Hello and question about getting a loan.

[Anonymous]

I finally did it and joined Myfico. I'm happy that I did.

My question is with scores of 701 708 and 720 along with a monthly income of $750 (I'm on SSI) what would the likelihood of me getting a personal loan or an RV loan be? I have one secured credit card with a maximum balance of $300 that I pay in full every month. My only true bills are my phone at $50 and my storage at $65.

Thank you.

[Anonymous]

Welcome to the forums.

IMO, very unlikely.

[Anonymous]

Welcome to the board.  Your income is very very low.  If you don't mind me asking, how much loan are you thinking of?

[Appleman]

Welcome to the forums.

I would try talking to people at a local credit union and see if it is possible given your income.

When applying for a car, personal loan or mortgage you will need provable income. I fear that your income will not meet their thresholds.

[Anonymous]

I was looking into getting $17,000 to $20,000 in either a personal loan or an RV loan so that I may buy one for transportation and possible temporary full-time use so that I may go to a different state for a guaranteed job.

[Anonymous]

I'm unable to increase my income without transportation. My limitations are a big barrier to most jobs. I do have multiple degrees in electronics and computers from MIT. I have a guaranteed job waiting for me in a different state. The plan was to buy an RV and go there and use it to live in while looking for places to live. 

A couple of places had already told me (without running credit) that it wouldn't work due to the low income. One even mentioned that with only 1 credit card that may be an issue also.

[Anonymous]

I've been building my credit on one low limit ($200) secured credit card for the past 5 years just to get to the 700's. That $200 was my money on that card. I have an annual fee of about $70 for it. I pay it in full every month automatically from my bank account. Was all of this for nothing? What are my options? If any?

Thank you for listening to me rant.

[Anonymous]

An update on this. Tried for an RV loan via my bank. Declined within 2 hours. RV was too old. Not enough income. Not enough credit history. One hard pull. Tried for a $2,000 car loan. Declined instantly. Car mileage too high. Not enough income. Not enough credit history. Second hard pull. Tried for a $2,000 personal loan. Declined instantly. Not enough income. Not enough credit history. Third hard pull. Good-bye, 700+ scores... Can't get credit without having credit... Can't get a higher income due to disability. Thoughts? Options? Should I just stop trying?

[RobertEG]

Do you have equity in your home that could be used to secure a HELOC?

[Anonymous]

I have no home. I live in a 2 bedroom 1 bathroom apartment with 2 other people. Married couple. I have my own room. Thank you for responding.