Chances of getting approved?

Anonymous · ‎12-13-2015

Trying to get a medical loan for a procedure.... United Medical Credit said they work with bad credit and credit 600 and up.

As of right now. My credit is a 580.... but within the next 3 months or so I'm sure it will be a little over 600, and counting.

I just paid off enhanced recovery $600 that will fall off in 30 days per Collection agency and sprint themselves told me they will delete it.

Now All I have is about 3 medical bills all under $200 and I don't even think they are worth paying because they're old and will fall off soon.

I have 2 credit cards both $300.00 limit... (First premier card: 1 year 3 months; on time payments and my balance is really low - Capital One: 4 month; on time payments and my balance is 0 for this month, will use for gas and food later).

I'm thinking of getting a car loan next week... just to add to my credit building journey. But don't know if I should just buy a use car and wait til next summer to get a car loan?

Anyhow, what are my chances of getting approved for this medical line of credit? The procedure is $4,000.00.

Bankrupt2019 · ‎12-13-2015

@Anonymous wrote:
Trying to get a medical loan for a procedure.... United Medical Credit said they work with bad credit and credit 600 and up.

As of right now. My credit is a 580.... but within the next 3 months or so I'm sure it will be a little over 600, and counting.

I just paid off enhanced recovery $600 that will fall off in 30 days per Collection agency and sprint themselves told me they will delete it.

Now All I have is about 3 medical bills all under $200 and I don't even think they are worth paying because they're old and will fall off soon.

I have 2 credit cards both $300.00 limit... (First premier card: 1 year 3 months; on time payments and my balance is really low - Capital One: 4 month; on time payments and my balance is 0 for this month, will use for gas and food later).

I'm thinking of getting a car loan next week... just to add to my credit building journey. But don't know if I should just buy a use car and wait til next summer to get a car loan?

Anyhow, what are my chances of getting approved for this medical line of credit? The procedure is $4,000.00.

I would suggest at those scores you just save your money for the procedure and then take out a secured credit builder loan for your "procedure" unless of course its life or death. With your low scores I'm sure if approved, the interest rate for such a loan would be quite high.

xosamandaxo · ‎12-15-2015

Is this medical loan for something cosmetic or what? Why not try to get health insurance through the affordable care act instead? if this isn't an urgent issue, maybe push back the procedure until you're in safer scores. the interest rate is probably very high

Gunnar419 · ‎12-15-2015

I agree with the two above. If the procedure is elective, save your money to get it done.

You are talking about getting both a medical loan and an auto loan while you have poor credit and unaddressed issues.Since we don't fully know your financial position, that may not be as bad as it sounds, but it does hint as unresolved issues in your relationship to credit, money, and financial planning.

I agree you probably don't need to pay the old med bills if they're about to fall off. It does appear, though, that you might end up headed for more trouble later.

Anonymous · ‎12-15-2015

@Anonymous wrote:
Trying to get a medical loan for a procedure.... United Medical Credit said they work with bad credit and credit 600 and up.

As of right now. My credit is a 580.... but within the next 3 months or so I'm sure it will be a little over 600, and counting.

I just paid off enhanced recovery $600 that will fall off in 30 days per Collection agency and sprint themselves told me they will delete it.

Now All I have is about 3 medical bills all under $200 and I don't even think they are worth paying because they're old and will fall off soon.

I have 2 credit cards both $300.00 limit... (First premier card: 1 year 3 months; on time payments and my balance is really low - Capital One: 4 month; on time payments and my balance is 0 for this month, will use for gas and food later).

I'm thinking of getting a car loan next week... just to add to my credit building journey. But don't know if I should just buy a use car and wait til next summer to get a car loan?

Anyhow, what are my chances of getting approved for this medical line of credit? The procedure is $4,000.00.

Worst possible reason to get an auto loan. If you need to add an installment loan for credit mix,just open an account with SDFCU and get a small secured loan with them. They will go as litle as $250 and the interest rate will be about 3%.

Anonymous · ‎12-28-2015

Don't you have to be in the military to be eligible for SDFCU loan?

Anonymous · ‎12-28-2015

@Anonymous wrote:
Don't you have to be in the military to be eligible for SDFCU loan?

There are many ways to qualify, but the easiest is to join the American Consumer Council.