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What are my odds of getting a personal loan?

Established Member

What are my odds of getting a personal loan?

In 2017 had medical issues for over a year and was unable to work and wracked up a ton of debt, a couple missed payments, and a couple collections. Recently, I've been working on paying everying thing off. Completely paid off one collections account annd settled another (my first collections involvement and I didnt realize that settling would keep it on my credit history).


Anyway, my Transunion/Equifax are about 665

Income 65k (will increase about 10k in approx 3 months)


My total CL between all my cards (4) is $8800 @ 77% utilization; all cards are 20% interest (amex delta sky miles, 2 citi TY preffered, and 1 Chase freedom card)

I have $15k left in student loans (with 2 missed payments) 

1 settled collections account $567 (and one completely deleted $4.4k)

And a chase car loan with $3,800 left of 20k original balance (no missed/late payments)

Average account age 5 years, 4 months


I'm in a much better financial place, I havent been using my credit cards and only using cash, live with my parents at the moment and am not paying rent.


What are my odds of getting a Personal Loan to consolidate my CC debt?


Looking to get something like $5-7k with lower interest rate than my credit cards... nothing stellar, I even think 16% interest would be acceptable without an origination fee. I would pay it off in under a year. What are my options?


Is taking out a new CC while paying off my CC debt worth it for a score boost pre-personal loan app? 




Valued Contributor

Re: What are my odds of getting a personal loan?

I think it's borderline and if you were approved, the rate wouldn't be that much different as you've noted.


While you're working on rebuilding, I honestly wouldn't burn the inquiry if you're going to pay this off in a year or less. 


A 4% savings on $7k is only $280. Just buckle down and pay everything off where it lies ASAP.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne/Apple Card - $139,100 total revolving, 21% utilization
3.25% mortgage July 2020, $20k used Auto Loan October 2020, $20k PenFed Personal Loan Dec 2020
687/683/673 EX/EQ/TU w/ 5/6/6 INQs as of Jan 2021
Spending 2021 in the Garden
Message 2 of 4
Established Member

Re: What are my odds of getting a personal loan?

I am in a similar spot. Fico score is a bit higher, overall utilization is way lower. no collections but i have a handfull of 30 lates. My income is  a little less but very similar.  I was looking for 10k to payoff a high interest personal loan i have. 

I tried all the pre-approval soft pull personal loan sites. Most would give me the pre approval at 15-17% I never actually applied with them though. 

I tried my local CU and was denied to to high debt to income ratio. They pulled Tu which was at 684 at the time. 

Judging by my  recent experience youre probably right on the bubble, id bet you could get approved but the rate wont be much if at all lower than your current 20%

If you truly plan to pay it off in a year i wouldnt even bother and just pay it as is 

Message 3 of 4
New Visitor

Re: What are my odds of getting a personal loan?

Yes, just what is said here. We did the same, paid everything off, it was hard for a while but it's worth it in the end. good luck! 

Message 4 of 4
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