Getting a Loan with a Tax Lien Possible?

[Anonymous]

I recently tried my hand at getting a small personal loan to help consolidate my debts payments and gain an installment line of credit (I currently have only one line of credit that is revolving). Not too surprisingly I was declined due to a recently added unpaid nys tax lein on the public record section of my CR. I'm paying it off via an installment plan but question if I’ll ever qualify for a loan of any sorts anytime soon since it'll probably take 2yrs to pay it off in full and still be stuck on my CR for another 7 after I pay it. Hours of internet research seem to imply I’m screwed as far as loans goes but I’m looking for a more definitive answer that’ll match my particular situation. I'd like to open an installment line of credit that isn't a mortgage, auto or school loan.  

If this particular mark on my CR is gonna kill all my chances of getting a loan anytime soon  I want to know so I can just stop thinking about it, move on with my life and focus on getting a second CC once my current one hits 1 year so I can at least have another open line of credit.

At current credit my scores for EQ & TU fall in the 660+ range and my EX is 580+ now (fall from 620+ probably due to the hard inquiry from  the bank when I tried for the personal loan)

Thanks in advance for any answers…

[elim]

I did a prequalify from lending club or somewhere like that to pay a tax lien and it was 32% rate. How big is the lien? With your scores a 0% Credit card (or 2) may be better for 18 months. It may take 6 months to get the limit you need (if it's a big debt).

[RobertEG]

Are you a member of a credit union?

They are more apt to listen to personal circumstances.....

[Anonymous]

I would assume since you're making regular payments on time, you should be able to get somewhere?  The only thing I don't think you'll be able to do is get a mortgage until it is paid in full and released.  There are many loan companies out there right now.  Shop around and see what you can do.  Fingers crossed.  

[Anonymous]

Amount is about $2000...Whats a 0% cc? I'm still pretty new to working with credit after avoiding it for years (bad decision) and tbh i'm scared to pay any big debts using a credit card (though i'm not sure why exactly over using a loan) my one line of credit is from Amazon and its currently $3500.

[Anonymous]

I'm not a member of a credit union but theirs one I can probably sign up for near by where I live. The personal loan I applied for wasn't with a credit union but a small bank (amalgamated bank).

[RonM21]

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@RobertEG wrote:

Are you a member of a credit union?

They are more apt to listen to personal circumstances.....

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+1

This was going to be my suggestion. I just joined a couple of these and am amazed at he options available that I was totally unaware of.

[takeshi74]

It's not just the approval that matters.  You also need to consider the terms that you'd qualify for.  If you only qualify for extremely high rates it may not matter much.