Income needed for Lightstream?

[cdm9319]

Applying soon for a 22K loan, 10K to pay off a high interest loan and 12K to perform major car repair. FICO is ~775. I'm planning on applying to LightStream among others, but my annual income is only 50K. I can't find a minimum income level anywhere for them, does anyone know this?

[Anonymous]

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@cdm9319 wrote:

Applying soon for a 22K loan, 10K to pay off a high interest loan and 12K to perform major car repair. FICO is ~775. I'm planning on applying to LightStream among others, but my annual income is only 50K. I can't find a minimum income level anywhere for them, does anyone know this?

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50k is fine to get a 22k loan but it will come down to your current DTI.  Have you figured out what that % is?  I also have to question the 12k for car repairs.  Is whatever you're doing worth fixing?

[cdm9319]

My current DTI is 35%, this includes the ridiculously high interest rate loan so it wouldn't actually change if I can get this new loan for my goal of $500/mo. Yes, it's worth fixing.

[Anonymous]

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@cdm9319 wrote:

My current DTI is 35%, this includes the ridiculously high interest rate loan so it wouldn't actually change if I can get this new loan for my goal of $500/mo. Yes, it's worth fixing.

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It's possible you could be approved.  There is no guarantee that you'll pay off the high interest loan and even if you didn't, your DTI would be about 47%.  That is getting pretty high and I don't know what Lightsteam's maximum allowable DTI is.  Your score may be good but if you have a shorter history and a thin file then I could also see you getting denied.  I hope you get approved.  Come back and let us know how it turns out.  Maybe some of the others can chime in.  Good luck!