need some advice on a personal loan.

[Anonymous]

Hello all, i am looking to source some funds for a large purchase. My utilization is currently high, however within the next 4-6 weeks approximately 80% of my debts will be paid off. I am looking for around 12k for a personal loan. I will be using orange county's credit union, as they are close to my house and i can go in and meet face to face. My scores as of now are around 650 but i expect to be around 700 +/- after paying debt down. My question for you folks is how difficult are personal loans to get. Anyone who may have some experience please chime in, i would sure appreciate it.

Renny

[Anonymous]

Welcome to the forum! Do you have a relationship with the CU?

[Anonymous]

Hi! I just opened a checking account with them and I will be depositing money weekly into the account, by the time I'm ready to apply my relationship will only be a few months old

[Anonymous]

Some CUs offer pre-approvals. I'm not familiar with Orange County CU but in general, a low util, income, cr profile will be reviewed. May I ask what's on your cr? Inq's/new accts, baddies etc?

[Anonymous]

Sure, as it stays today my uti is extremely high, 85 percent. 655 eq fico, zero baddies tho. I've made all my payments on time. I just recently leased a new car. 4 inq in the last year, I have an Amex gold charge card, chase slate and freedom, a best buy card, and a b of a card. My annual gross income is around 70k, an by the time I apply my util should be <30 %

[Anonymous]

Any help?

[Anonymous]

Once your util is below 30%, you should try. 20% is better

[Anonymous]

An alternative to your CU would be Lending Club or Prosper.  They are online P2P lenders, and both will tell you how much you are approved for and your interest rate with only a soft pull.  

[Anonymous]

CU have lower interest rates and once your util is below 30% then you could apply for a personal loan. Everything depends on your DTI ratio.