So i applied for a 15,500 loan and they said all they could do for me was 12,000 WITH a cosigner-My credit is bad from a year ago, but i payed it all of a year ago, so I have NO DEBT, and im in the military-Should I give up? Or should I keep looking? Do you think i can get the 15,500? I can have a cosigner if needed, but if all I am gonna get 12,000 im gonna stop trying
2006-07-18 00:47:56 · 10 answers · asked by jenniferbrr 2 in Cars & Transportation ➔ Buying & Selling
Ask a frend.
2006-07-18 00:50:49 · answer #1 · answered by Texas Cowboy 7 · 0⤊ 0⤋
Your credit record stays with you for a long time. You don't say why you want the loan. Maybe you can do without the money. If you are in the military, you are probably not making much money. Have you figured out how much you would have to pay, including interest, and how long it would take.
If you have a bad credit history, who would co-sign for you? If you find a co-signer, that person would have to have some collateral.
If you got a loan at the rate of 10% for 15 years, you would have to pay $163 per month for 180 months, or $29,340, almost double the amount you borrowed.
Think about not borrowing the money.
2006-07-18 00:59:01 · answer #2 · answered by regerugged 7 · 0⤊ 0⤋
Some of the bad credit issues will linger on your credit report for years. It's possible to call your creditors and have some of it removed, but that takes awhile. For now, you can get the full amount you need with your cosigner, as long as your cosigner has a decent credit history. Good luck!
2006-07-18 00:53:35 · answer #3 · answered by lotsayorks 4 · 0⤊ 0⤋
They are probably looking at your debt to income ratio. Unless you can show more income on your part, then you probably wont be able to borrow additional money. Of course if you offer more collateral you might get a bigger loan. Did you try Military Bank through Bank of America?
2006-07-18 01:49:52 · answer #4 · answered by Beauty2020 2 · 0⤊ 0⤋
Try different banks, every financial institutions has different levels of approving credit or credit limits.
This is the reason one bank issues a credit card of $500.00 and another bank will issue a credit card with $1500.00 credit.
Also what helps is, automatic or electronic payments. If the bank is gaurenteed payments, usually your chances of getting what you want approved is higher. Good luck.
2006-07-18 00:54:55 · answer #5 · answered by awesomefb 7 · 0⤊ 0⤋
I would keep looking. If they were willing to give you part then you stand a chance of getting the whole amount. I would start a little higher in case they are trying to give you a certain percentage of what you are asking for.
2006-07-18 00:50:07 · answer #6 · answered by nastaany1 7 · 0⤊ 0⤋
If the CO signers credit is perfect you can get whatever amount of loan you want. So make sure that you have a reliable co signer. Good luck.
2006-07-18 00:50:11 · answer #7 · answered by Michelle K 2 · 0⤊ 0⤋
I'm supposing you need it to buy a car? Why spend so much on a car anyway? Be the day I spend 15 grand on a car!
2006-07-18 02:53:57 · answer #8 · answered by Anonymous · 0⤊ 0⤋
take the 12 and apply for another loan somewhere else for 3,500
2006-07-18 00:54:39 · answer #9 · answered by fishfly_73 2 · 0⤊ 0⤋
go to a credit union they seem to have helped a bunch of miltiary folks where i come from
2006-07-18 00:52:16 · answer #10 · answered by futurehero5200 5 · 0⤊ 0⤋