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Income needed for Lightstream?

cdm9319
New Member

Income needed for Lightstream?

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?

3 REPLIES 3
Overmedicated
Community Leader
Valued Contributor

Re: Income needed for Lightstream?


@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?


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?

FICO 8
Message 2 of 4
cdm9319
New Member

Re: Income needed for Lightstream?

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.

Message 3 of 4
Overmedicated
Community Leader
Valued Contributor

Re: Income needed for Lightstream?


@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.


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!

FICO 8
Message 4 of 4
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