Looking for personal loan with mid 600s scores and fully paid for car as collateral

[Anonymous]

Hey All,

I went to lending tree and a bunch of prequal listed in the thread looking for a personal loan but didn't have any luck. Any recommendations on a loan provider that might lend me 8k+ with 656 Equifax, 647 TransUnion, and 620 Experian scores? I have a Porsche that's fully paid for that I could also use as collateral if necessary (45k approx value). My derogs are a late payment 6 months ago 90 days and also 70% util on my three revolvers right now. I have a long credit history with 4 years avg age of credit. Good credit mix with no other outstanding loans. The 90 day late is killing my scores. 

thanks for any help!

[Anonymous]

Yes the 90 day late is harming you badly. The only good news is you get some points back at 6 months 12 months and 24 months. If you don’t find anything, you can look forward to most likely getting awards then and possibly qualifying then.

[Jnbmom]

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@Anonymous wrote:

Hey All,

I went to lending tree and a bunch of prequal listed in the thread looking for a personal loan but didn't have any luck. Any recommendations on a loan provider that might lend me 8k+ with 656 Equifax, 647 TransUnion, and 620 Experian scores? I have a Porsche that's fully paid for that I could also use as collateral if necessary (45k approx value). My derogs are a late payment 6 months ago 90 days and also 70% util on my three revolvers right now. I have a long credit history with 4 years avg age of credit. Good credit mix with no other outstanding loans. The 90 day late is killing my scores. 

thanks for any help!

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I think the recent late and your utlization, you are going to have a hard time finding a lender.

[chiefone4u]

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@Anonymous wrote:

Hey All,

I went to lending tree and a bunch of prequal listed in the thread looking for a personal loan but didn't have any luck. Any recommendations on a loan provider that might lend me 8k+ with 656 Equifax, 647 TransUnion, and 620 Experian scores? I have a Porsche that's fully paid for that I could also use as collateral if necessary (45k approx value). My derogs are a late payment 6 months ago 90 days and also 70% util on my three revolvers right now. I have a long credit history with 4 years avg age of credit. Good credit mix with no other outstanding loans. The 90 day late is killing my scores. 

thanks for any help!

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Probably have the best luck talking to your local credit union, and putting the title to your car up for collateral. 

While I can't guarantee success, most credit unions will look past recent issues and/or poor credit scores if you are asking for less than half the value of your collateral. 

Best of luck.

[LakeLife]

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@chiefone4u wrote:

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@Anonymous wrote:

Hey All,

I went to lending tree and a bunch of prequal listed in the thread looking for a personal loan but didn't have any luck. Any recommendations on a loan provider that might lend me 8k+ with 656 Equifax, 647 TransUnion, and 620 Experian scores? I have a Porsche that's fully paid for that I could also use as collateral if necessary (45k approx value). My derogs are a late payment 6 months ago 90 days and also 70% util on my three revolvers right now. I have a long credit history with 4 years avg age of credit. Good credit mix with no other outstanding loans. The 90 day late is killing my scores. 

thanks for any help!

---

Probably have the best luck talking to your local credit union, and putting the title to your car up for collateral. 

While I can't guarantee success, most credit unions will look past recent issues and/or poor credit scores if you are asking for less than half the value of your collateral. 

Best of luck.

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Agree with this.  I was in a pinch several years ago and went to my credit union (Indiana Members Credit Union) that I had a long established relationship with and got a $5k collateral loan for a 2000 Jeep Cherokee I owned and got a really good interest rate (I believe around 5%).  My credit was just under 700 at the time.  

[Anonymous]

Thanks! I put in an app at my local credit union and my util is actually reporting at 23% right now. Fingers crossed.

[M_Smart007]

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@Anonymous wrote:

Thanks! I put in an app at my local credit union and my util is actually reporting at 23% right now. Fingers crossed.

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Good Luck on your App!

[Credit4Growth]

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@M_Smart007 wrote:

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@Anonymous wrote:

Thanks! I put in an app at my local credit union and my util is actually reporting at 23% right now. Fingers crossed.

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Good Luck on your App!

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@Anonymous  est wishes to you and awesome job handling the utility %!👍