Will NFCU approve me for a personal loan with my credit?

[Anonymous]

I need to get a $10,000 personal loan, but my lowest credot score of the big 3 on my monitoring app is Equifax at 604, it has come up for 558 over the last 4 months. Will NFCU approve my application? I need to pay $14,600 in full to avoid a judgement and/or bankruptcy. I can do the 4600 easy, but id like to still have some savings.

[Anonymous]

What does your overall credit look like? How much available credit do you have versus the balances? Any recent lates? They look at FICO scores, sure; but they also look at debt to income; overall indebtness etc. 

Unfortunately, most here only talk about their credit cards and the CLOC so there is not much known about their personal loans. NFCU does seem to be understanding of those that have less than perfect credit though so that is in your favour. 

I do not normally advocate bankruptcy; however, if you are having finacial difficulty (maxed cards, judgements/liens etc) sometimes you have to weigh the benefits of a bankruptcy rather than scramble to put out a fire or several fires. As a warning, if you do not believe that you will be able to repay NFCU, do not take a loan out with them. As understanding as they are, if you burn them, they will cut you. 

Hopefully others can offer better advice than I can. 

[forestgreenrover]

My partner was recently denied (even after recon) a 10k personal loan from them, with FICO 08's all around 700 and no lates, delinquencies, etc at all. Only issue was excessive debt obligations in the form of revolving accounts and student loans. By contrast, my FICO 08's (which they don't use if I'm not mistaken) are around 100 pts lower than hers, and I've been instantly approved for all three products I've applied for with them. 

Which leads me to believe that DTI is by far the biggest factor for them, as I have almost no debt. Of course all profiles are different, but that's been our experience so far.

[Anonymous]

I have $2700 left on my truck, and $800 left on my credit card. I made $48,000 gross last year, i'm a 1099 contractor for an insurance company currently. Is that a good debt to income ratio?

[Anonymous]

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@Anonymous wrote:
I have $2700 left on my truck, and $800 left on my credit card. I made $48,000 gross last year, i'm a 1099 contractor for an insurance company currently. Is that a good debt to income ratio?

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What is your rent/mortgage obligation?  $2,700 left on the truck, but what is the monthly payment? Otherwise, it appears to be a good situation for debt. Also, be preparred to provide proof of income just in case. 

[Anonymous]

My current monthly rent us $899 about to be $925 water/trash maximum $65 monthly. Electric $130 maximum, Cox $118.76, Vehicle insurance on two vehicles w/ full coverage $243. Full under $150 a month. Also my fiancee paus half the cox vehicle insurance, and the enture phone bill. We also split grocies, so $150 a pieve maximum, last month we did $78 a piece, mad coupon shoppers lol. $50 month on credit card, been paying $150 to $200. Truck is $108/month

[Anonymous]

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@Anonymous wrote:
My current monthly rent us $899 about to be $925 water/trash maximum $65 monthly. Electric $130 maximum, Cox $118.76, Vehicle insurance on two vehicles w/ full coverage $243. Full under $150 a month. Also my fiancee paus half the cox vehicle insurance, and the enture phone bill. We also split grocies, so $150 a pieve maximum, last month we did $78 a piece, mad coupon shoppers lol. $50 month on credit card, been paying $150 to $200. Truck is $108/month

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Thats not too bad. I *believe* they really only look at gross salary ($4,000) and take into account rent/mortgage ($899) and any outstanding, minimum payment debt ($108 truck + $50 cc) = $158; so $4,000-899-158 = $2,943. Your rent is less than a fourth of the gross (before deductions) take home pay and your other obligations are minimal ($158). 

I think the only thing to do really at this point is go ahead and apply. It will cost a HP but that is unavoidable. If for any reason you are turned down, you could always try to recon the loan. 

I don't think I've asked before, but do you have a NFCU credit card? If so, what limit have they given you? I wonder if the criteria for the CLOC is less stringent than the loan and if so, if they would give you the max $15K CLOC.....thinking out loud here. Go for the loan first. 

[Anonymous]

You may want to try both. CLOC and a Personal Loan.  Both are handled by the lending department which will pull Equifax. If you are lucky you will wind up with a single pull for both products if you application for both at the same time. CLOC will have a higher interest rate from what I have seen.

[AllCredit]

What did you decide?