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NoCarBadCredit

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Can I get a loan of $5000 with 662 score?
I am going to apply monday morning. My credit utilization was 99%. last month I paid off 90% of that. It last updated may 11th...shouldn't that have updated june 11th(today) I imagine bringing down my utilization by 90% should boost my score a good bit and open up a greater chance of my loan being approved.

My score is 662. I make $15,000 a year. I need to borrow $5000 on a signature loan for 36 months. I have never missed a payment.

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First, you should wait until that you are sure that your credit card balance has updated on all three credit reports, you don't want to take a chance and get Hard Inquiries and Denials for not making sure. Second, most lenders will use a version of FICO scores, do you know what your FICO scores are. Third, it may be very hard to find a personal loan with low scores, if you would the interest rate would be extremely high. Also your income may not be high enough for some lenders, but it would depend most on your "debt to income ratio". Honestly, the best thing to do is to work on improving your credit and adding more income before you consider going for a loan. Also be aware that more than credit scores go into a lender's decision, what is on your credit reports is just as important as scores.

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