topic Re: Chances of getting a $4500 loan? in Rebuilding Your Credit

Chances of getting a $4500 loan?

Anonymous — Sun, 21 Feb 2016 20:49:29 GMT

My girlfriend is trying to get some cosmetic work done in about Mid-May 2016 or early June 2016. Procedure is like $4500.00

She has 3 small baddies which is like $600 all together (medical bills), she has an apartment judgement that's PAID off... and this was back in 2012-2013. Inquiries is like 4 from 11/2015 to 2/1/2015... no more pulling credit until June.

Her goodies are just like mines.

Citi Financial Secured CC: $400 Credit Limit - its maxed out at the moment, but will be paying off next month and keeping usage really low from there on out - no lates, no missed payments - Age: 6 months

Captial One CC: $300 credit limit - maxed out at the moment, but will be paying off next month and keeping usuage low from there on out - no lates, no missed payments - Age: 6 months

Target CC: $200 credit limit - 65% used, but next month she will be paying it down and no maxing out from there on out - Age 5 months

First Premier CC: $300.00 - no lates, no missed payments - AGE: 1 year and a half.

Finger Hut: $300.00 limit - balance is only like $175 left to pay and she will pay that off next month - Age: 3 months.

Car loan: $4800 - Age: 5 months (NO LATES, NO MISSED)

Trans Score: 592 Experian: 570 Eq:548 .... I know with those scores she won't get a loan, but by June she should be at about 600 score, once we get her balances paid down.

I know all of her credit is pretty much "YOUNG"... but it does has some age on them. My credit is pretty much identical... we both have the same judgement and the same amount of credit cards! But I'm not touching my credit until Sep 2016 - Oct 2016 because I am trying to buy us a house. Meanwhile she's trying to get some dental work done and need the loan. She make about $3,200 monthly salary. She's 24 years young. & need some advice on her chances.

Looking to apply for United Medical Credit or maybe a Loan from her Credit UNION!

Re: Chances of getting a $4500 loan?

Anonymous — Sun, 21 Feb 2016 20:46:16 GMT

What are her FICO scores? Where is she going to apply?

Re: Chances of getting a $4500 loan?

Anonymous — Sun, 21 Feb 2016 20:46:57 GMT

Btw, a baddie is a baddie no matter how big or small.

Re: Chances of getting a $4500 loan?

Anonymous — Sun, 21 Feb 2016 21:00:58 GMT

Her scores is Trans: 592 Experian: 570 Eq:548... She wont get it with those scores but by June we hope to be at atleast a 600 with Trans & Experian... she will apply to United Medical Credit or Her Credit Union both pulls EXPERIAN... and Also, we know a baddie is a baddie... and they all impact your score but I was told by a loan officer before that an underwriter does not Medical bills against you unless they are over very high. And all of her baddies is med bills under $200

Re: Chances of getting a $4500 loan?

Anonymous — Sun, 21 Feb 2016 21:11:55 GMT

That's great about the med collection! Look into Dentalfirst by Comenity.

Re: Chances of getting a $4500 loan?

Bankrupt2019 — Sun, 21 Feb 2016 21:21:13 GMT

seems like her credit file needs some cosmetic surgery

I don't see an approval likely until scores are over 650, especially for that amount. However, it all depends on the lender

Re: Chances of getting a $4500 loan?

Anonymous — Sun, 21 Feb 2016 21:27:39 GMT

@Bankrupt2019 wrote:
seems like her credit file needs some cosmetic surgery

I don't see an approval likely until scores are over 650, especially for that amount. However, it all depends on the lender

I have to agree.

Re: Chances of getting a $4500 loan?

IncrsCreditScore1 — Sun, 21 Feb 2016 21:48:48 GMT

Is the cosmetic surgery elective?

Re: Chances of getting a $4500 loan?

Anonymous — Sun, 21 Feb 2016 21:53:17 GMT

It's a dental procedure.

Re: Chances of getting a $4500 loan?

IncrsCreditScore1 — Sun, 21 Feb 2016 22:39:23 GMT

I asked because the OP initially stated his girlfriend was trying to get some cosmetic work done, then later stated it was dental work. Dental work can be elective. That can make a difference in whether a loan is approved or not.

Re: Chances of getting a $4500 loan?

Anonymous — Sun, 21 Feb 2016 23:29:30 GMT

@Anonymous wrote:
My girlfriend is trying to get some cosmetic work done in about Mid-May 2016 or early June 2016. Procedure is like $4500.00

She has 3 small baddies which is like $600 all together (medical bills), she has an apartment judgement that's PAID off... and this was back in 2012-2013. Inquiries is like 4 from 11/2015 to 2/1/2015... no more pulling credit until June.

Her goodies are just like mines.

Citi Financial Secured CC: $400 Credit Limit - its maxed out at the moment, but will be paying off next month and keeping usage really low from there on out - no lates, no missed payments - Age: 6 months

Captial One CC: $300 credit limit - maxed out at the moment, but will be paying off next month and keeping usuage low from there on out - no lates, no missed payments - Age: 6 months

Target CC: $200 credit limit - 65% used, but next month she will be paying it down and no maxing out from there on out - Age 5 months

First Premier CC: $300.00 - no lates, no missed payments - AGE: 1 year and a half.

Finger Hut: $300.00 limit - balance is only like $175 left to pay and she will pay that off next month - Age: 3 months.

Car loan: $4800 - Age: 5 months (NO LATES, NO MISSED)

Trans Score: 592 Experian: 570 Eq:548 .... I know with those scores she won't get a loan, but by June she should be at about 600 score, once we get her balances paid down.

I know all of her credit is pretty much "YOUNG"... but it does has some age on them. My credit is pretty much identical... we both have the same judgement and the same amount of credit cards! But I'm not touching my credit until Sep 2016 - Oct 2016 because I am trying to buy us a house. Meanwhile she's trying to get some dental work done and need the loan. She make about $3,200 monthly salary. She's 24 years young. & need some advice on her chances.

Looking to apply for United Medical Credit or maybe a Loan from her Credit UNION!

Like the other responses, I tend agree that the chances are slim. However, it may be possible to build current credit limits in the next 6-12 months. Here is what I would suggest you do. First, request a CLI on the Cap One and apply for a second Cap One card. Immediately start using these two cards for everyday monthly living expenses and pay them all the way down several times per month if need be. In three months, request a CLI on the new card. At the six month mark you should get an auto increase on the new card, and be eligible for another CLI on the current card. At that point, between those two cards, she may be close to where she needs to be. if not, in six months she will be eligible for CLI's again. At that point, combine the cards into one, and apply for another new card.

If both of you do this together you may easily have enough credit combined, to get it done in six months.

I was able to build my Cap One limits from $300/$500 to $7800/$2000 in just over twelve months. Starting scores were mid/upper 500's and are low 600's currently.

Re: Chances of getting a $4500 loan?

tangerinze — Sun, 21 Feb 2016 23:54:50 GMT

Maybe try writing good will letters if her collections were for medical bills? write them directly to the hospital/ doctor's office.

Re: Chances of getting a $4500 loan?

Anonymous — Mon, 22 Feb 2016 12:40:18 GMT

OK, here is IMO the ‘truth’ …no chaser , just ‘real talk’ love intended….

Your G/F needs to be very careful and HONEST before moving forward…

My assumption Is this work is NOT required to live type stuff but more of a ‘want to’ because you said she’s ‘trying to’ vs she ‘has to’

That being said at 24 she’s only had about 70 months of credit experience possible (from 18 on) and during that time the results don’t really warrant she nor you stretching yourselves further for $4500 worth of ‘want to’ work.

Ex: She already has 3 medical bills she hasn’t been available to pay to the point that they are ‘baddies’ and the CL’s she has now are only ‘training wheel’ limits and ‘they’ seem to be maxed, so how can that profile (nothing personal) support MORE debt in just a ‘few’ months from now.

It just doesn’t make sense…unless the goal is to spiral into more debt and put yourselves into a deeper, more complicated financial hole than the one you’re already in now.

Citi = maxed within the last 6 months

Cap-1 = maxed within the last 6 months

Target- 65% maxed within the last 5 months

Finger Hut – only 58% LEFT to pay after only having it 90 days

Add that to the ‘baddies’ either there is a spending problem and an income problem but there is for sure a spending problem……

People with spending impulse issues need to be very careful getting themselves into situations where they can create MORE bills, especially where income is relatively fixed (meaning if you’re a commission based person, where you bag double or triple pay form check to check but for ‘regular’ folks you know darn well your check is gonna be about what it is every 2 weeks..so chill out with the ‘wishful’ thinking, you know what’s coming over the next 3-4 months)…

If your g/f were my daughter I’d advise her to pay/save $125/mo for 4 to maybe 6 months as a ‘test’ to see how she ‘feels’ about making a payment and to ‘prove’ to herself that she ‘can’ make a payment of this sort….. a $4500 commitment w/o issue ….and if she can’t even ‘pretend’ to pay w/o fail…she may have dodged a bullet from actually getting into a loan that can’t be comfortablely and dutifully PAID w/o ‘excuses’ hiccups or whatever would be ‘reason’.

I don’t mean to be mean but it’s my calling to tell the TRUTH…that comfortably managing an unsecured loan of 10 times to amount of the CL’s that haven’t been managed that well over the last 6 months is a large undertaking that shouldn’t be taken lightly.

We live in a hurry up n waste n see what happens world but in fairness your g/f hasn’t proven even to herself she can properly maintain a Target card for a year and now she wants to run out and make.... HOW MUCH? of a commitment, putting her high 500’s or even low 600 credit under ‘that kind of pressure.

Again, I’m not saying don’t do it I’m saying some cold water and big girl underwear better be added to the mix or she is ASKING for disaster….

These companies will approve ‘ham’ sandwiches from time to time but it’s up to you to know what you can comfortably and emotionally handle because

it’s YOUR credit, your wallet/pocketbook, your LIFE on the line.

Those terms may ‘seem’ great, when you get an ‘approval’ …then ‘life’ takes over and 6 months later you’re crying in your milk.

Can she comfortablely pay another $100-$125 loan payment while still living within the means she has now plus whatever other bills she creates on whatever other cards you guys access…be ‘in your face HONEST’ with yourselves…..

If she can’t come up with 4 payments of $125 or $500 between now and June it’s highly unlikely she’d be able to comfortably make $125 payments on a $4500 loan…just saying.

*Is it possible to ‘stack’ her dental work…meaning do $1000 worth then do more and so on or does it all have to be done and paid for at once?

‘Want to’ and ‘can comfortably AFFORD to ‘ can live on two different streets depending on your finances and income.

I hope, you understand that I just want you kids to be careful not to get in over your heads and protect your future against today ‘want to’actions.

Good Luck