Personal, Installment loan advice?

[ray8806]

My most recent scores are below. On my credit report I have:

1) Auto Loan- 10 months old, $19,468 (It's closed now. Hasn't updated to closed except with EQ so my scores reflect both Auto loans atm)

2) Credit Card CapOne QS1 $300, 2 months old (always less than 10% UTL)

3) Credit Card Tyndall Fed CC $500, 1.5 months old (Also, always less than 10% UTL, if not zero)

4) Auto Loan- 1 month old, $20,293 (newest, I refinanced auto loan #1)

Granted I just refinanced my car, but an amazing oppurtunity has arisen for me and I may have to move across the state in about two months. By then, my credit reports should be updated with the first auto loan closed. All accounts are paid as agreed and I have zero baddies. But I do have quite a bit of inqs: EQ: 13, TU:9, EX: 10 (Half of all of those are already or almost a year old).

I'm gonna need about $2,000 (actually more like $1,500-1,600) to help with my move. I've heard having a regular installment loan can help my score in the long run, so I figured getting a small loan would help with my moving costs and with my credit report. I should be able to pay off the loan in 2-4 months once I actually move I just need the cash for my move to begin with. 

What do you think my chances of getting approved for a personal loan would be? What kind of personal loan should I get? And any advice on good banks to use? Obviously my local CUs would be good (I promised a friend who works at Tyndall that I'd go to him to see what he could do first), but does anyone have any other banks that do good rates for personal loans?

[randeman]

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@ray8806 wrote:

My most recent scores are below. On my credit report I have:

1) Auto Loan- 10 months old, $19,468 (It's closed now. Hasn't updated to closed except with EQ so my scores reflect both Auto loans atm)

2) Credit Card CapOne QS1 $300, 2 months old (always less than 10% UTL)

3) Credit Card Tyndall Fed CC $500, 1.5 months old (Also, always less than 10% UTL, if not zero)

4) Auto Loan- 1 month old, $20,293 (newest, I refinanced auto loan #1)

Granted I just refinanced my car, but an amazing oppurtunity has arisen for me and I may have to move across the state in about two months. By then, my credit reports should be updated with the first auto loan closed. All accounts are paid as agreed and I have zero baddies. But I do have quite a bit of inqs: EQ: 13, TU:9, EX: 10 (Half of all of those are already or almost a year old).

I'm gonna need about $2,000 (actually more like $1,500-1,600) to help with my move. I've heard having a regular installment loan can help my score in the long run, so I figured getting a small loan would help with my moving costs and with my credit report. I should be able to pay off the loan in 2-4 months once I actually move I just need the cash for my move to begin with. 

What do you think my chances of getting approved for a personal loan would be? What kind of personal loan should I get? And any advice on good banks to use? Obviously my local CUs would be good (I promised a friend who works at Tyndall that I'd go to him to see what he could do first), but does anyone have any other banks that do good rates for personal loans?

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I think your biggest problem would be your age of accounts.  Although you're not asking for a big loan, so that might not be as much of an issue as if you were asking for $10,000+.  You didn't mention who you bank with but if you have a long standing relationship with your present bank that might help.  I don't think you can go through a credit union unless you actually belong to it, but I could be wrong.  I currently have a personal loan with Citi (having been with them for two years and using two of their lines of credit) and I didn't have any issues getting $15K at about 13%, and my scores at the time of application were only about 25 points higher than yours are now.  I also had a lot of inquiries which they said nothing about.  Good luck with it.

[ray8806]

Oops, sorry. Right now I bank regularly with three banks, but I am a member of four. Three of them are local credit unions(I have a CC at one of them, Tyndall FCU) and one is Chase. 

I know my AAoA is going to take an even harder hit than it already has  (poor thing, it's been through a few rounds lately lol), but other than that anyone see any major issues revolving around me trying to get this loan?

[ray8806]

Anyone have anything else to add?