Chances of being approved for a personal loan?

[Anonymous]

Hello all. I am currently in the process of paying down my credit cards and was wondering what you guys think are the odds of me getting approved for a personal loan around 10k once everything is paid completely. If anyone has any helpful advice that is always welcome!

I currently have three credit cards all in good standing with no dings on my credit report.

Cards I currently have:

Capital One Platinum: Balance $208, CL $750
Capital One Quicksilver: Balance $317, CL $750
Synchrony: $391, CL $500
Current Scores: EXP 719, EQU 720, TRANS 700
Oldest Account: 3 years 5 months
AAoA: 2 years 4 months
Yearly Gross Income: 35k
1 Inquiry

The cards are currently lower balances than that but it has not been reported yet.

Thanks for your help!

[PutThatMoneyOnTheTable]

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@Anonymous wrote:

Hello all. I am currently in the process of paying down my credit cards and was wondering what you guys think are the odds of me getting approved for a personal loan around 10k once everything is paid completely. If anyone has any helpful advice that is always welcome!

I currently have three credit cards all in good standing with no dings on my credit report.

Cards I currently have:

Capital One Platinum: Balance $208, CL $750

Capital One Quicksilver: Balance $391, CL $750

Synchrony: $391, CL $500

Current Scores: EXP 719, EQU 720, TRANS 700

Oldest Account: 3 years 5 months

AAoA: 2 years 4 months

The cards are currently lower balances than that but it has not been reported yet.

Thanks for your help!

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Do you have degrogatives or baddies on your profile?

Based on the information you've provided, and the fact that you will be getting the personal loan after paying down your balance, you have a very good chance. Allow the information to report to the CRA before applying. Hopefully others will reply with possible personal loan lenders you can go with.

Most lenders have a pre-approval tool that can give you an idea of how much you would qualify for and at what interest rate.

GL2U.

[Anonymous]

I would probably try a credit union if I were in your shoes. 

[Anonymous]

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@PutThatMoneyOnTheTable wrote:

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@Anonymous wrote:

Hello all. I am currently in the process of paying down my credit cards and was wondering what you guys think are the odds of me getting approved for a personal loan around 10k once everything is paid completely. If anyone has any helpful advice that is always welcome!

I currently have three credit cards all in good standing with no dings on my credit report.

Cards I currently have:

Capital One Platinum: Balance $208, CL $750

Capital One Quicksilver: Balance $391, CL $750

Synchrony: $391, CL $500

Current Scores: EXP 719, EQU 720, TRANS 700

Oldest Account: 3 years 5 months

AAoA: 2 years 4 months

The cards are currently lower balances than that but it has not been reported yet.

Thanks for your help!

---

Do you have degrogatives or baddies on your profile?

Based on the information you've provided, and the fact that you will be getting the personal loan after paying down your balance, you have a very good chance. Allow the information to report to the CRA before applying. Hopefully others will reply with possible personal loan lenders you can go with.

Most lenders have a pre-approval tool that can give you an idea of how much you would qualify for and at what interest rate.

GL2U.

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Nothing bad on my credit profile. It's squeaky clean =)

[Anonymous]

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@Anonymous wrote:

I would probably try a credit union if I were in your shoes. 

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Even if I have no affiliation with any? Wouldn't the hard pull to join the credit union hurt my loan approval chance?

[addicted_to_credit]

PenFed will normally use the same HP used for membership. Weather or not you get approved for the personal loan or the amount you’re looking for is a different question. YEMV...

When I joined I wanted to refi my truck, my score jumped 50-60 points from membership pull to when I called and requested a new HP for the truck loan. (I did that because of the large jump and got their best rate for the term I chose).

[AverageJoesCredit]

Even with those balances, with your scores and income i think you have very good chances with either a bank or CU. Just have to apply

[Anonymous]

I did some online pre-qualifications and was denied. Here's the reasons SoFi gave me.

Length of time accounts have been established
Ratio of balance to limit on bank revolving or other rev accounts too high
Lack of recent installment loan information
Too few accounts currently paid as agreed
Too many inquiries last 12 months

So I know I at least have to pay my balances down. Hopefully that's enough otherwise I don't know what to do.

[AverageJoesCredit]

Maybe check Marcus and Discover. I think their prequals are sp so no harm to check rates. Disco must have 25k min income so you are good there

[Anonymous]

I've been denied already by them.