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New Contributor
Posts: 133
Registered: ‎01-01-2016
0

approved by one main - any other options?

I was finally approved by one main for a personal loan I need to fix my car. After months of being denied by everyone and building my credit they finally approved me for $6000. But it's 30% interest.

I have a checking account with DCU along with a car loan and a $1000 credit card. I tried them again today and they denied me. They said the reason was because I have a credit card and they don't want to give me another unsecured account at this time. I also have a $1600 credit card with NFCU. I am wondering if I should give them a try since they seem more generous with credit. Is it easier to get a personal loan or CLOC from them?

Do I have any other options besides one main? I was also approved by Iloan for $3000 with lower interest but that wont cover the cost of the repairs. I have also read a loan through one main can hurt my credit even if I pay on time. Is this true?

I can deal with the high interest as my wife has a good paying job lined up so we can pay it off early. We just need the car fixed so she can get to work. I don't want to do anything that will hurt my credit long term though because we want to buy a house eventually. I did the math and over 4 years we will pay $10000 for a $6000 loan so I would pay it off way early for sure (maybe $500 - $1000 a month).

My Credit:

FICOs:
Ex 657
Eq 641
TU 647

Accounts:
Car loan $14k opened 12/2015
DCU card $1000 opened 12/2016
NFCU card $1600 opened 12/2016
Amazon store card $800 opened 3/2017 just reported
Capital One card $300 opened 3/2017 not reporting yet
Chase Amazon Prime card $500 opened 3/2017 not reporting yet

Negatives:
One 30 day late payment on car loan 9 months ago
New Contributor
Posts: 133
Registered: ‎01-01-2016
0

Re: approved by one main - any other options?

By the way my credit card utilization is 23%.
Frequent Contributor
Posts: 305
Registered: ‎09-15-2016
0

Re: approved by one main - any other options?

I would suggest NFCU CLOC.


FICO08 5/5/17 EQ-765, TU-770, EX-760
Gardening unit sometime in 2018
Frequent Contributor
Posts: 456
Registered: ‎07-17-2015
0

Re: approved by one main - any other options?


Myrwyn wrote:

I would suggest NFCU CLOC.


+1

Current Score(05/20/17):EQ671TU670EX674 Mid Mtg 675
New Contributor
Posts: 133
Registered: ‎01-01-2016
0

Re: approved by one main - any other options?

Does it make a difference if I apply online or over the phone? What are the advantage/disadvantages to a CLOC vs a personal loan?
Established Contributor
Posts: 659
Registered: ‎09-29-2014
0

Re: approved by one main - any other options?


jg1983 wrote:
I was finally approved by one main for a personal loan I need to fix my car. After months of being denied by everyone and building my credit they finally approved me for $6000. But it's 30% interest.

I have a checking account with DCU along with a car loan and a $1000 credit card. I tried them again today and they denied me. They said the reason was because I have a credit card and they don't want to give me another unsecured account at this time. I also have a $1600 credit card with NFCU. I am wondering if I should give them a try since they seem more generous with credit. Is it easier to get a personal loan or CLOC from them?

Do I have any other options besides one main? I was also approved by Iloan for $3000 with lower interest but that wont cover the cost of the repairs. I have also read a loan through one main can hurt my credit even if I pay on time. Is this true?

I can deal with the high interest as my wife has a good paying job lined up so we can pay it off early. We just need the car fixed so she can get to work. I don't want to do anything that will hurt my credit long term though because we want to buy a house eventually. I did the math and over 4 years we will pay $10000 for a $6000 loan so I would pay it off way early for sure (maybe $500 - $1000 a month).

My Credit:

FICOs:
Ex 657
Eq 641
TU 647

Accounts:
Car loan $14k opened 12/2015
DCU card $1000 opened 12/2016
NFCU card $1600 opened 12/2016
Amazon store card $800 opened 3/2017 just reported
Capital One card $300 opened 3/2017 not reporting yet
Chase Amazon Prime card $500 opened 3/2017 not reporting yet

Negatives:
One 30 day late payment on car loan 9 months ago

Please Please try NFCU CLOC and DO NOT TAKE A 30% loan!!  Remember that NFCU will not counter offer and will simply deny if you request too much. Go for no more than what you need.

In the garden as of March 17, 2017.

Amex PRG NPSL | Amex Hilton Surpass $2K l Aviator Red $3.5K | Best Buy $3K | Amazon $6K | Chase $5K | BBVA $5K | UFCU $10K | NFCU $15K
New Contributor
Posts: 133
Registered: ‎01-01-2016
0

Re: approved by one main - any other options?

I have a $475 balance on my NFCU card. Would it help if I could pay that down $100 or so before I apply for the CLOC even though it won't report to my credit until next month?
Established Contributor
Posts: 659
Registered: ‎09-29-2014
0

Re: approved by one main - any other options?


jg1983 wrote:
I have a $475 balance on my NFCU card. Would it help if I could pay that down $100 or so before I apply for the CLOC even though it won't report to my credit until next month?

I'm guessing they wouldn't look at one particular account but would look at the overall picture.  Your chances are good.  Can you go into a branch and apply? I've always had better luck when I apply in person. 

In the garden as of March 17, 2017.

Amex PRG NPSL | Amex Hilton Surpass $2K l Aviator Red $3.5K | Best Buy $3K | Amazon $6K | Chase $5K | BBVA $5K | UFCU $10K | NFCU $15K
Frequent Contributor
Posts: 305
Registered: ‎09-15-2016
0

Re: approved by one main - any other options?

I am new to NFCU but from what I hear, no that wont matter.


FICO08 5/5/17 EQ-765, TU-770, EX-760
Gardening unit sometime in 2018
New Contributor
Posts: 133
Registered: ‎01-01-2016
0

Re: approved by one main - any other options?

I tried for a $5000 CLOC back in January and was denied but my Eq score was somewhere around 620 or lower. Also I have made a couple payments on my credit cards. Don't know if it will be enough to get me approved this time. I have come a long way over the last year getting rid of negatives and getting my score up but my inquiries are high and there is nothing I can do about that. Most of them are when I was trying to get a car loan and didn't know better. One dealership is responsible for about 10 inquiries. Most are over a year old though.

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