Your score means nothing

[ando35]

I have a 705 score and I end up with 22% interest rates on a $3,500 personal loan from Marcus.

My util is so high, that is what they do by my 700 club score got me jack.

[Anonymous]

---

@ando35I have a 705 score and I end up with 22% interest rates on a $3,500 personal loan from Marcus.

My util is so high, that is what they do by my 700 club score got me jack.

---

Of course your score means something.  Do you think if you had an 805 score that you'd get that same 22% interest rate?  If not, it clearly means something.  You just said your utilization is "so high" which is a huge red flag in terms of risk.  Profile > Credit Score.  If there's something on your profile that a potential lender is uneasy about it will impact their lending decision. 

[Anonymous]

---

@ando35 wrote:

I have a 705 score and I end up with 22% interest rates on a $3,500 personal loan from Marcus.

My util is so high, that is what they do by my 700 club score got me jack.

---

The average FICO score in the U.S. is 704 so your score is just average.  And what about your other two scores?  Its likely they are lower than 705 or you would have stated them.  You also have a bankruptcy in your credit history; although it doesn't still appear on your credit report lenders keep records that allow them to see that information.  You present an increased default risk to lenders and they priced the loan accordingly.

[Anonymous]

Good response by BBS and Maize.  Also worth mentioning is that FICO score is only one of the three things a lender looks at when you ask to borrow.  They will look at:

(a)  Credit Score (including manual review of the report)

(b)  Existing Debt (CC debt, loans, etc.)

(c)  Income

A person can have (at the time applies for a new loan) an 800 credit score with zero income and a great deal of debt.  (E.g. a young person fresh out of grad school with 100k in student loans.)  Such a person might well be rejected outright or receive a very high interest rate.  B and C would overpower the significance of his score.

A fourth consideration (D) is whether you are offering collateral to secure the loan. 

[ando35]

Wow.

First of all, how do you know I have a BK? 

Secondly, I didn't know they kept the bankruptcy. How have I not heard that in the 11 years since I filed?

[ando35]

I see.

Well, I am receivieng a large amount of cash soon. I cannot WAIT to be free of these people.

[Anonymous]

---

@ando35 wrote:

Wow.

First of all, how do you know I have a BK? 

---

Maize is the resident posting history investigator.