Share post
member profile picture

Hello all, I am trying to get s $5000 personal loan for several reasons. I have a credit score of 630. I know its bad, mistakes of the past, but I've been on time and current on everything for the past 5 years. What I believe is killing me is that I have two credit cards for bad credit. The limits on these are only $500, so my credit to debt ratio is always high. This is one reason I seek the loan. I also want to get a couple months ahead on the car note, make some purchases for a hobby, and do a couple minor home improvements. Local banks have already denied me as well as the credit union I've been a member of for the last 10 years. Will a good credit co-signer help in this situation or are there lenders online? To those that are going to suggest to fix my credit and try again, yes I fully intend to, but after I get the loan, since that is part of its purpose. Thanks for the time:p

Lenders are refusing to give you a personal loan as you have bad credit. You need to reduce your credit-to-debt utilization ratio. Otherwise, it will be very difficult for you to get loan. However, if you have any friend or relative with good credit, then you can request him/her to co-sign for the loan. This may help you get the loan.

Sub: #1 posted on Fri, 06/03/2011 - 20:54


A co-signer with good credit score will be of great help to you. Depending upon the co-signer's good credit score, you will be able to qualify for a loan which will help you in paying off some of your debts.

Sub: #2 posted on Fri, 06/03/2011 - 20:56

Anna Sweeting Anna Sweeting

(Posts: 1827 | Credits: )

thanks, didn't know just how useful a co-signer would be, my brother and his score of 780 hopefully will suffice

Sub: #3 posted on Fri, 06/03/2011 - 22:52


Lenders are just not lending unecured is just too risky. Home equity lines of credit are the only way I see these types of funds being given out so even with as cosignor, you probably wont be sucessful.

Sub: #4 posted on Sat, 06/04/2011 - 04:18

Moderators Cum Industry Expert
(Posts: 17319 | Credits: )

Page loaded in 1.327 seconds.