approved by one main - any other options?

[jg1983]

I was finally approved by one main for a personal loan I need to fix my car. After months of being denied by everyone and building my credit they finally approved me for $6000. But it's 30% interest.

I have a checking account with DCU along with a car loan and a $1000 credit card. I tried them again today and they denied me. They said the reason was because I have a credit card and they don't want to give me another unsecured account at this time. I also have a $1600 credit card with NFCU. I am wondering if I should give them a try since they seem more generous with credit. Is it easier to get a personal loan or CLOC from them?

Do I have any other options besides one main? I was also approved by Iloan for $3000 with lower interest but that wont cover the cost of the repairs. I have also read a loan through one main can hurt my credit even if I pay on time. Is this true?

I can deal with the high interest as my wife has a good paying job lined up so we can pay it off early. We just need the car fixed so she can get to work. I don't want to do anything that will hurt my credit long term though because we want to buy a house eventually. I did the math and over 4 years we will pay $10000 for a $6000 loan so I would pay it off way early for sure (maybe $500 - $1000 a month).

My Credit:

FICOs:
Ex 657
Eq 641
TU 647

Accounts:
Car loan $14k opened 12/2015
DCU card $1000 opened 12/2016
NFCU card $1600 opened 12/2016
Amazon store card $800 opened 3/2017 just reported
Capital One card $300 opened 3/2017 not reporting yet
Chase Amazon Prime card $500 opened 3/2017 not reporting yet

Negatives:
One 30 day late payment on car loan 9 months ago

[jg1983]

By the way my credit card utilization is 23%.

[Anonymous]

I would suggest NFCU CLOC.

[MauiMan85297]

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@Anonymous wrote:

I would suggest NFCU CLOC.

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+1

[jg1983]

Does it make a difference if I apply online or over the phone? What are the advantage/disadvantages to a CLOC vs a personal loan?

[Anonymous]

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@jg1983 wrote:
I was finally approved by one main for a personal loan I need to fix my car. After months of being denied by everyone and building my credit they finally approved me for $6000. But it's 30% interest.

I have a checking account with DCU along with a car loan and a $1000 credit card. I tried them again today and they denied me. They said the reason was because I have a credit card and they don't want to give me another unsecured account at this time. I also have a $1600 credit card with NFCU. I am wondering if I should give them a try since they seem more generous with credit. Is it easier to get a personal loan or CLOC from them?

Do I have any other options besides one main? I was also approved by Iloan for $3000 with lower interest but that wont cover the cost of the repairs. I have also read a loan through one main can hurt my credit even if I pay on time. Is this true?

I can deal with the high interest as my wife has a good paying job lined up so we can pay it off early. We just need the car fixed so she can get to work. I don't want to do anything that will hurt my credit long term though because we want to buy a house eventually. I did the math and over 4 years we will pay $10000 for a $6000 loan so I would pay it off way early for sure (maybe $500 - $1000 a month).

My Credit:

FICOs:
Ex 657
Eq 641
TU 647

Accounts:
Car loan $14k opened 12/2015
DCU card $1000 opened 12/2016
NFCU card $1600 opened 12/2016
Amazon store card $800 opened 3/2017 just reported
Capital One card $300 opened 3/2017 not reporting yet
Chase Amazon Prime card $500 opened 3/2017 not reporting yet

Negatives:
One 30 day late payment on car loan 9 months ago

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Please Please try NFCU CLOC and DO NOT TAKE A 30% loan!!  Remember that NFCU will not counter offer and will simply deny if you request too much. Go for no more than what you need.

[jg1983]

I have a $475 balance on my NFCU card. Would it help if I could pay that down $100 or so before I apply for the CLOC even though it won't report to my credit until next month?

[Anonymous]

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@jg1983 wrote:
I have a $475 balance on my NFCU card. Would it help if I could pay that down $100 or so before I apply for the CLOC even though it won't report to my credit until next month?

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I'm guessing they wouldn't look at one particular account but would look at the overall picture.  Your chances are good.  Can you go into a branch and apply? I've always had better luck when I apply in person. 

[Anonymous]

I am new to NFCU but from what I hear, no that wont matter.

[jg1983]

I tried for a $5000 CLOC back in January and was denied but my Eq score was somewhere around 620 or lower. Also I have made a couple payments on my credit cards. Don't know if it will be enough to get me approved this time. I have come a long way over the last year getting rid of negatives and getting my score up but my inquiries are high and there is nothing I can do about that. Most of them are when I was trying to get a car loan and didn't know better. One dealership is responsible for about 10 inquiries. Most are over a year old though.