topic Re: Unsecured Personal Loan & KeyBank in Credit Cards

Unsecured Personal Loan & KeyBank

bulldawg09 — Sat, 27 Apr 2013 13:47:11 GMT

I'm looking to consolidate a personal loan I took out for a business startup along with some additional unsecured debt to lower my overall outflow every month. The debt totals around 22k (11k personal loan and 10.5k credit cards/equity line). I am considering not using my CU since I know that my unsecured dti exceeds their formula. Instead, I am looking at KeyBank.

From what I can gather, I am well below their max DTI threshold but I am unsure my credit score (currently at 671 TU) would qualify me for the desired amount. Does anyone have any knowledge about Keybank's policies? Also which credit report do they pull from?

I have a 671 mainly due to my revolving credit line being above 60%. Any advice is appreciated!

Re: Unsecured Personal Loan & KeyBank

Anonymous — Mon, 29 Apr 2013 12:10:19 GMT

Bump

Re: Unsecured Personal Loan & KeyBank

thom02099 — Mon, 29 Apr 2013 15:01:34 GMT

@bulldawg09 wrote:
I'm looking to consolidate a personal loan I took out for a business startup along with some additional unsecured debt to lower my overall outflow every month. The debt totals around 22k (11k personal loan and 10.5k credit cards/equity line). I am considering not using my CU since I know that my unsecured dti exceeds their formula. Instead, I am looking at KeyBank.

From what I can gather, I am well below their max DTI threshold but I am unsure my credit score (currently at 671 TU) would qualify me for the desired amount. Does anyone have any knowledge about Keybank's policies? Also which credit report do they pull from?

I have a 671 mainly due to my revolving credit line being above 60%. Any advice is appreciated!

Not completely similar to your situation, but I also have a loan from KeyBank, it was a home improvement loan. It's reported to all 3 bureaus, one lists it as unsecure, others as HELOC (which it isn't-it is a fixed loan). My scores at the time were low 700s (702-715 range) and they pulled EQ. Rate was 10.99%.

EDIT: I think you're just a tad aways from where you'll need to be to get favourable rates or approval at all. Your util will need to be lower and your score, in my opinion, will need to be a bit higher, I'm thinking at least 680-700 for average rate. DTI is not the only thing KeyBank looks at, they do look at the big picture, your overall credit health. You might possibly qualify for a lesser amount, however; I think you need a bit more time to get your score up/util down before making that kind of move.

Re: Unsecured Personal Loan & KeyBank

bulldawg09 — Mon, 29 Apr 2013 16:00:17 GMT

Thanks for the advice Thom02099. I failed to mention that the reason behind the high credit util score is because of my low credit line. I currently have 4 cards that I've had since 2006 (as a college student). After the economic downturn, my credit lines were slashed from nearly 30k to around 10.5k. The lines have remained unchanged since 2006 and unfortunately have not grown with me now that I'm a working adult. I've tried to no avail to get them increased so I'm done trying that route. However, I do utilize my cards for business travel purposes and purchasing hard items that I needed as a young adult (sofa, mattress, fridge, etc.) I think I will apply for the loan next month, but if that doesn't work I will consider tapping into my 401k.

Re: Unsecured Personal Loan & KeyBank

bulldawg09 — Mon, 29 Apr 2013 16:02:35 GMT

@Anonymous wrote:
Bump

What does that mean exactly?

Re: Unsecured Personal Loan & KeyBank

Revelate — Mon, 29 Apr 2013 16:38:29 GMT

@bulldawg09 wrote:
@Anonymous wrote:
Bump
What does that mean exactly?

It "bumps" the topic to the top of the forum list again. Not sure when the term came in, been used likely for a decade or longer now in online communities.

Someone may do this if they're looking for an answer to the question, sometimes people (me as an example) don't go back far enough in the threads, though I have nothing to add of value anyway .

I'd ask the OP though, consolidating credit cards is one thing, but what's the rationale for consolidating the other installment loan? If you can refi it down great, but it's non-trivial to find 20K unsecured personal loans at least in the current market. I think it would be easier to take the bulk of the win, consolidating credit cards at a presumably much lower number.

Re: Unsecured Personal Loan & KeyBank

bulldawg09 — Mon, 29 Apr 2013 17:02:59 GMT

@Revelate wrote:
@bulldawg09 wrote:
@Anonymous wrote:
Bump
What does that mean exactly?
It "bumps" the topic to the top of the forum list again. Not sure when the term came in, been used likely for a decade or longer now in online communities.

Someone may do this if they're looking for an answer to the question, sometimes people (me as an example) don't go back far enough in the threads, though I have nothing to add of value anyway .

I'd ask the OP though, consolidating credit cards is one thing, but what's the rationale for consolidating the other installment loan? If you can refi it down great, but it's non-trivial to find 20K unsecured personal loans at least in the current market. I think it would be easier to take the bulk of the win, consolidating credit cards at a presumably much lower number.

Ahh thanks for the quick tutorial! There are 3 reasons for why I am requesting this consolidation: 1) Lower my DTI ratio; 2) eliminate revolving credit (the love affair with the cc companies is over); and 3) prepare to purchase first home in 8-12 months. The bottomline is that current order of things is eating into my bottomline each and every month. I'm finding myself tapping into my KMA fund almost every month and that's not ideal. I'm only in my early twenties,but I'm trying to accumulate a nice nest egg. The 2 personal/equity loans account to around $800 a month currently and that is an exorbitant amount of money to pay out. Even if I were to get the bulk funded, I would be better equipped to quickly pay down revolving debt faster. It just makes good financial sense.

Re: Unsecured Personal Loan & KeyBank

Revelate — Mon, 29 Apr 2013 17:35:49 GMT

@bulldawg09 wrote:
@Revelate wrote:
@bulldawg09 wrote:
@Anonymous wrote:
Bump
What does that mean exactly?
It "bumps" the topic to the top of the forum list again. Not sure when the term came in, been used likely for a decade or longer now in online communities.

Someone may do this if they're looking for an answer to the question, sometimes people (me as an example) don't go back far enough in the threads, though I have nothing to add of value anyway .

I'd ask the OP though, consolidating credit cards is one thing, but what's the rationale for consolidating the other installment loan? If you can refi it down great, but it's non-trivial to find 20K unsecured personal loans at least in the current market. I think it would be easier to take the bulk of the win, consolidating credit cards at a presumably much lower number.
Ahh thanks for the quick tutorial! There are 3 reasons for why I am requesting this consolidation: 1) Lower my DTI ratio; 2) eliminate revolving credit (the love affair with the cc companies is over); and 3) prepare to purchase first home in 8-12 months. The bottomline is that current order of things is eating into my bottomline each and every month. I'm finding myself tapping into my KMA fund almost every month and that's not ideal. I'm only in my early twenties,but I'm trying to accumulate a nice nest egg. The 2 personal/equity loans account to around $800 a month currently and that is an exorbitant amount of money to pay out. Even if I were to get the bulk funded, I would be better equipped to quickly pay down revolving debt faster. It just makes good financial sense.

Hrm, this is going to go well beyond the scope of this forum.

Most lower interest loans of the size you're looking for have to be secured by some asset: ar, house, financial instrument, etc. What do you mean by KMA fund?

If you have a nest egg already, I'd suggest doing something like buying a CD, and then taking out a 100% LTV loan against it. As an example, USAA does this, and their rates are pegged at 2% above the interest rate on the CD. That's about as good as you can get, self refinancing; other options would be looking at doing a cash out refi on your car or something similar. Alternatively, write check for your debt.

I don't know where you live, nor what your income is, nor why you got the loans in the first place, but if you're looking at a house within 12 months, I think you have some non-trivial financial planning to do.

Re: Unsecured Personal Loan & KeyBank

bulldawg09 — Mon, 29 Apr 2013 18:45:42 GMT

@Revelate wrote:
@bulldawg09 wrote:
@Revelate wrote:
@bulldawg09 wrote:
@Anonymous wrote:
Bump
What does that mean exactly?
It "bumps" the topic to the top of the forum list again. Not sure when the term came in, been used likely for a decade or longer now in online communities.

Someone may do this if they're looking for an answer to the question, sometimes people (me as an example) don't go back far enough in the threads, though I have nothing to add of value anyway .

I'd ask the OP though, consolidating credit cards is one thing, but what's the rationale for consolidating the other installment loan? If you can refi it down great, but it's non-trivial to find 20K unsecured personal loans at least in the current market. I think it would be easier to take the bulk of the win, consolidating credit cards at a presumably much lower number.
Ahh thanks for the quick tutorial! There are 3 reasons for why I am requesting this consolidation: 1) Lower my DTI ratio; 2) eliminate revolving credit (the love affair with the cc companies is over); and 3) prepare to purchase first home in 8-12 months. The bottomline is that current order of things is eating into my bottomline each and every month. I'm finding myself tapping into my KMA fund almost every month and that's not ideal. I'm only in my early twenties,but I'm trying to accumulate a nice nest egg. The 2 personal/equity loans account to around $800 a month currently and that is an exorbitant amount of money to pay out. Even if I were to get the bulk funded, I would be better equipped to quickly pay down revolving debt faster. It just makes good financial sense.
Hrm, this is going to go well beyond the scope of this forum.

Most lower interest loans of the size you're looking for have to be secured by some asset: ar, house, financial instrument, etc. What do you mean by KMA fund?

If you have a nest egg already, I'd suggest doing something like buying a CD, and then taking out a 100% LTV loan against it. As an example, USAA does this, and their rates are pegged at 2% above the interest rate on the CD. That's about as good as you can get, self refinancing; other options would be looking at doing a cash out refi on your car or something similar. Alternatively, write check for your debt.

I don't know where you live, nor what your income is, nor why you got the loans in the first place, but if you're looking at a house within 12 months, I think you have some non-trivial financial planning to do.

KMA is my kiss my a** fund - which consists of two separate accounts (from my main one), a savings acct, and mutual funds. Income is falls within the 60-70k mark in an extremely safe career fieldand the other loan was for a side-biz startup that wilted like a sunflower in July. I know it's a long shot, but simply taking into consideration the factors underwriters look at, I would think that I would stand a chance for some negotiation. I'm definitely planning a financial route, but feel I will have a favorable option considering the houses I'm looking at are within the 75k-120 range. Do you happen to know the criteria Key Bank looks for?