- Centurion Member
- Posts: 241
- Joined: Wed Feb 18, 2015 9:04 pm
- Location: Texas
Welcome to the forum and congrats on finishing law school! I don't think you mentioned it, but since you're going to be working in the public sector in addition to the income-based/Pay as you Earn repayment plan, do you think you might also qualify for student loan forgiveness for your public loans in a few years? That certainly sounds like it would be a great deal if so! I'm sure you've already looked into that, but thought I would mention it just in case.
Anyway, regarding your situation, again I assume you've already explored these options, but if possible I'd recommend against more credit/debt at this point. Since you only have to make it to late October might it be possible to cut expenses and get help from your fiance, mom, or other family members? I know it's not ideal, but given the temporary nature of the situation it might be the best solution if it's possible. You could even keep a sort of 'tally' and repay them once the money starts coming in.
Failing that though, if you already have an approved credit line of 5.3k with Wells Fargo and only need about 1.5k, what's stopping you from simply using that? Unfavorable interest rates?
If the unused Wells Fargo credit isn't an option I would suggest calling up Discover and asking them if they can do a soft pull to see if you qualify for a CLI. Definitely don't do it online. Call and talk to a credit analyst and fully explain your situation. You could also of course try the same thing with BofA. Personally I'd go with Discover first, but perhaps that's just because I'm biased in favor of Discover since they're my favorite lender and I've had unilaterally good experiences with them. BofA's been a great creditor to deal with in my experience too though. Anyway, they'll probably both tell you it will need to be a hard pull to see if you qualify - but it won't hurt to ask first if a soft pull is possible. I've never asked either company for a CLI with such high utilization, but to be honest I don't think your chances are that great. They'll almost certainly be much better with a live analyst though and both companies have great customer service. While on the phone with them you may also want to ask about a very small personal loan.
Speaking of personal loans, would there be a credit union - perhaps affiliated with the school you just graduated from - that you could go to and apply for a small personal loan? Another option would be a peer-to-peer lending site like Prosper or Lending Club.
Finally, would it be possible to get a short-term job until you begin work in late September? I know that means it would only be for 2-3 weeks, but you may even want to consider keeping it going an additional month or so as a part-time job until your income does get fully rolling in late Oct. You might try a temp agency if that's an option in your city. When I graduated from college and moved I briefly used one and they were able to get me a placement fairly quickly and the nature of the work is such that the employers aren't expecting you to stick around more than a few weeks. The one I used also paid me weekly rather than bi-weekly, which I think is fairly common for these types of agencies. So that means you won't have to wait as long to see some cash. Of course these jobs probably won't be the best and if you do keep one as a part-time job at first when you start your main job, I know that'll be extremely exhausting and all around sucky, but it might be worth it in the short term.
So to review my advice in order of preference would be:
-Cut expenses and get help from fiance, family, or even friends
-Get a short-term and/or part-time job
-Use the Wells Fargo credit line
-Try to get a CLI with Discover and BofA, and definitely try to do soft pulls if possible
-Ask the Discover/BofA analyst about a small personal loan (they may need to transfer you of course since they'll be in the credit dept.)
-Explore your options for a personal loan with a credit union or peer-to-peer lender.
Anyway best of luck!