How does one get a personal loan, if they just bought a house less then a month ago?
ltllady08 asked:
My cousin and her husband bought a house a month ago. Last week her car died (it would have cost more to fix then what it was worth) so she ened up buying another car. With this all happening to her and her spouse, they will need to make her first mortgage payment due in October. She is looking to get a personal loan ( about $2000) to clear up some small money issues that arrived. Her credit score was at 655 and her husband’s is 559 last time I spoke with her. What are their chances of getting some type of help?
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My cousin and her husband bought a house a month ago. Last week her car died (it would have cost more to fix then what it was worth) so she ened up buying another car. With this all happening to her and her spouse, they will need to make her first mortgage payment due in October. She is looking to get a personal loan ( about $2000) to clear up some small money issues that arrived. Her credit score was at 655 and her husband’s is 559 last time I spoke with her. What are their chances of getting some type of help?
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Tags: Cousin, Credit Score, Money Issues
March 2nd, 2009 at 1:50 pm
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banks have their own credit scoring system and i think hers is right around the lowest they accept. having just bought a house im not sure what their chances are and it also depends on how many revolving/instalment accounts you have open and how many times youve applied for credit recently, bankruptcy, delinquent accounts etc….. but its very easy to go to the bank and apply. tell them to try it
March 3rd, 2009 at 9:36 pm
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She could get a home equity loan. If I were her though I would apply without the husband. His credit score is going to have the bankers running.
March 5th, 2009 at 12:46 am
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maybe it would be better for them if they borrowed money from relatives. no interest that way.
March 7th, 2009 at 1:49 pm
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Her house shouldn’t show up on her credit report yet. … they have to make a payment for it to be on there, for the most part. (Some exceptions– have her pull her report.)
She could also try Amercan General @
March 8th, 2009 at 7:19 pm
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they should be able to get a loan.
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March 9th, 2009 at 11:31 am
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If she can get a home equity loan, that would be the best route, but they do take a couple of weeks to complete.
Most banks will not do personal loans that are unsecured. Unless she outright owns the car, and it worth more than what she wants to borrow, then it will have to be unsecured. A personal loan will have to be done through a financial company such as CitiFinancial, Wells Fargo, etc. But the interest rates are around 19.99% no matter how good the credit score is. And they are front loaded with interest.