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Personal Loan, with previous bankruptcy help?!

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New Member

Personal Loan, with previous bankruptcy help?!

I am looking to get a personal loan of 30-35k, I am in the process of disputing some accounts that I was not a primary on, The disputes haven't competed yet, as of now I'm at 713 exp, 654 eq, and 661 tu. I'm hoping to see them jump up a fair amount more, once that excess debt that arent mine is removed. I did file chapter 7 discharged 2013. I have 9 inquiries over the last 2yrs, auto loans, a refi, personal loan, couple credit cards. Last credit card was opened within 3m. I had a personal loan (high interest) opened Feb 20 for 7500, I already paid it off, to avoid paying all that interest. I have 6 student loans that I forgot to defer back in 2017, and they are showing 2m late on all 6 from 2017. Nothing else ever late or derogatory on my credit, aside from the bankrupcy. I just want to know if anyones had a similar scenario, and how it worked out? I plan to wait until the dispute is finished, before applying for anything. I just don't want to waste an application for a decline. Thanks 

7 REPLIES 7
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New Contributor

Re: Personal Loan, with previous bankruptcy help?!

Disputing accounts you were not primary on, what do you mean? Were you co signer or just authorized user? 

 

- Co Signer - you're responsible for payment, pay history, etc and as far as I know you'd be disputing accurate info

 

- Authorized user - if you just were a AU disputing should remove account without any issues, just a bit of time. I'm a Jr and lived with my parents until about 25 so early on (even still after moving out) I'll see a credit card of my dads pop on my report. It seems to be Syncorny Bank  [whoever took over for them] type store cards (JC Penny, Best Buy). So I dispute and 30 ish days later they're off. 

 

Scores are good/fair so if you are able to get the other accounts off they should bounce [that is assuming they're baddies, late pays, default, etc]. If it's a 20 year old Amex with perfect pay history, a $30,000 CL and $10 owed each month and your a AU; that is probably REALLY good on your report. On your CC.'s get the utlilization low if it isn't below 10% try your best to get there or even better pay in full with 1 card reporting a very small amount.

 

I would guess any local credit union should be able to help once your in the 700 range across the board (should be if disputes work out and utiliztion is low for a few months), just really income based. 30-35k is a pretty penny for an uncollateralized loan if it were for a car, boat, etc you'd have no issue these days. 

 

Good luck Smiley Happy I'm in the middle of my BK so can't wait to rebuild again. 

Message 2 of 8
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Re: Personal Loan, with previous bankruptcy help?!

Thanks, all of that sounds about right. I've never had really great credit. So it's new to even think about getting a loan, especailly one this size. I'm so used to being declined for things. It was no credit to start, then bad credit in my lat teens, early 20's, to getting credit after bankruptcy. It's been a mess, and I'm finally getting it all handled. It was just an AU situation. There's one that has a long great payment history and a high CL, with a small balance. I'm leaving that one on mine, to help with histroy. Since I don't have a lot that has very long. My incomes has increased considerably over the last few years. I went from 30-45k er yr to over 200k. So I think I will have pretty good approval odds, once my credit is where I want it. Or at least that's what I'm hoping for. 

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Re: Personal Loan, with previous bankruptcy help?!

Over 200k in income and a score even of 680 you'll be able to get a loan at most CU's just because a few late pays years ago the income is going to be looked at more than back when you made less. Just my thought. Only caviet is when those AU cards are removed how far will you fall and how much other debt do you have. $200k in credit card debt odds of getting more are lower than 1k in cc debt, your income is good which again will help

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Established Contributor

Re: Personal Loan, with previous bankruptcy help?!

@Momoftwinsand1 After reading all of your posts,

I agree that working with a credit union is your best bet.

 

Despite the BK7, you have a lot of compensating factors working

in your favor: 1) 200k income, 2) no late payments/derogs within the last

2 years, 3) you just paid off a $7500 personal loan, and 4) your EX 713

is your highest FICO score (I'm assuming those are FICO 8s you shared).

 

Since Experian is your highest score, do a little research locally and find out

which CUs near you hard pull EX for loan products. If you can't find one, then

I can recommend Unify Financial CU. Their HQ are in California, but they have

branches all over the country. Open membership to all. $5 to open a savings acct.

and they will soft pull your EX file for membership. PL terms are very competitive,

with debt consolidation APRs starting at 8.74%. With an EX8 713 I guesstimate that

you'd fall in the 11-13% range. If/when your disputed tradelines fall off, your scores will

be even higher. You can borrow up to 50k for up to 84 months. On their PL page you will

see a "Contact a Loan Agent" box. Should you decide to join, enter your info and/or give

the loan dept a call and tell them what you're trying to accomplish. I've found them to be

extremely helpful post BK. 

 

Hope this helps. Good luck to you! Smiley Very Happy

 

https://www.unifyfcu.com/personal-loans

Message 5 of 8
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New Member

Re: Personal Loan, with previous bankruptcy help?!

After the AU are removed, I'll only have about $200-$300 in CC debt, 2 auto loans for a total of 18k, and student loans that are about 20k. So not much at all. I am leaving one of the older higher limit cards I'm an AU on because it has a low balance. So I think it will help my credit, and not hurt it. Thanks 

Message 6 of 8
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New Member

Re: Personal Loan, with previous bankruptcy help?!

Thank you, I will keep working on these disputes and keep them in mind when I'm ready to apply.

Message 7 of 8
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Super Contributor

Re: Personal Loan, with previous bankruptcy help?!


@AllThingsInTime wrote:

@Momoftwinsand1 After reading all of your posts,

I agree that working with a credit union is your best bet.

 

Despite the BK7, you have a lot of compensating factors working

in your favor: 1) 200k income, 2) no late payments/derogs within the last

2 years, 3) you just paid off a $7500 personal loan, and 4) your EX 713

is your highest FICO score (I'm assuming those are FICO 8s you shared).

 

Since Experian is your highest score, do a little research locally and find out

which CUs near you hard pull EX for loan products. If you can't find one, then

I can recommend Unify Financial CU. Their HQ are in California, but they have

branches all over the country. Open membership to all. $5 to open a savings acct.

and they will soft pull your EX file for membership. PL terms are very competitive,

with debt consolidation APRs starting at 8.74%. With an EX8 713 I guesstimate that

you'd fall in the 11-13% range. If/when your disputed tradelines fall off, your scores will

be even higher. You can borrow up to 50k for up to 84 months. On their PL page you will

see a "Contact a Loan Agent" box. Should you decide to join, enter your info and/or give

the loan dept a call and tell them what you're trying to accomplish. I've found them to be

extremely helpful post BK. 

 

Hope this helps. Good luck to you! Smiley Very Happy

 

https://www.unifyfcu.com/personal-loans


To add additional data. IIRC Unify will use Experian FICO 2 score.


You can monitor your scores before you are ready to apply. EX2 + 3 Bureau FICO 8 scores and reports for $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.

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