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    Personal Loan with Credit Score between 600-640?
    My credit scores vary between 600 and 640. I'm wanting to consolidate some of my bills and thinking about a personal loan. I had a bankruptcy approximatly 5 years ago and been on my job for 7 years. I have no collateral to put down. Is this a possibility or just wishful thinking? Anyone have any suggestions on where I should apply. I don't want alot of inquires added to my credit report, so I really only want to apply once or twice. I would like 5,000 but really need around 10,000. Any help would be appreciated.
    9 days ago 8 Answers

    Best Answer

    A bankruptcy stays on the report for 10 years after discharge. Even after only two years, you can get a home loan since you will be unable to file again for many years. If you feel that consolidation is your best option, and it may be if you are paying 19% on more on credit cards and have no home equity to tap (my first choice), ask your current bank what their rates would be. A personal loan would have a far higher interest than a new credit card with zero apr for a year, typically 13-15%. The credit card could pay off your other balances, but most charge 3% for each one. At a score of 640, you should have no problem getting a loan with a lower rate than a "cash now" lender could offer.
    a few seconds ago

    Other Answers

    • http://is.gd/personal4you

      by Annis - a day ago

    • Bad credit is one of the worst problems to have.

      by VAni - a day ago

    • Getting a personal loan with those credit scores will be a challenge, especially if you have no collateral to back up the loan. I assume that the "bills" you are talking about are standard credit card bills. These are essentially "signature loans" which is the kind of loan you're looking to obtain. Typically, the banks will not offer a signature loan to pay off other signature loans, even with higher credit scores, since you could accumulate more debt on the cards you'd be paying off. Most consolidation loans are home equity loans. A couple of options: Pay off your bills one at a time. If you have a few credit card balances, pay the minimum payment on all but the smallest balance. Then, take any additional money you have every month and apply it all to the smallest balance until its gone. DO NOT PUT ANY ADDITIONAL CHARGES ON THIS CARD. Then, continue to the next smallest balance etc until all the cards are paid off. If you don't have any additional money at the end of the month, you must do one of two things: reduce your monthly spending or get a second job to make more money (work OT, weekends etc). There is some good news. As long as you have not defaulted on any accounts since your bankruptcy and if you're paying your bills on time, in another two years the bankruptcy will "age out" of your credit report. (Most items on your credit report, good or bad, only appear on the report for 7 years after they were last reported to the credit agencies). When the bankruptcy is no longer on the report, your scores should climb back to 700 or more.

      by phil b - a day ago

    • If you have no collateral the best bet would be to go with your current bank. They will have record that you are paying your bills and also hold onto your checking account. Most will only give about a 5,000 cosolidation loan though.

      by joyceeleann - a day ago

    • try to get a personal loan... the bankruptcy will put you down for the rest of your life.. but, your job and being there for 7 years will help.. good luck

      by * JW - a day ago

    • If you plan to pay back the money , you can ask for a loan at Prosper. More information at http://www.acreditlibrary.com/prosper.html . You can also try your luck at online charities, people may send donations. More information at http://www.laodn.org/

      by chrisstophe1975 - a day ago

    • Credit repair implies rebuilding your good record. You get a small loan initially and as you make timely payments towards the debt, you are approved for bigger loans, directly related to your business growth. Certainly the lenders would like to know your plans for utilizing these funds and rectifying your old mistakes. This reassures them that their money is being spent wisely. For a bigger business, they might work closely with the organization supervising your actions regularly. What that means is that you are regulated and tested by a financially successful organization and you can learn from them.

      by Succes - a day ago

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