AboutBobbi Buehl Expertise Home mortgages is my expertise
Experience Experience in the area 15 years Organizations Mortgage Brokerage Education/Credentials BS in Chemical Engineering, BA in Sales and Marketing. Licensed Loan Officer for 6 years and I have worked as a Loan Officer for 15 years.
Question I am looking to get a personal loan to buy a boat. I have a 608 score and my wife 646. We bring in around 90k a yr. All of her accounts are current and she has 246k in debt on her credit(206k Mortgage, 35 auto, and the rest in credit cards.) I have 10k in CC debt with 25% available. Whats the chance of getting a loan considering the factors? Should we apply together or just one of us?
Thanks
Answer Hi,
I can tell you this. If you pay off some of that debt, which will raise both of your credit scores, you'll stand a chance. The banks are not lending money with those credit scores today. You'll need to be in the 700 credit score range for them to even talk with you, sorry.
My advise would be this; pay down your debt (credit cards) to below 33% of the your credit limit, and you'll raise your scores pretty fast if you don't go over the 33% area.
I hope that answers your question, and sorry I couldn't give you more cheering news!
