Are my scores really that bad?

[Anonymous]

I'm desperately in need of a personal loan for $4,000 - $5,000 and I can't get anyone to consider me for a loan.  I know banks are being very choosy, I get that but seriously, it seems that people with worse credit than mine get loans left and right.  I don't get that!  :-/  My TU score is 591 and EQ is 593.  I know...not good but even reading these boards, I've seen lower scores than that.  I'm getting nowhere.  I understand that lower scores can produce not such great rates on a loan, which I'm even willing to accept.  Nothing.  :-(  Is it true that there are no loan options for people with lower scores?  I've been working diligently on cleaning up my credit.  In fact, I have had a clean record for 3+ years now but its my old mistake (and a divorce) in the early 2000's that I fear are going to pull me down for years to come.  Do potential creditors ever look at recent credit history instead of the old stuff from years past? 

Am I just being delusional in thinking I can get a loan?  Please be honest...in a nice way!  :-)   Thanks!!!

[Anonymous]

Unfortunately we are going through a very precipitous credit period.  You might try a local credit union who may better understand your individual circumstances.  Right now unsecured loans are hard to come by.

[marty56]

A 2 year clean history could help.  Also the fastest way to raise your credit store is to reduce CC debt.  I would also look into a CU.

If you post more information about what your current credit problems are, there are many poeple here who could provide input about GW, PFD and other ways to improve your credit.

[907grown]

Definately try a credit Union, my credit union offers a program called credit solutions, it is a program designed for members with terrible credit.  I was able to get an unsecured loan last year for 4500.00.  Yes, it had a huge intrest rate, like 20%, yeah huge, but I got the loan I needed when I needed it, and after paying on time for 1 year, I refinanced the loan at 16%, which is still big,  but now it is showing positively on my credit report. Also, I was able to get a car loan at a 6% intrest rate, the hope is is that I will do well with this and next time I need a loan I wont need to get "special" financing.  I am sure if you research in your area, you can find a credit union with a similar program.

Best of Luck

[RobertEG]

I agree 100% with myankovic.

Try like hell to get an account with a local credit union, not telling them initially that you want to seucure a future loan, but only to open an account.

If you can open an account with them, most loan requests are pretty much automated.

Get a CU account!

If you had credit problems back in the early 2000's, why are they still reproting?

No credit report can ever include any monthly derog on an original creditor acount that was more than 7 years ago.  FCRA 605(a)(5).

No credit report can ever include any reporting of a collection or charge off that was more than 7 1/2 years from the date of the first, 30-day delinquency on the OC account.

Give us your credit history, for you might be able to see some score improvement by getting them deleted.

[Anonymous]

I agree with all the posts here. My credit score was 523 in August and I needed $5000 to settle a $12,000 collection from a Home Depot account. I contacted my Credit Union and they gave me an unsecured loaned for the full amount at 18%. I'm paying $200 each month on the loan and will hopefully refinance it when my score improves.

[Anonymous]

If your credit score was 523 in August and you took out a loan for $5000, have you seen any improvement in your score?