I posted something about this in the bankruptcy section, but I wanted to share it here as well, since I am sure many of you might be in a similar situation or possibly seeking an unsecured loan of some sort. In Aug 2013, our chapter 7 bk was discharged. Since then, we have worked really hard to rebuild our credit and both my husband and my credit scores are now in the high 600's to low 700's, depending on the bureau. We decided to see if we could get approved for a swimming pool loan and applied online with one of the largest pool loan companies around. To our surprise, we were approved for an unsecured home improvement loan of $30k for a term of 10 years! We just signed the final docs on Tuesday, and they released 30% of the funds to the pool builder today so they can start the excavation! We are so excited!
I asked what our Transunion credit scores were and they told me 678 for me and 692 for my husband. Transunion is our lowest scores now because we recently bought a new car and they KILLED us with inquiries, 11 to be exact, and we have a new loan and credit card on TU, so our score suffered a little.
We really feel this is amazing since it has just been 2 1/2 years since our bk was discharged. We are just elated. Our interest rate is 17.99% and we understand that is really high, but we are planning to bring the effective interest rate way down and pay the loan off within 18 months by sending $1500 monthly payments, until it is paid in full.
I never dreamed we would be approved so I am so happy we applied. I thought I would share this, in case someone might be in need of a home improvement loan. My husband is still on title for the house, which was discharged in the BK, so even though we don't have a mortgage, we are still considered home owners but we have zero equity in our home, so it was a completely unsecured loan. In fact, the mortgage was discharged in our bk but we are about broke even, so we are continuing to pay the mortgage and will eventually pay it off, since we were blessed enough to get the HAMP modification a few years ago and our interest is now only 2% fixed for the life of the loan. We had a 2nd mtg., but after the house was discharged in the bk, we negotiated a $1,000 settlement with Ocwen and they completely deleted/cancelled the $25k, 2nd mortgage we had with them and released the lein on the title, so now we have only a 1st mortgage at 2% fixed. We owe just about what the house is worth, we might have $5k in equity but that is about it.
If anyone wants to know the name of the loan company we used, please message me. I am not sure if we can post it on the forums or I would just post it here. They do all types of loans, home improvement, etc. and work with all types of credit.
Chap 7 BK Discharge Aug 2013 (Initial CL/Current CL): Discover IT ($5.5K/$32.5K) Cap1 QS ($500/$30K) Amazon ($700/$8K) Barclay's MC ($1,300/$10.3K) Upromise ($500/$33K) Lowe's ($900/$13K) Sportsman's Visa ($17K) WF Amex ($13K) AMEX BCE ($10K) AMEX Gold NPSL - FICO's: All 740+
