At least I think I am approved? I connected my bank account and all that jazz. It looks like I just have to see if investors are willing to fund my loan. Has anyone else gone through this process pretty painlessly?
And yes, the interest rate is HIGH HIGH. However, I'm hoping to building up a good profile here and possibly see if my local CU will beat their rate after 6 months or so. Anyone had luck with this as well? At least it's not OneMain Financial lol.
Data Points: FICOS are 680-700 across the board. VantageScore (if you're into that) are about 708 across the board. They pulled TU which is 680 FICO8 and 702 VantageScore (CK). My car loan(see signature) is still reporting, but I sold it and it will be reporting as PIF soon. Kinda surprised they gave me both, but I did pay it down from 16K to 8.5K. Util is pretty low across the board, maybe 10%. BK7 about 4.5 years ago.
Was previously denied Prosper about a year ago. What I think helped: Definitely the Auto loan and sitting in the garden(somewhat). Scores were boosted from 650 to the now 700 as well (even though prosper will take you at 640ish).
@Anonymous I would just be careful getting stuck with the loan longer than you hope. A new loan account might prevent you from getting another loan for 12 months. Most lenders will run the DTI calculation factoring in payments on both loans, not factoring in that the new loan will be a replacement for the first. This happened to me last year - I took a loan that was higher than what I wanted to be paying thinking I would refi in 3 or 6 months, but it took 12 months before anyone would give me a refi because of how recent the first loan was. And that was with very high income and scores and low DTI.
So make sure to have an exit strategy if step 2 doesn't pan out as planned.
Have you tried Upgrade? My scores and situation are somewhat similar and I was approved for $17k at a decent rate. Also, it turned into a preapproval for a $5k visa sig from them as well.
I concur with @audioman00. Make sure that you have a back-up plan in the event your Plan A doesn't work. A few years ago, my last dog needed emergency surgery and I put the significant cost on my CC. He, unfortunately, didn't survive and I was just left with this huge debt. At that time, I always PIF'd, so I began to look for a CC that I could transfer the balance to. I was on these boards regularly then, so I knew about Barclay and I app'd. I managed to do the balance transfer and pay off the transfer without incurring any fees or interests. Recently, I incurred some investment related debt, and I assumed that when things calmed down with my life and my family, that I would simply repeat what I had done previously. Unfortunately for me, things have changed significantly in the CC world. Barclay no longer does fee free balance transfers and most CUs either offer a period of 0% APR or $0 fee, but not both. So now I have to research my Plan B.
Good luck OP!
