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Personal Loan question
Posted on 7/19/11 at 4:01 pm
Posted on 7/19/11 at 4:01 pm
Me and the wife are looking to take out a personal loan (around 5k) for some unexpected upcoming expenses. I really hate to borrow money, but I don't want to deplete my saves to bad, and we can afford to pay the loan off pretty quickly. Are banks pretty hesitant to give these types of loans? We both have outstanding credit.
3
Posted on 7/19/11 at 4:04 pm to Glock17
If you have outstanding credit like you say, it won't be a problem. Then again, outstanding to me is somewhere over 840+. I am in the 820s.
Posted on 7/19/11 at 4:06 pm to FunkyTiger
quote:
If you have outstanding credit like you say, it won't be a problem. Then again, outstanding to me is somewhere over 840+. I am in the 820s.
Oh really?
Posted on 7/19/11 at 4:07 pm to FunkyTiger
quote:
Then again, outstanding to me is somewhere over 840+.
Mine and the wife's is both mid 700's
This post was edited on 7/19/11 at 4:18 pm
Posted on 7/19/11 at 4:16 pm to Glock17
Had to check and make sure I wasn't on the OT.
Posted on 7/19/11 at 4:21 pm to LSUAfro
quote:
Had to check and make sure I wasn't on the OT.
Really? So my score can't be in the 820s? I just had it checked less than 1 month ago because I was purchasing a second house. 823 or 824, I can't remember exactly. Paying your bills on time for a long time make it go up.
I bet Russian's is higher than mine, or somewhere in that ballpark.
This post was edited on 7/19/11 at 4:24 pm
Posted on 7/19/11 at 4:29 pm to FunkyTiger
quote:
Really? So my score can't be in the 820s? I just had it checked less than 1 month ago because I was purchasing a second house. 823 or 824, I can't remember exactly. Paying your bills on time for a long time make it go up.
nah. I'm sure you're telling the truth. I believe everybody on the Internet. Posted on 7/19/11 at 4:30 pm to Glock17
quote:
Mine and the wife's is both mid 700's
No offense, but this is not considered outstanding, just good. FWIW, mine is in tht range as well. (I'm young)
You should be able to qualify for a 0% balance transfer/Introductory rate on purchases for 12 months or something along those lines. I would suggest that route. Especially since you say you have the savings to pay it off in need be.
Posted on 7/19/11 at 4:34 pm to FunkyTiger
quote:
Paying your bills on time for a long time make it go up.
Yeah to a certain extent. 820+ means you borrow too much goddamn money. In my opinion of course
Posted on 7/19/11 at 4:38 pm to FunkyTiger
quote:
Really? So my score can't be in the 820s?
It's not that, you just sounded like a prick when you said it. To the OP, you shouldn't have any issues getting a personal loan with those scores.
Posted on 7/19/11 at 4:38 pm to Glock17
401k loan would be ideal here.
Posted on 7/19/11 at 4:40 pm to Golfer
quote:
401k loan would be ideal here.
Unfortunately I don't have a 401K
Posted on 7/19/11 at 5:02 pm to Glock17
If you have a history with the bank, they'll be more likely to let you borrow the money.
If you don't want the rate to be too high, I suggest using your savings as collateral. That should bring the interest rate down quite a bit.
If you don't want the rate to be too high, I suggest using your savings as collateral. That should bring the interest rate down quite a bit.
Posted on 7/19/11 at 5:02 pm to Vrai
quote:
It's not that, you just sounded like a prick when you said it. To the OP, you shouldn't have any issues getting a personal loan with those scores.
"I mean being rich would be like making 5 million a year, I mean I only make 4, but that's what rich means to me"
Posted on 7/20/11 at 4:35 am to Glock17
How fast can you pay off the loan?
I mean if we are talking 6 to 12 months , why not just pick up a new credit card with 0% apr and charge your expenses to that and pay it off before the high interest hits? You'd also get some cash back if done correctly. Some people are scared of CCs though I suppose. And it is a risk if you can't pay it off before the high interest hits.
I mean if we are talking 6 to 12 months , why not just pick up a new credit card with 0% apr and charge your expenses to that and pay it off before the high interest hits? You'd also get some cash back if done correctly. Some people are scared of CCs though I suppose. And it is a risk if you can't pay it off before the high interest hits.
Posted on 7/20/11 at 8:06 am to Glock17
quote:
Mine and the wife's is both mid 700's
You should be able to get one with scores in this range. I've gotten a couple with credit scores in this range myself.
Signature loans (as they are sometimes called) charge higher interest than any secured loan, but are still lower than credit card interest rates.
Posted on 7/20/11 at 8:33 am to Quidam65
Thanks for the feedback... I applied though my bank, so hopefully I'll hear something pretty soon.
Posted on 7/20/11 at 8:34 pm to Glock17
840's???? lol; your an idiot. I've worked in the industry for 6 year's and anything over 800 is a "bullet"; I've seen countless credit reports. If you have mid 700's and your debt to income is straight then you won't have any problems.
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