College student personal loan with bad credit (around a score of 600)?
June 30, 2010 by admin
Filed under Student loans
Hi, i`m looking to get a personal loan withing the next week to pay off bills and to purchase a car. i would need to get a total of around $8,000. 00. I`m a college student, and have bad or poor credit (around 606 for Experian, and 620 Fico. I don`t even think i can get a co-signer since my dad has really bad credit, and my mom has none and no one else to turn to. any ideas on what I can do?
A personal loan is called an “unsecured” loan which means simply that there is no collateral for the bank.
A car loan is not a personal loan, since the car is collateral, which “secures” the loan.
If you have never had a car loan before and you have bad credit, it is extremely unlikely that you will be approved for an unsecured loan of that size.
If you apply for car credit however, you will probably need a strong co-signer as most lenders today are hesitant to lend money to sub-prime credit customers unless they have good job time, a strong provable income, and show high levels of stability.
Your strategy reveals why you have poor credit. Stop getting into more debt, start getting out of debt. It’s probably a good thing for you right now that money lending standards are getting tougher. If you learn how to manage your money now, if all goes well, you will be wealthy someday, wealthy enough to have what you want.
Make it your first goal to not go into more debt. Work your way through school. Drive a klunker, because it’s what you can afford.
If you don’t change your behavior with money, you will never get out of debt and you will not have enough to even think about retiring at 65 or even 70.
Don’t take advice from your father, who clearly doesn’t get it either. Check out daveramsey. com and check out his syndicated radio show,