Unsecured Loan Criteria

[Anonymous]

I just got off the phone with my banker and asked them about the criteria necessary to obtain an unsecured loan.

I just paid off all my credit cards and am currently waiting for my FICO score to go above 700, which it should in the next few weeks.

Right now my scores are TU 641, Equifax, 591 and Experian, 647 (before paying off my credit cards which put me at 98% of credit available which will now be down to 0%).

The banker wouldn't tell me what credit score they are looking for.  I have no assets to secure any loan, so what score will they want in order for me to get an unsecured line of credit?  

My debt to equity ratio will be 0%.

Will banks these days loan any money unsecured, or is that still dried up?

I can always apply for another credit card with a higher credit limit, but I am trying to keep the inquiries down to a minimum.  Anyone recommend a credit card that will give me 5k or more as a credit limit with a 700+ score (if I have to go this route)?

Thanks for any replies...

[oracles]

Hi Fed-up and welcome to the forums

First let me say you should have some type of balance reporting on 1 card on your credit report. Let your Util be 1%.

This will maximize fico scoring.  By having a 0% reporting, it shows you are not using credit and you will be dinged some pts.

As far as a credit card, you can go to a credit union and apply there.

They are know to give good credit lines and better products than the big banks.

also I would advise you to go to whogavemecredit.com and look at this website for some suggestions of cards with credit limits and scores needed.

Hope this helps and keep us updated.

[Anonymous]

My experience has been, the Equifax at 590 is what is hurting you. I think they want to partly want to see your Equifax at 660 at least.

I finally got a 4,000 loan for a deck on my house with a signature after 4 years. I was at 460 now a 677 with Equifax. Called them on the phone and they said right there "you are approved" After 4 years of being a third class citizen I have finally arrived. Not 700 yet but I am sure not far off.

And get something on that credit card too. After 5 months of 0 they hit me so I charged 100.00 and got my points back.   

[Anonymous]

Thanks Oracles,  I do plan on continuing to use my credit cards now and then.  Right now I'm just buying things with my debit card, but I realize the game you have to play and will abide to keep the score higher.  I guess I needed it verified, ha!  Thanks for that!  Thanks for the other site too.

[Anonymous]

Hi Zman,  You might have missed the part where those scores I posted were before I paid off my 98% filled up credit cards.  I'm just waiting on FICO to catch up and the scores should go to over 700 based on what I have read on this site. 

I'm looking at getting a loan of 5k, similar to yours, so I appreciate the Equifax number info you provided as well as the reminder to"get something on there."  

[Anonymous]

LOL,

I hope it does go to 700 for you, but I don't think it works like that.Equifax is not that nice.

 Maybe our credit histories are way different.  

Good Luck Fed Up

I was fed up last year playing the game and had to leave the site because my nerves could not handle it.

 But man does it take time to get back.

[Anonymous]

I'll report what it does back here.  Will be interesting to see.  I've had over two years of no late's so hopefully that will help.  My goal is to take out a 5k loan and pay it off.  Have to figure out if it should be 13 months or if I can pay it off sooner.  Just want to increase my amount of credit as well as get credit cards with a higher credit limit.  Thanks...