Personal Loan Best Options

[Anonymous]

Hi Everyone, 

   I am trying to get a personal loan I am currently with Logix credit union, My scores across the board are all in the 630's I have 8 inquires on my Transunion and only 3 medical bills and one utility bill from 4 years ago. no late payments on my three credit cards, I have Discover with a limit of $600 secured and a Logix credit card with 500 CL and VS with $350 CL they were all opened in NOV 2018. All have zero balences besides discover has $52 balance, I think I pretty much summed up my whole credit history lol 

Looking for suggestions of places to get a personal loan and if I would even be accepted with my credit history and FICO scores. 

thanksss 

[Anonymous]

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@Anonymous wrote:

Hi Everyone, 

   I am trying to get a personal loan I am currently with Logix credit union, My scores across the board are all in the 630's I have 8 inquires on my Transunion and only 3 medical bills and one utility bill from 4 years ago. no late payments on my three credit cards, I have Discover with a limit of $600 secured and a Logix credit card with 500 CL and VS with $350 CL they were all opened in NOV 2018. All have zero balences besides discover has $52 balance, I think I pretty much summed up my whole credit history lol 

Looking for suggestions of places to get a personal loan and if I would even be accepted with my credit history and FICO scores. 

thanksss 

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There are many online prequalifiers that you could try that won't affect your scores.  I would try there first to see if you are offered anything.  You can google tons of places like Lending tree, Prosper, etc.

[SouthJamaica]

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@Anonymous wrote:

Hi Everyone, 

   I am trying to get a personal loan I am currently with Logix credit union, My scores across the board are all in the 630's I have 8 inquires on my Transunion and only 3 medical bills and one utility bill from 4 years ago. no late payments on my three credit cards, I have Discover with a limit of $600 secured and a Logix credit card with 500 CL and VS with $350 CL they were all opened in NOV 2018. All have zero balences besides discover has $52 balance, I think I pretty much summed up my whole credit history lol 

Looking for suggestions of places to get a personal loan and if I would even be accepted with my credit history and FICO scores. 

thanksss 

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I would try to stick with the credit union. If not that one, then another. That way your loan wouldn't get tagged as a "consumer finance account". And your rates would probably be lower.

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

Hi Everyone, 

   I am trying to get a personal loan I am currently with Logix credit union, My scores across the board are all in the 630's I have 8 inquires on my Transunion and only 3 medical bills and one utility bill from 4 years ago. no late payments on my three credit cards, I have Discover with a limit of $600 secured and a Logix credit card with 500 CL and VS with $350 CL they were all opened in NOV 2018. All have zero balences besides discover has $52 balance, I think I pretty much summed up my whole credit history lol 

Looking for suggestions of places to get a personal loan and if I would even be accepted with my credit history and FICO scores. 

thanksss 

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I would try to stick with the credit union. If not that one, then another. That way your loan wouldn't get tagged as a "consumer finance account". And your rates would probably be lower.

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I certainly agree with your advice.  However with the OP's stated profile, I forsee problems obtaining a loan in the first place.  The SP would allow you to explore options.  I know there is the recent CFA thread and how it may potentially affect your scores but I believe the impact is extremely minimal due to my personal experience. 

I'm still paying on a CFA and you see my F8s in my sig and my F9s are 835-844.  If I would stop applying for credit, I do believe my scores across the board would be perfect even in the presence of a CFA.  My AoYA is 1 month.  If I am wrong, I have posted that 760 is good enough to get the top rates nearly anywhere.  I wouldn't lose sleep over only being able to get to 845 because I have a CFA.

[Anonymous]

Sorry, Kind of new to this lol what is a CFA?

[CGeorge]

CFA = Consumer Finance Account

[Anonymous]

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@Anonymous wrote:

Sorry, Kind of new to this lol what is a CFA?

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Consumer Finance Account.  Sorry Sadie...I didn't want to derail your thread by continuing a conversation from another thread.  SJ's advice is solid.  However it costs you 0 score damage to test the online prequals.  I'm sure others will chime in with advice.

[CreditInspired]

Hi and welcome @Sadie2019

My concerns are that your file is thin, young history, and low CLs. I agree that the best route would be through a CU. However, also note that getting approved and getting the amount you want depend on your income and DTI. 

[Anonymous]

Just wanted to add another idea, I also have a fairly thin file and have been successfully rebuilding for the past year or so. In september of last year I joined NFCU but wasn't able to get approved for a credit card with them due to limited history. I set up a $300 secured loan with them and paid it off over the next 4 months. Once that was paid off I tried to apply for a credit card again with them and they still denied for the same reason, however they did approve me for a $12k personal loan. Still odd to me that they wouldn't approve me for even a low starting limit card but instantly approved a $12k loan. 

[Anonymous]

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@Anonymous wrote:

Just wanted to add another idea, I also have a fairly thin file and have been successfully rebuilding for the past year or so. In september of last year I joined NFCU but wasn't able to get approved for a credit card with them due to limited history. I set up a $300 secured loan with them and paid it off over the next 4 months. Once that was paid off I tried to apply for a credit card again with them and they still denied for the same reason, however they did approve me for a $12k personal loan. Still odd to me that they wouldn't approve me for even a low starting limit card but instantly approved a $12k loan. 

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Maze, 

That is oddly weird but if you don't mind me asking what was your FICO scores at the time you applied for the personal loan? also is NFCU the Navy Federal? if so do you want to be my cousin so I can join the NFCU just joking lol but I have no ties what so ever to the military :/