03-13-2017 03:34 PM
03-13-2017 07:25 PM
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).
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
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.
03-13-2017 07:30 PM
03-13-2017 07:35 PM
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.
03-13-2017 07:44 PM
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