So I just finished college and my credit is average. Its been pulled a few of times over the last couple of months as I've been applying for a small loan ($3000) to help build credit. I applied online at US Bank and was denied so I called in to apply with a representative who told me I would qualify no problem. I didn't. I'm not sure where to go to get a loan. Any ideas?
2006-08-15 08:17:07 · 6 answers · asked by MDHanner 1 in Business & Finance ➔ Credit
I have student loans that I'll start paying in a couple of months. I bank at US Bank so I thought that would be the most convenient route to get a loan. The loan is for a motorcycle. I can't afford to finance a car because of insurance rates, but motorcycle rates are much lower. I currently have 2 credit cards and 1 secured credit card. All of these have $0 balance
2006-08-15 08:40:46 · update #1
If the only reason you are applying for a loan is to build your credit, check with your bank or credit union about a smaller personal loan. It may be a good idea to open a separate savings account, and make "loan payments" in the form of deposits regularly for several months, and then the bank has a history of your regular deposits!
A bank that already knows you is more likely to approve a loan than one to whom you are unknown
2006-08-15 08:25:44 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
Your trying to build credit the wrong way. You won't get your first loan without collateral. Hence they won't give you cash without being able to take something away from you.
Buy a car you can afford and pay on time.
Don't you have student loans? Pay those timely also.
When you started college there were all those people at tables offering credit cards. There was the place to start. Just be careful not to overspend and pay timely.
Buy a house a.s.a.p.
Don't try to get the same type of loan you have just been denied for twice. Every time you apply for a loan they run your credit and that takes points away from your credit score. And if you didn't qualify at one bank you won't at another, believe me they want your money!
Oh, and check your credit report (annualcreditreport.com). It might have some fraudulent items on it. And keep an eye on it.
2006-08-15 08:28:30 · answer #2 · answered by trix 3 · 0⤊ 0⤋
The first thing I would do is to get your credit report. The US gov't passed a law more than a year ago allowing you to get it free once per year from each of the three agencies. That means you can get it free three times a year. Go to http://www.annualcreditreport.com/... authorized by the Fair and Accurate Credit Transactions Act (FACT Act).
Next, study it. You will see which entries are lowering your score. Too many inquiries from your credit applications will also lower your score.
In the meantime, you need some wheels. I did a little surfing on the Web for you, and did find a site that rates lenders for peeps like yourself that are being denied. Check it out at http://lendersrated.com/index.htm#car...
I hope this helps you.
Leafgreen
P.S. I see this question is a duplicate, so I'm putting my answer here too just in case you are only reading the answers to one or the other.
2006-08-15 19:13:52 · answer #3 · answered by PaymentKey.com 3 · 0⤊ 0⤋
I would recommend the back where your accounts are located...it is usually easier to get small loans that way....It could be that you don't have enough credit to get a loan on your own without a co-signer....my wife had that problem before we were married....she had good credit but didn't have very much of it. another way to build credit it so get a credit card....only put like 50 a month on it and pay the balance of every month...this is a little dangerous though because you can't get carried away and max the thing out...then you could be paying on it forever...only what you can afford to pay off every month....hope this helps
2006-08-15 08:26:15 · answer #4 · answered by yetti 5 · 0⤊ 0⤋
The very own loan enterprise decide on their money-- which replaced into agreed on the time you have been everyday. If the non-public loan replaced into unsecured they won't be able to by utilising regulation take your domicile even nevertheless, if the worst happens and you do no longer discover earnings they could make you bankrupt meaning the appointed receiver will take your helpful sources(be it your domicile) wherein to pay your creditor. i'm no longer being humorous however the faster you get your self a job and get closer the money the faster you will get them off your case. in case you took ppp(cost protection) your individual loan would be paid be it the interest or in spite of replaced into contained in the settlement until eventually you locate yet another interest. If no ppp replaced into taken i advise a radical verify of the settlement and a visit tp the cab.
2016-09-29 07:30:47 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Ways to Consolidate Debt
http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html
Credit Card Debt Management
http://www.debt-explained.com/category/Credit-Card-Debt-Management.html
2006-08-17 01:58:40 · answer #6 · answered by answ er 1 · 0⤊ 0⤋
If you are trying to just build credit I would apply for a credit card and make sure you pay it off monthly - in a few months your credit score will rise. Also don't apply for credit at too many places that lowers your score you can get a credit card from Orchard Bank here - they approve almost everyone:
http://www.dgftaworld.net
2006-08-15 08:32:48 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Try this place. All you need is ajob.
http://creditoffernow.com/lendcashfast
2006-08-16 03:13:22 · answer #8 · answered by Harvy S 2 · 0⤊ 0⤋