Need Help with a Loan!!!
Need Help with a Loan!!! I am in Owatonna,MN, I was wondering if anyone knows of a bank that helps people with low credit scores? Im tryin to get $4000 so i can buy my friends 95 Formy. If anyone knows of anything please let me know.. Thanx in advance. Peace
Vince
Vince
Are you trying to get an unsecured loan, i.e personal loan? I use to be a loan officer and I can tell you those are by far the hardest to get since the bank has to trust you'll pay them back since there is not collaterial being put up.
On a side note the more times you apply for credit the more your credit score will drop. So it will hurt you to just apply for loans from everyone until you get approved. Personally that's why I either pay cash or get a loan from a place from eloan.com or such instead of getting the loan at the dealership. They just shoot your application to anyone and everyone to get you the lowest rate.
On a side note the more times you apply for credit the more your credit score will drop. So it will hurt you to just apply for loans from everyone until you get approved. Personally that's why I either pay cash or get a loan from a place from eloan.com or such instead of getting the loan at the dealership. They just shoot your application to anyone and everyone to get you the lowest rate.
Originally Posted by ProjectCamaro
Are you trying to get an unsecured loan, i.e personal loan? I use to be a loan officer and I can tell you those are by far the hardest to get since the bank has to trust you'll pay them back since there is not collaterial being put up.
On a side note the more times you apply for credit the more your credit score will drop. So it will hurt you to just apply for loans from everyone until you get approved. Personally that's why I either pay cash or get a loan from a place from eloan.com or such instead of getting the loan at the dealership. They just shoot your application to anyone and everyone to get you the lowest rate.
On a side note the more times you apply for credit the more your credit score will drop. So it will hurt you to just apply for loans from everyone until you get approved. Personally that's why I either pay cash or get a loan from a place from eloan.com or such instead of getting the loan at the dealership. They just shoot your application to anyone and everyone to get you the lowest rate.
Anytime you are seen applying for numerous loans of the same type and at the same time, the applications are lumped together and act as 1 inquiry. Shopping around, and applying at numerous places should not hurt your credit score anymore than just applying for one loan.
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Originally Posted by birdmaro
are you a student? try going through salliemae either way. they are very good about bad credit/no credit.
salliemae ha ha
hate them soooooo much . good thing they are paid off. but they still bug me about how much of a loan I can get through them... never again bunch of scum bags.
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Originally Posted by Rowdy94
Anytime you are seen applying for numerous loans of the same type and at the same time, the applications are lumped together and act as 1 inquiry. Shopping around, and applying at numerous places should not hurt your credit score anymore than just applying for one loan.
Originally Posted by 89 formula350
salliemae ha ha hate them soooooo much . good thing they are paid off.
but they still bug me about how much of a loan I can get through them... never again bunch of scum bags.
hate them soooooo much . good thing they are paid off. but they still bug me about how much of a loan I can get through them... never again bunch of scum bags.
I consolidated threw Nelnet. Saving a TON of money.... droped my intrest like 4% and droped my monthly payment. Sallimae was one of the people I had a laon threw.
I was writing like 8-10 different student loans checks out every month (been to different schools) Thats alone sucked!
I would also get as much as you can for a down payment, thats helps.
ALLWAYS try and pay cash.
Staging Lane
Joined: Aug 2005
Posts: 77
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From: Minnesota
Originally Posted by 94lt105
I am in Owatonna,MN, I was wondering if anyone knows of a bank that helps people with low credit scores? Im tryin to get $4000 so i can buy my friends 95 Formy. If anyone knows of anything please let me know.. Thanx in advance. Peace
Vince
Vince
Teching In
Joined: Oct 2005
Posts: 29
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From: UNL CIVE
Mortgage & Auto industry has special rules for inquiries: all applications for credit resulting in pulled credit reports within a 14 day period of time will only count as one inquiry & will be suppressed from affecting credit scores for 30 days. So if you plan to go shopping for a mortgage or a car, do your research first picking what companies you want to apply with and do this all within a 2 week period of time so that the scores are not affected too much.
...that's right off Fair Isaac's website.
...that's right off Fair Isaac's website.
Originally Posted by ProjectCamaro
I think you need to recheck your sources. I was a lender for a good while and I can tell you that's not the case at all. I have seen tons of credit reports that have five different pulls on the same day much less anykind of real time between them. Each and every pull counts against you, period.
Thanx for everyone's help, I took care of all the stuff that could be hurting my credit score so im gonna wait till the middle of next month and see if i can get a loan then. If i do get approved I will have it paid off in like 2 months anyways i just want the money now so I can get the car, The only reason i want the loan is to help my credit more otherwise i would just pay cash in October for the car. But anyways thanx for all the advice/criticism everyone it has all been very much appreciated.
Vince
Vince