How much do I need to make to get a bank loan?
Question by Ryan D: How much do I need to make to get a bank loan?
A few months ago I applied for a bank loan of $ 10,000 to pay off my credit cards. Unfortunetly I was unapproved and recieved a letter saying the reason was “Income insufficient for amount of credit requested.” So how much do I need to make to get a loan? My yearly income is $ 23,500 and my credit score is 670.
Best answer:
Answer by nique09
Your income for that much of a loan should be at least 45,000 to 60,000 yearly.
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Categories: Loan Questions Tags: bank, loan, much, Need
How much does an installment loan help yor credit score?
Question by The Duke: How much does an installment loan help yor credit score?
If a credit score is between 600-650, how much would an installment loan of $ 2,000 paid back in 12 months help that credit score?
Best answer:
Answer by tudorjason
It’s difficult to say. Regular people don’t perfectly know how credit scoring models work. However, if this is your first installment loan, it will have a more significant impact than if it’s, perhaps, your 15 installment loan.
If your credit history is fairly short and young, your score will probably raise about 50 points. If you have several installments, then maybe only 15 points.
A credit history takes several years to build. The longer an account stays active and in good standing, the better.
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Categories: Loan Questions Tags: Credit, Help, Installment, loan, much, Score
How much does a small used auto loan impact my credit?
Question by beetle1283: How much does a small used auto loan impact my credit?
I am about to buy a 2003 Honda Civic from my uncle for approximately $ 10,000. I had intentions of putting down 5,000 or 6,500 dollars (depending on what I sell my current car for) and take out a small auto loan for the remaing 3,500 or 5,000 for about 36 months.
The rates I am finding are not as good as I would have hoped, through no fault of my own. I am 24 and haven’t done anything that would have given me bad credit. I pay back all my bills and whatnot.
Am I better off just buying the car outright (I can afford it) or taking out a loan for the sake of taking out a loan. I’ve heard a few times that a small loan really helps your credit.
So put down 5,000, take out the 5,000 loan amount, put 5,000 in a savings account and let the loan cycle? What does that mean.
Best answer:
Answer by P J
Put the money to pay off the loan in a savings account, get the loan let it cycle about 6 months then pay the balance off. This gives you a payment history although you will pay a bit of interest it will be a good trade line.
Also initially your score will take a 5-7 point hit for the credit report when getting the loan, rebounds rapidly!
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