Question about getting a personal loan?
Jennifer K asked:
I am in a pretty bad credit situation. I got an auto loan 3 years ago with the help of a cosigner. I have made every payment on time. Now my loan is up and I would like to get a personal loan of 5,000 dollars. I still have the same things on my credit report as 3 years ago. Do you think the bank would give me a loan without a cosigner? Even though I have bad credit wouldn’t I be considered credit worthy with them? Thanks for any help.
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I am in a pretty bad credit situation. I got an auto loan 3 years ago with the help of a cosigner. I have made every payment on time. Now my loan is up and I would like to get a personal loan of 5,000 dollars. I still have the same things on my credit report as 3 years ago. Do you think the bank would give me a loan without a cosigner? Even though I have bad credit wouldn’t I be considered credit worthy with them? Thanks for any help.
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Tags: 3 Years, Cosigner, Credit Report
March 19th, 2009 at 5:39 am
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well, if you paid all your other bills on time in addition to the car loan, your credit score should have increased. Only way to find out is try
March 20th, 2009 at 5:50 am
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If you still owe overdue accounts,probably not…or if judgements are still unpaid…but otherwise,you made a significant start to repairing,and should be getting offers from credit cards soon…shop around,stay away from capitol one and citibank,see if bank of america or someone reputable will work with you…
March 23rd, 2009 at 12:04 am
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what is bad on your credit report? If lets say you owe Cingular $500.00, as well as other “lines of credit”, you may be out of luck. However, by being on the loan that you paid off will establish your credit and since you have not been late that will be taken into consideration as far as your credit scores go. I would suggest you just go and apply-Carmax will let you apply for credit before you look at a car, and see if you qualify. I am a mortgage professional, so the credit guidelines that I follow are much more strict than a car dealership’s requirements. I DO NOT suggest pulling your own credit report online, that inquiry will count against your score when the dealership repulls your credit.
March 24th, 2009 at 10:16 am
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People with poor credit feel that it is difficult to get personal loans. However, there are many financial companies and banks that provide loans to bad credit applicants. Bad credit personal loans are generally soughtThe interest rates on secured loans are lower than unsecured loans. However, there is always the risk of losing your house or property if the loan is not repaid.
March 27th, 2009 at 8:06 pm
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There are plenty of places that offer loans for people with bad credit with no-hassle applications and easy requirements.
Some of these lenders even offer 1 minute approvals, and have both secured and unsecured loans, depending on your need and situation. Check the page listed below, it has information and bad credit lenders listed off and on.
March 29th, 2009 at 11:14 pm
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Your credit score SHOULD have gone up.. you can do a free check at
Alternativley, there is a review site which seems pretty good