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