Personal loan turned down with a 800 credit score and decent income (pay, taxes)
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I applyied for a loan at a credit union for 8000$. Got a call saying that my loan didnt get approved due to me not making enough money to pay the loan back, fixed interest rate was 11% for a 5 year term.
The comment that was left was about me, was not making enough money to qualify for the loan,
I make exatly 16,000$ a year after taxes and i am working part time to finish my project. and i do not pay rent, car insurance or anychild support, i dont even have a child.
I have a car that i have been working on and i was building my credit so i could pull a loan to get the new engine and transmission for the car and so i could use it everyday. But now it seems like everything crashed in my face. I could easily pay that loan off in 1 year if i really wanted but was planning on paying it off within 2-3 years.
What are my options guys? Can someone help me please. Im barrowing my moms car for work and this car was supposed to be my daily driver
I applyied for a loan at a credit union for 8000$. Got a call saying that my loan didnt get approved due to me not making enough money to pay the loan back, fixed interest rate was 11% for a 5 year term.
The comment that was left was about me, was not making enough money to qualify for the loan,
I make exatly 16,000$ a year after taxes and i am working part time to finish my project. and i do not pay rent, car insurance or anychild support, i dont even have a child.
I have a car that i have been working on and i was building my credit so i could pull a loan to get the new engine and transmission for the car and so i could use it everyday. But now it seems like everything crashed in my face. I could easily pay that loan off in 1 year if i really wanted but was planning on paying it off within 2-3 years.
What are my options guys? Can someone help me please. Im barrowing my moms car for work and this car was supposed to be my daily driver
Your problem is that with this income..and any loan company including banks look at what you OWE versus what you can pay plus what anyone has to pay per month as overhead..So It appears you have NO room to expand your debt..unless you get a cosigner who would take responsibility for your debt??
Yikes hw do you live on 16 Grand a year?? Maybe you a still living at home?..so IF that's a fact..YOU have NO assets that any lien holder can GRAB!!
Credit Rating is based on bill payments, debts paid..However..ASSets yell when trying to be a good credit risk (loan purposes)..course always depends of what's the loan for and IF it has any collateral??
You must be fairly new to how loans/ credit rating actually works. Loan risk assessment is made when anyone is looking for any financial loan...thus many young folks don't bother with banks and borrow from family..etc..
Your problem is that with this income..and any loan company including banks look at what you OWE versus what you can pay plus what anyone has to pay per month as overhead..So It appears you have NO room to expand your debt..unless you get a cosigner who would take responsibility for your debt??
Yikes hw do you live on 16 Grand a year?? Maybe you a still living at home?..so IF that's a fact..YOU have NO assets that any lien holder can GRAB!!
Credit Rating is based on bill payments, debts paid..However..ASSets yell when trying to be a good credit risk (loan purposes)..course always depends of what's the loan for and IF it has any collateral??
You must be fairly new to how loans/ credit rating actually works. Loan risk assessment is made when anyone is looking for any financial loan...thus many young folks don't bother with banks and borrow from family..etc..
Yes this is true, i live with my mom currently and am working part time as a security officer. But i get close to full time at 36 hours a week. I have no family i could barrow money from thats why i am trying to get this loan myself. So im guessing i am SOL and need to start saving? It just sucks cause i am so close to having my dream daily driver
$8K for a transmission and engine for your dream daily driver? You could just get an entire car for less as a daily driver. There's a realistic option.
I am making a drag/street/show car. I just paid off the loan on my lexus and i dont want a new car. I like the one i have. I bought it strictly for this project and so when i start school next year i would have a reliable daily driver.
Well this sucks, i financed multiple jewelry items all over 1000 just to get my credit this high and got a bunch of credit cards and payed them all off for nothing. I could have bought it if i just saved all my money over these 2 years
Thanks for the reply everyone. looks like life screwed me once again and no matter how hard i work and plan it, it never pays off
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