topic Re: Signature Loans in General Credit Topics

Signature Loans

Anonymous — Sun, 06 Feb 2011 04:00:30 GMT

I am thinking about applying for one in 2 months. My utilization should be about 15% and hopefully that one collection will be taken off. I would be looking for about $3,000. To buy a second car, something like an early Miata (My only car at the moment is a 72 Triumph Spitfire). I don't think an auto loan will be in the question. How easy is a signature loan to get? At the moment, my current monthly income is about $1,250 after taxes....

I hope in 2 months, I should be around 700-720 (according to myFico simulator).

~Steven

Re: Signature Loans

Anonymous — Sun, 06 Feb 2011 09:36:28 GMT

I obtained a signature loan through my credit union and I had a bankruptcy that was just two years old from the time it was discharged. I borrowed $4000 @ 13.50% for a period of three years. I think my FICO Scores at the time were in the 690's and one was around 705. I have been able to obtain signature loans from my bank for up to $1000 @ 20.00%

I don't know if that provides you with any insight or not.

Re: Signature Loans

Anonymous — Mon, 07 Feb 2011 03:08:11 GMT

What was your income at the time? I am only 20 years old and limited history also (no installments), is it possible to have a co-signer on this type of loan?

Re: Signature Loans

Anonymous — Mon, 07 Feb 2011 20:45:04 GMT

why not an auto loan? you'll get significantly lower rates for a secured loan, even if the car is pretty old.

Re: Signature Loans

Anonymous — Thu, 10 Feb 2011 00:22:54 GMT

I don't think they do auto loans that small? ~Steven

Re: Signature Loans

Anonymous — Thu, 10 Feb 2011 14:08:55 GMT

sure they do. call your local credit union or look on USAA.com. you'll find that in some cases the repayment period is shorter for a small auto loan, like 3 years instead of 5. less money lent = less risk to the lender, so there's no reason you couldn't find a 3K loan. if the first place you call gives you a hard time, there are 495874 other lenders that will be happy to take your interest $$, so keep calling. if you're worried about the INQs, you have a 'shopping period' of a couple weeks to 6 weeks, depending on who you ask. during that period fico counts all the related auto INQs as 1.