I need a consolidation loan and am scared to death to go to my bank with my co-signer. I dont like to hear "sorry but we cant help you at this time". I dont want credit counseling. I need to get these debts paid off , I need to buy a house ..
2007-02-26 15:14:49 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
Every lender has its own set of underwriting standards, and personal loans tend to be about the most conservative; but usually, the higher score is the one that is given the most consideration.
2007-02-26 15:21:16 · answer #1 · answered by Rob D 5 · 0⤊ 1⤋
There is a lot more to a loan than just a credit score. There is your debt to income ratios and your unsecured debt ratios (how many times your monthly salary you owe in unsecured debt). Different instiutions have different policies but with a lower beacon score you will in most circumstances need a strong co-signer(someone with superior credit). Some institutions will only allow so many times your monthly salary for unsecured debt. for example, a high risk to below average credit score may only be loaned up to 1 x your monthly salary, where as; a excellent to superior credit rating may be allowed up to 3 times their monthly salary. Other institutions may finance up to certain amount period. You would need to be famaliar to your bank or credit unions policies on personal or unsecured debt. Even with a co-signer the interest rate is usually based on your credit only, so you would get a higer interest rate. Just be sure that if you are going to ask someone to put their credit on the line for you, you have the means and the devotion to pay that loan back so that your co-signer does not have to come out of pocket for you.
2007-02-26 15:34:21 · answer #2 · answered by moonlillies 3 · 0⤊ 0⤋
Why replace a set of debts with one big one for what will no doubt be equally userous interest terms? you want to eliminate the debt, not simply replace it with another one. I think you really need to re-consider buying a house right now. Think about it. You already have debts to pay off and your credit score is in the tank. What kind of terms did you honestly think you could get on a mortage if you need someone to co-sign a personal loan? Forget the personal loan. Live within your means for as long as it takes to get rid of the debts first to elevate your credit score before you think about real estate. A personal loan will not help you.
2007-02-26 16:06:05 · answer #3 · answered by douglas l 5 · 0⤊ 0⤋
If you need to get debts paid off the last thing you need is a house. Rent...pay down your debts and your score will go up. Do you really want to put someone who obviously thinks enough of you to Co-sign in a situation where they might become responsible for your debt?
2007-02-26 15:20:52 · answer #4 · answered by tarnefar 2 · 1⤊ 0⤋
Yes probably, but you are going to pay out the nose interest. Before turning your nose at a debt management plan, do some reasearch, make a few appointments. Make an informed decision.
2007-02-26 15:57:43 · answer #5 · answered by limgrn_maria 4 · 0⤊ 0⤋
Yes probably.
Visit http://www.cheap-credit-cards.org/loans enter your zip code and choose a provider nearest you.
All the best
2007-02-27 00:30:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Why don"t you approach a private lender?I got my loan from a certain agency i met here in yahoo answers.Their interest rate of 0.2% is simply great..Why don"t you try there?
You can contact them with their email,richards_loan_agency@yahoo.com.
2007-02-27 02:41:25 · answer #7 · answered by Susan F 2 · 0⤊ 0⤋
You probably can, but you won't get a good interest rate.
2007-02-26 15:17:33 · answer #8 · answered by Mnementh 4 · 0⤊ 0⤋
you should be able to, u need to show ability to pay monthly payments.
2007-02-26 15:21:16 · answer #9 · answered by Anonymous · 0⤊ 0⤋