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Question By
Thebluenun2

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Applying for Personal loan question
I have credit scores of 702 and 706 and 0 debt on any credit cards and a short credit history. I need to apply for a $7,000 to a $10,000 Personal loan and want to know my chances of being approved without having to actually being hit with another hard inquiry to find out if I will be approved.

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Good Question

Helpful to 1 out of 1 people

Sorry to say but NO  financial institute is going to loan you that amout of money without looking at your credit reports. I would check with a local credit union because many of them only pull from one bureau. You can ask them that question before you apply. Keep this in mind as well, your credit score isn't the only factor they consider. Your will also have to show you can afford this new debt. Thats your credit to debt ratio. Yes, a hard pull will lower your score but after several on time payments your score will eventually go back up! I hope this helps!

Reply by
andiestwo5

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Can you explain the process of applying and qualifying or a personal loan? ie: what do I need to do in the process and what to expect from the loan company, And any precautions I may need to  be aware of during this process ?

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Hello

I am in almost the same situation as you are , Bumping the 700's and good but short credit history. I have 4 credit cards all in good standing . 6 mo's ago my credit file was so low it did not even have an actual score number. And now I am all the way to 702. But I realise that I need to maintain a balace in order to show credit stability and so MY plan from here is just to maintain these accounts I already have for at least the next year and let everything I have accomplished a chance to settle in and become stable. Then I will apply for a personal loan or maybe a home loan. Sometimes you just need to let some time pass and calmly let the good things happen. 

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