts: 2,441
Registered: ‎03-28-2017
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Re: Personal Loan - Best Egg Pre-Approval

Definitely check in!  Boosting your scores using various methods helps you save money (rewards cards), qualify for better credit options and can even lower your insurance payments!

FICO8 3/17 550EX, 570TU, 559EQ
FICO8 10/17 710EX, 693TU, 717EQ -- almost 700 club!
Gardening since Aug 7, 17

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