Why can't I get a personal loan with fair credit? Options?

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FREEDDAWG
Mole Person
Posts: 4
Joined: Sat Feb 11, 2023 10:13 pm

Why can't I get a personal loan with fair credit? Options?

Post by FREEDDAWG »

So I've always been denied loans and it is very disheartening to still get denied with my decent credit and income years later. A little backstory on why I want a loan. Mainly, home improvement for the house I just bought but also because there is a car that is going up for auction in a few days, or else I would definitely have paid my credit cards down to get my credit up even more. Also, I'm 28, in case you see the school loan listed below and think I'm young and dumb.. nope.. I'm just dumb.

Anyway, here are the details on my credit in the hopes that someone can provide options that might work for me.



Credit Score: 647 Vantage (would be higher if I paid off my credit cards) 70% utilization but I have a low limit anyway. I could pay them off with a paycheck or two and raise my credit.

Credit Building: I've had 2 credit cards for three years. A mortgage for the last 6 months, and a very small and feasible school loan that is still deferred until May from covid (dropped out).

Payment History: 100% paid on time for all loans and credit cards. 0 missed payments

Collections: 1 derogatory medical bill

Hard Inquiries: Roughly 10 from last year while home buying

Average Credit History: little low due to the recent mortgage (I think 2 years?)

Income: Make around 54k a year with employment history in good standing

Debt to Income Ratio: 18% ($3,600 monthly gross after bills are paid)



I hope you can see why I'm a little upset that I'm still getting denied loans and offers even from places that give loans to people with bad credit with high interest tacked on. I also want to confirm that I'm not crazy.. is it always this hard to get a personal loan?
tot3ntanZz
Mole Person
Posts: 4
Joined: Sat Feb 11, 2023 10:11 pm

Re: Why can't I get a personal loan with fair credit? Options?

Post by tot3ntanZz »

Hi. Maybe the problem is that you have a bad credit history. This is one of the most common reasons why lenders may not want to give you a loan. However, you can try contacting 5kfunds.com legit. As far as I know, these guys give loans even to customers with bad credit history.
I hope my answer will help you!
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