I have decided to apply for a personal loan of $5k. This will pay off some CC debt (2k) and the rest will go to finishing off my kitchen finally.
My TU FICO is 661. I have two disputes going on right now. One from my old mortgage company that insists on saying that I'm 120 days past due, when in fact the loan has been paid in full since 2006. The problem is that this mortgage company went bankrupt and my own letters were returned by mail. I've since set up a dispute with TU. The other dispute is a collection for $297.00 that I've tried to validate without success,so I've also sent TU on that one. I spoke to TU a few days ago and said that they expect something on Aug 28, but they REdisputed the collection account because I told them that I want valid proof that it's MY account. I've never had this account and I've never gotten any correspondence from the supposed creditor or CA. So I don't know if that dispute will take longer. The CA is really pulling down my scores.
The problem is that my CU where I have my auto loan wants that collection gone before they pull an inquiry and have to deny my application. I don't have that long (it could take up to 45 days to dispute THEN another 30-45 days until they report it). For my own sanity and other reasons, I need this kitchen completed ASAP or sooner and 2-3 months is too long.
I've been told by Citifinancial that (of course) I qualify easily. I was a customer of theirs several years ago and had no problems with them, although I know people on this forum have bad thoughts about them for several reasons.
Would you consider getting the $5k loan now through Citifinancial, then possiby refinancing it through my CU later when my CR gets cleared up? Like I said, this loan needs to happen sooner than later as there is a real urgency in finishing my kitchen.
