will I be approved?

[Anonymous]

I'm looking to get a $3000 loan from my credit union to pay down my credit cards. 

I just got finished paying off a $500 loan with my credit union which was originally a 8 month term... but I paid it off this month, so it took me 6 months to pay it off. 

I applied for another loan yesterday and the loan officer will get back with me tomorrow. I'm anxious to know if I'll be approved?

I have no lates, no collections on my credit report. Current score is a 651 with experian and my credit union pulls from experian.

Do you all think I'll get it?

[Anonymous]

You already demonstrated your ability handle a small loan responsibly so your chances are definitely helped by that but nobody can say for sure since we aren't the ones reviewing the application.

[pinkandgrey]

There's no way of knowing for sure. The CU could look at it in a couple different ways. 1. You've proven yourself to be responsible in the past, or 2. You just paid off a loan, so why are you getting another one right away?

I would think that Saeren is right, and your past responsibility will help you immensely. Try to talk to someone at the CU about it. Mention that you've been a good customer. 

Good luck! 

[CreditInspired]

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@Anonymous wrote:

I'm looking to get a $3000 loan from my credit union to pay down my credit cards. 

I just got finished paying off a $500 loan with my credit union which was originally a 8 month term... but I paid it off this month, so it took me 6 months to pay it off. 

I applied for another loan yesterday and the loan officer will get back with me tomorrow. I'm anxious to know if I'll be approved?

I have no lates, no collections on my credit report. Current score is a 651 with experian and my credit union pulls from experian.

Do you all think I'll get it?

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Kudos to you for paying off your prior loan early. I agee with Saeren and PinkandGrey that you have shown responsible behavior and that definitely counts. However, there are other variables that are taken into consideration when looking at a loan, especially one that's 6 times higher than the previous one. So, can you provide some additional information: DTI, UT, AAOA and AoYA? Also, you say you have no baddies, so what is keeping your score depressed?