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Personal Loan / Bad Credit / Co-Signer /

New Member

Personal Loan / Bad Credit / Co-Signer /

I have a FICO score around 550 (bad, I know--Trying to improve) 


I am in need of a personal loan (around $3500) to pay off ALL of my judgments (two) and collections, and also for vehicle repairs.  My mom is willing to co-sign, and I am willing to offer my vehicle (paid off obviously) as collateral, and she is even willing to offer her vehicle.  


Is this possible, or will I automatically be denied based on my collections/judgments?  I really don't want to apply, and have my scores be lowered just to be declined. 


If this IS possible, does anyone have any suggestions of what banks/companies I should consider?


Thanks so much!!

Message 1 of 7
Community Leader
Legendary Contributor

Re: Personal Loan / Bad Credit / Co-Signer /

A lot depends on mom's credit rating.  If she co-signs, that makes her liable for payment should the loan go into default.

It wont be a contract for which only you are liable, so they will also pull and consider her CR and score.

Loans like this are best secured if you have a lendor who is willing to sit down and talk with you, face-to-face.  Do you have membership with a credit union?

That is where I would first turn.

Message 2 of 7
New Member

Re: Personal Loan / Bad Credit / Co-Signer /

I unfortunately don't belong to a credit union. I would consider the co-signer's credit as "good" My dads on the other hand is EXCELLENT! I don't know if he would be willing to co-sign though. 

Message 3 of 7
Epic Contributor

Re: Personal Loan / Bad Credit / Co-Signer /

Either find a CU or maybe try USBANK, you can apply as joint, put your mom as primary and you as secondary on the application.

Message 4 of 7
New Member

Re: Personal Loan / Bad Credit / Co-Signer /

Thanks for the tip creditaddict. But since I make more than my mom (she works less than part time) Should I really put her as the primary?


There isn't a US Bank near me (closest one is about 2.5 hours away) should I still apply with th em online?

Message 5 of 7
Moderator Emeritus

Re: Personal Loan / Bad Credit / Co-Signer /

Know, OP, that paying off any judgments or CAs (without a PFD), won't help your FICO scores any. However, there are steps you can take to get them off (e.g. PFDs for the CAs).

Message 6 of 7
New Visitor

Re: Personal Loan / Bad Credit / Co-Signer /

Good afternoon everybody, I am in desperate need of a loan for $1000 to pay off bills & rent before I get evicted from my apartment. I have bad credit & tried desperately to find a loan. Is there anything that I can do? I do not want my kids and I to be on the street. Does anyone anybody that knows what I can do. I was thinking of even maybe asking any church in my area fir help but don't know if that is possible! PLEASE PLEASE HELP!!!!!
Message 7 of 7