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!!
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.
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.
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.
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?
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).