Hi. I'm looking to get a personal loan for $6-8k for a medical issue I'm having. I know there are a lot of options out there, but I'd like to get some insight into personal loans. These are my scores after two months of getting them up from 615:
Experian: 746
Transunion: 741
Equifax: 734
Other stats:
* Account age is 4 years 10 months
* 2 delinquiencies on Chase card from two years ago
* Two credit cards (Chase and Discover)
* 6 inquiries from 2020 because I was an idiot 20 year old who didn't even know what inquiries were when I applied for a ton of credit cards 
* Income is around $45,000
* Other debt is $8000 on my car
* No student loans
* I don't pay rent
* I'm 22. Not sure if that matters here, but it explains my short account history
I did a bunch of soft pulls. Lending Point straight up said no. Lending Club said I need a coborrower (my mom has agreed to be that if needed). I checked SoFi, Prosper, and a few others, some a little shady than the rest. My brother is in the military and has Fed Navy.
BUT I want to know my chances without a coborrower, or just in general. I need a real adult who actually knows about this stuff just to level with me and advise me what the likelihood is of me getting a loan given my scores and history, or if I should just kick rocks and find another option. Please help because I feel like I'm just walking in the dark here.
Welcome to MyFico 🙂, and congratulations on recovering your scores. With that, I would think you have a good chance of getting a PL going with the tradional bank or credit union. You mention your brother is military, so you should qualify as a family member to open a bank account and further investigate the loan products with Navy Federal. PenFed is another good option to begin a banking relationship. You can look on the PenFed site and play with their calculator to see how your numbers would turn out based on key factors. Some of these newer financial institutions, i.e. Lending Tree, SoFi, Upstart, etc. will show up as Consumer Finance Account and may reflect negatively on your credit reports, thus your FICO scores could suffer for several years. There are some post here you can search for that talk about how CFAs have negatively impacted fico scores. Congratulations again on your scores, best of luck with your decision 👍🏽
@Bunny01 wrote:Hi. I'm looking to get a personal loan for $6-8k for a medical issue I'm having. I know there are a lot of options out there, but I'd like to get some insight into personal loans. These are my scores after two months of getting them up from 615:
Experian: 746
Transunion: 741
Equifax: 734
Other stats:
* Account age is 4 years 10 months
* 2 delinquiencies on Chase card from two years ago
* Two credit cards (Chase and Discover)
* 6 inquiries from 2020 because I was an idiot 20 year old who didn't even know what inquiries were when I applied for a ton of credit cards
* Income is around $45,000
* Other debt is $8000 on my car
* No student loans
* I don't pay rent
* I'm 22. Not sure if that matters here, but it explains my short account history
I did a bunch of soft pulls. Lending Point straight up said no. Lending Club said I need a coborrower (my mom has agreed to be that if needed). I checked SoFi, Prosper, and a few others, some a little shady than the rest. My brother is in the military and has Fed Navy.
BUT I want to know my chances without a coborrower, or just in general. I need a real adult who actually knows about this stuff just to level with me and advise me what the likelihood is of me getting a loan given my scores and history, or if I should just kick rocks and find another option. Please help because I feel like I'm just walking in the dark here.
If I were you I wouldn't go the loan route, I would get a credit card with a 0% promo rate.
It doesn't seem like you should have any issue getting a PL of some kind. I'm honestly shocked you were declined or asked for a co-borrower with those scores and that profile. I guess it must be the two delinquencies and low number of accounts? Perhaps the 6 inquiries factored in as well.
