Can two people with low credit scores get a 23k loan if they have good income?

[UKTone]

Not concerned about the interest rate too much (as long as it isn't something utterly ridiculous).

One person is a nurse correlator ($100k+ a year) and the other works two jobs with performance bonuses ($60-80k+ a year)

First person's credit score is 547 and other is 525.

Could they get a loan of a total of $23,000? Would it be better if they cosign for a single loan or both try to get a separate loan?

Thanks in advance.

[silkysean]

It’s possible but the interest rate if approved will be very high and there’s no way around it.The plus side is high incomes and this will almost guarantee approval but down side will be payments and interest on it.If it can wait I would try to get a cash car and spend 1 year cleaning up credit getting better scores and try to get to at least 650 to get out of the lower sub prime loans.Good luck 

[RobertEG]

What is the payment history profile (derogs) on each report?

[pipeguy]

Two comments: #1 why are their credit scores so low considering their substantial income?

#2 You should be concerned with the interest rate as there is a very big direct cost between 3%, 7% and 14% let alone a rate even higher.  

PS: With a $160k plus income what is the purpose of the $23k loan - any lender is going to want to know this too. 

[UKTone]

The nurse, she unfortunately exempted herself from taxes 1 yr and she made 120k that year and fees and interest have been occuring, think she owes the irs over 60-70k and she has student loan debt (not sure how much). She has two kids, rents instead of buy a house. She put priority on fun and working ridiulously long hours (she works at two hospitals)...

The other he has few bills he didn't pay, he's been paying them now and getting them off his report, but he's paying less than what he owed them which i read is bad to do... he has 3 kids and a wife btw. Not sure exactly else is hurting his score.

My score is good, but used to be excellent, over extended myself trying to help too many peole people. I plan on moving within 3 months, trying to have everyone semi ok, and disconnect from them for a year essentially (so they ca't borrow from me and live more responsibly). The second person is already on the right path to an extent (he's trying), the other wants to file bankruptcy... she's been saying this for years. I have no kids.

[Anonymous]

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@UKTone

First person's credit score is 547 and other is 525.

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What is the source of these scores?  Depending on what it is (and the scoring model used) it's completely possible that the potential lender for the loan could be using something totally different, thus rendering the above mentioned scores irrelevant. 

[Jnbmom]

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@UKTone wrote:

The nurse, she unfortunately exempted herself from taxes 1 yr and she made 120k that year and fees and interest have been occuring, think she owes the irs over 60-70k and she has student loan debt (not sure how much). She has two kids, rents instead of buy a house. She put priority on fun and working ridiulously long hours (she works at two hospitals)...

The other he has few bills he didn't pay, he's been paying them now and getting them off his report, but he's paying less than what he owed them which i read is bad to do... he has 3 kids and a wife btw. Not sure exactly else is hurting his score.

My score is good, but used to be excellent, over extended myself trying to help too many peole people. I plan on moving within 3 months, trying to have everyone semi ok, and disconnect from them for a year essentially (so they ca't borrow from me and live more responsibly). The second person is already on the right path to an extent (he's trying), the other wants to file bankruptcy... she's been saying this for years. I have no kids.

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The nurse friend should not be worried about a loan, she should be trying to work with the IRS asap or that will not be pretty at all

[wa3more]

I think OP needs to provide much more information to get good advice. There are other problems here

[pipeguy]

Still don't why they "need" at $23k loan or what they intend to do with it.

Sounds like issues runs deeper than cash flow and given the limited information so far I can't see how adding a $23k loan to the overall picture will solve anything.

[dynamicvb]

Or its that they owe the OP the 23k as "borrowing from me" was mentioned. I'm having a hard time following. That thing with the IRS could get mean and there is likely a garnishment in someone's future.