topic Re: SpringLeaf Financial in Credit Cards

SpringLeaf Financial

xXIDaShizIXx — Thu, 02 Jan 2014 00:16:58 GMT

I was accepted into a doctoral program on the other side of the United States. I don't have amazing credit, but it is fair. I need money for a uhaul, deposit, first few months rent, utility connections and first month, and gas to get out there. We are moving from a place with a lower cost of living to a higher cost of living. We will both transfer to jobs we have had over the past year, so we will be continuously employed. Would Springleaf be an ok options for someone with fair credit for a 10,000 loan? We have no help from our families, so we don't have too many options. I realize all of the pitfalls of a place like this, but would it be a good option before I go and get my score pulled? I'm sorry if this is in the wrong subforum, I wasn't sure where to put it. Thank you so much for the help! If there are any other places to go let me know.

Re: SpringLeaf Financial

xXIDaShizIXx — Thu, 02 Jan 2014 00:23:28 GMT

Also, let me say, the low score isn't because of bad credit, but because of a minimal credit history. Thanks again, guys!

Re: SpringLeaf Financial

Anonymous — Thu, 02 Jan 2014 00:51:04 GMT

What sort of interest and payback period are you looking at? Seems as though another viable option would be a card with an introductory offer if you won't be in the market to apply for additional credit and are qualified for a large enough limit. Of course, you'd need to be sure that you'd be able to pay things off by the time the promo period is up.

Re: SpringLeaf Financial

xXIDaShizIXx — Thu, 02 Jan 2014 01:03:55 GMT

Its a 60 month term with up to 36 percent interest. It sucks but we can make the payments. Would it be worth doing it? We really need it, so we can move and get started. It should actually be paid off in about 4 years with the amount we can pay at 36 percent interest.

Re: SpringLeaf Financial

Anonymous — Thu, 02 Jan 2014 01:06:33 GMT

Honestly, I'd probably look at credit unions before pulling the trigger on that. 36% is way up there. Have you talked to your banking or investment instituions about personal lines of credit, secured if need be? Looked into CUs?

Re: SpringLeaf Financial

xXIDaShizIXx — Thu, 02 Jan 2014 01:17:04 GMT

I have not looked into credit unions, but my banks interest rates are way up there with my credit. I'm talking about 30-35.5% Which is outrageous I personally think. Would a CU help if I don't have an account with them previously? I mean I don't have a year or more to build a relationship with them. I just need to find something soon and my wife and I have both about the same credit scores, so even if she cosigns it wont help much. And none of my family will.

Re: SpringLeaf Financial

thom02099 — Thu, 02 Jan 2014 01:38:44 GMT

@Anonymous wrote:
Honestly, I'd probably look at credit unions before pulling the trigger on that. 36% is way up there. Have you talked to your banking or investment instituions about personal lines of credit, secured if need be? Looked into CUs?

Great suggestions! Credit Unions are certainly a way to lower that interest rate. There are a variety of CUs that are touted here as being good to their members. If I'm reading your original post correctly, looks like you've got some time constraints to get this done? Presumably, you know where you're going to be living at your destination? Looking into local credit unions at your destination would certainly be to your advantage.

With a thin file and less-than-excellent credit scores, it would seem unlikely that you would be able to get any credit cards that would give you a $10K limit right out of the gate. Yes, members here have done it, but in most (but not all cases), they also have thick files and/or higher credit scores.

Also, look into secured or unsecured loans. If you have vehicles that are paid off and could be used as collateral, that could be a consideration as well.

If all else fails, since you said you can handle the payments, bite the bullet and try for it. From your post, it sounded like you were either approved or pre-approved? If you get that loan, you can always pay it off early (unless there's a penalty clause for pre-payment), once you've reached your destination, established your residency, gotten a good local bank or credit union, then go in and talk with them about your situation of paying off that way high loan.

Good Luck to you !

Re: SpringLeaf Financial

xXIDaShizIXx — Thu, 02 Jan 2014 01:45:55 GMT

I have a vehicle that is paid off and currently worth about half of the amount I need in the loan. I mean I would use it as collateral if you think it would improve our chances of gettting it without too much hassel. Would that help significantly?

Re: SpringLeaf Financial

Creditaddict — Thu, 02 Jan 2014 01:50:56 GMT

Have you tried prosper.com and lendingclub.com

They both could be MUCH better terms... they both will offer you loans or deny you on SP's so it won't hurt your Credit and I recently found out that Lendingclub pulls TU and Prosper pulls EX and have slightly different lending criteria so it might be worth to apply to both to see terms or if denied at one.

Lendingclub will push you to Springleaf if you are denied wtih them as a secondary less favorable option.

Re: SpringLeaf Financial

xXIDaShizIXx — Thu, 02 Jan 2014 01:52:31 GMT

Do you think I would be most likely approved at springleaf? I saw prosper, how long does that generally take? I will go with springleaf and just pay it off sooner if my chances are actually good. But I thought prosper was a hard pull?

Re: SpringLeaf Financial

Creditaddict — Thu, 02 Jan 2014 02:00:11 GMT

@xXIDaShizIXx wrote:
Do you think I would be most likely approved at springleaf? I saw prosper, how long does that generally take? I will go with springleaf and just pay it off sooner if my chances are actually good. But I thought prosper was a hard pull?

no, prosper and lendingclub are not hp. you could have a decision in about 10 seconds... I have not completed the loan process but quite a few threads on people that have done lendingclub and I think average seems to be about a week or so for cash in account.

Re: SpringLeaf Financial

xXIDaShizIXx — Thu, 02 Jan 2014 02:03:26 GMT

So should I try all three?

Re: SpringLeaf Financial

xXIDaShizIXx — Thu, 02 Jan 2014 02:05:45 GMT

I wasnt approved for any loan with prosper??

Re: SpringLeaf Financial

Creditaddict — Thu, 02 Jan 2014 02:05:47 GMT

@xXIDaShizIXx wrote:
So should I try all three?

Step away from Springleaf!!

go try lendingclub first... if approved lets chat back here... if denied... go try prosper... if approved lets chat back here... if denied... then lets chat back here again but bring your scores you get from both of your denials... it's all instant and you can instantly click the letters which will tell you why you were denied and scores... ITS SP

Re: SpringLeaf Financial

xXIDaShizIXx — Thu, 02 Jan 2014 02:12:16 GMT

707 FICO with prosper. It says too few trades. 693 with Lending club and it says too few revolving accounts. So I got denied for both. Now what?

Re: SpringLeaf Financial

Creditaddict — Thu, 02 Jan 2014 02:15:21 GMT

@xXIDaShizIXx wrote:
707 FICO with prosper. It says too few trades. 693 with Lending club and it says too few revolving accounts. So I got denied for both. Now what?

go check pre-qual with chase.com and citicards.com

you should see a link check for pre-qual offers or check for pre-approved offers type button... don't go past the initial check for offers... you are looking for a CONGRATS type message... then post back results and leave windows open if you get congrats message.

Re: SpringLeaf Financial

xXIDaShizIXx — Thu, 02 Jan 2014 02:19:24 GMT

I do know chase won't work. I applied for a card from them a while back before I got my secured card and was denied. Citibank won't even let me get a 10,000 personal loan because I don't have a history with them. I'm not trying to be difficult, I really do appreciate the help.

Re: SpringLeaf Financial

Anonymous — Thu, 02 Jan 2014 02:21:23 GMT

other than thin, what does your file look like? baddies, AAOA, etc?

Re: SpringLeaf Financial

Creditaddict — Thu, 02 Jan 2014 02:21:48 GMT

@xXIDaShizIXx wrote:
I do know chase won't work. I applied for a card from them a while back before I got my secured card and was denied. Citibank won't even let me get a 10,000 personal loan because I don't have a history with them. I'm not trying to be difficult, I really do appreciate the help.

Loans are WAY harder to get then personal loans and these credit card offers can change monthly... these are also just sp to check... worth doing.

okay so thin file... who is the secured card with and do you have any other credit cards?

Re: SpringLeaf Financial

xXIDaShizIXx — Thu, 02 Jan 2014 02:23:16 GMT

Only have student loans which are paid on time. No derogatory marks, and only one secured credit card with less than a 10% utilization.