20 November 2008, 2:12 am
I've read through some of the other loan questions but never found this one specifically, which pertains to my situation. Anyway, I'll just give some background and what I'm looking for in an answer. I moved out to another town and worked a job for a couple of months. Things were going good until I got laid off. I was working full time, but didn't know I was getting laid off and contacted the temp agency I was working for 1 day too late to qualify for unemployment. Anyway, I'm moving back to my old town since there are virtually NO full time jobs here (I've spent about a month and a half looking) and I need money again. Well, in my old town I found a full time job for $15 an hour and can start as soon as I get home. Problem is, I have nowhere to stay and live and no money to get a place. Normally, I wouldn't care and would probably grab a tent from a family member and camp out, working a few weeks until I have the money for an apartment again. But it's winter time, and that's pretty much impossible without freezing to death up here in Minnesota. I have kinda bad credit, I made some mistakes when I turned 18, but I've been fixing it (it takes a long time I've figured out). I'm 21 now, and haven't had any late payments on anything in over 2 years, but my score is still kinda low. My friend has offered to co-sign a personal loan for me to buy a winter beater car (roughly $300-500) and get an apartment. The state limit is a minimum $3,000 for a personal loan. So I'll be asking for a $3,000 loan. I plan on getting an apartment, some food and the cheap car with the money, and using the rest to start paying the loan back. My question is, with the following information: -Loan is $3,000 -Friend has successfully paid off a $13,000 car loan and now has a $28,000 car loan, which he is paying -Friend has never missed a payment in his 5 years of credit building -I have poor credit at the moment -I have a job full time (50 or so hours a week) at $15 an hour Do you think I'll qualify for the loan with his signature? Thank you thenemo12003. But I am a bit puzzled at your first sentence. I mentioned I have bad credit, and by bad I mean lower 600's. Do you mean that with a cosigner as well I "also" need a 700 or better? Or are you talking about my friend. He has a mid 700 score so I should be fine there. Just asking for clarification is all. Oh I guess I also forgot to add we have pretty good financial history together. When he was down on his luck once with a car break down I loaned him about $1,400 to repair his vehicle (this was before his first newer car). I've also borrowed a couple hundred from him before and paid him back promptly. I've always had a full time job and money until now because I was just recently laid off. But I already found a new job.... Read More »
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