need a 40k loan but it have 603 score, is it possible i get it with a cosigner?

Question

hi, i need a loan of 40k but my credit score in equifax is 678, experian 613, transunion 616 is it possible to get the 40k loan with these score and which score will they consider? would it help to have my brother cosign for the loan he makes 40k yearly and his credit score is 610 and i make 35k yearly. what are my chances to get the unsecured loan of 40k with my brother as a cosigner? i need the money to pay my parents debt which is 37k but if i make whole payments to the collection agencies they will reduce alot.i have no collateral i am looking for unsecured loan from banks.do u think i qualify???if not for how much do u think i can qualify??(maybe 30kunsecured loan i can qualify)..........i am planning to apply to my bank or citifinancial and i would never get a loan from the internet or other places so please don`t offer me any... i only trust banks.... citifinancial sent me a loan invitation of 10,000 but with my bro as a cosigner do u think they can offer me 30 or 40k??? Thanks

Answer 1

Don't pay attention to the people on here who are trying to Scam you.

Beware of Advance fee Loan scams.
DO NOT take any offers or click any links from people that post on this

board... 99.8% of them are SCAMS.
http://www.ftc.gov/bcp/conline/pubs/tmarkg/loans.shtm

Answer 2

I'm guessing you mean your FICo is 603. After looking at your other credit scores, I wouldn't imagne you could get a $40K unsecured loan, even if your brother were to co-sign, his score isn't so good either (Not trying to put anyone down, I work for a bank, in the department that handles unsecured personal loans). Based on the scores, income, and no real asset out there, I would say you would probably qualify for $7-$10K at the most (And watch those interest rates, they may give you the $10K, but they'll make you pay for it with your current score). There would be other factors involved such as debt to income ratios, type of employment, and the bank's internal scores. We use 5-6 different scores along with the FICo. This is just a suggestion... I would see what you could do about your scores before requesting a loan and getting a hard inquiry on your credit reports. Possibly pay down some outstanding liabilities, clean up any charge-off's, etc. See if you can get those scores up. Good Luck.

Answer 3

Hey i am here for the first time. I came across this question and I find the answers really helpful. I hope to offer something back to the community and help others too.

Answer 4

I think it will be very hard with those scores and incomes. Good luck

Answer 5

Waiting on more answers before I share my view