Getting credit with bad history and good fico score

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Koshugan
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Getting credit with bad history and good fico score

Postby Koshugan » Fri Apr 24, 2015 9:15 pm

Long story short I had a Chapter 7 Bankruptcy on late 2005.

Fast forward 9 1/2 years and I rebuilt my life, reached a FICO score of 700+ and an income north of 70k.

However, I tried to get a line of credit to help a friend's business, and was rejected by my bank and a neighborhood credit union.

The only options open to me are the myriad of peer-to-peer loans and other less-than-kosher lending agencies.

Which option should I pursue? My friend will probably be on the streets if I fail to secure a credit line.


popamode72
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Re: Getting a credit with bad history and good fico score

Postby popamode72 » Mon Apr 27, 2015 1:03 pm

Koshugan wrote:Long story short I had a Chapter 7 Bankruptcy on late 2005.

Fast forward 9 1/2 years and I rebuilt my life, reached a FICO score of 700+ and an income north of 70k.

However, I tried to get a line of credit to help a friend's business, and was rejected by my bank and a neighborhood credit union.

The only options open to me are the myriad of peer-to-peer loans and other less-than-kosher lending agencies.

Which option should I pursue? My friend will probably be on the streets if I fail to secure a credit line.

Do you know why they denied you specifically?
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

MemberSince99
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Re: Getting a credit with bad history and good fico score

Postby MemberSince99 » Mon Apr 27, 2015 1:06 pm

Dude you really need to think about this one.

I admire the fact you want to help your friend. However, suppose you were to get a line of credit, you give him the money, he fails and you are on the hook for it. Then what?

Because if he's in this shape now, his business obviously isn't turning a profit at this point in time, and there is no guarantee it ever will. If it doesn't, then you could be stuck with paying that back for him.

You really should think long and hard before you do anything like this. It's a really bad idea. Let your friend crash on your couch until he gets back on his feet if need be, but don't mortgage your future for someone else's dream - that's their job.

takeshi
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Re: Getting credit with bad history and good fico score

Postby takeshi » Tue Apr 28, 2015 9:52 am

I'd also advise reconsidering.

Koshugan
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Re: Getting a credit with bad history and good fico score

Postby Koshugan » Tue Apr 28, 2015 11:12 am

popamode72 wrote: Do you know why they denied you specifically?



I was denied because of what happened 9 1/2 years ago.

Also, I intended to lend him about $10,000.... which is not big enough for me to break the bank. I had judged that if he cannot turn around by the time that sum is gone he will probably not survive. I am doing this for him because he did help me out when I was at the bottom.

Vermonster
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Re: Getting credit with bad history and good fico score

Postby Vermonster » Tue Apr 28, 2015 3:42 pm

#1 rule of lending/investing: Don't use money that you ever want to see again. Yes the goal is to get it back, maybe even a little extra, but shit happens. If you can do without the $10k then go for it. But it sounds like you need a loan, which to me says you can't just offer up 10k. I doubt a bank is willing to offer up 10k unsecured to someone with a BK7 even if it has been almost 10 years.

If they denied you based on information in your credit report you should get a letter explaining exactly why. It might not offer much help in actually getting the 10k, but it will make your future plans a little easier.
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Nixon
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Re: Getting credit with bad history and good fico score

Postby Nixon » Tue Apr 28, 2015 9:51 pm

I won't question your personal reasons for doing this, but do you have any CC's with high limits that will BT directly to your bank account?
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CarefulBuilder14
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Re: Getting credit with bad history and good fico score

Postby CarefulBuilder14 » Wed Apr 29, 2015 7:43 pm

I'm with Member regarding the couch-crashing. Don't borrow the money.
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lobbythis
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Re: Getting credit with bad history and good fico score

Postby lobbythis » Wed Apr 29, 2015 10:00 pm

Well, I can see why you BK'd.

You simply throw money in the wind or light it on fire like the Joker.

Koshugan
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Re: Getting credit with bad history and good fico score

Postby Koshugan » Fri May 01, 2015 10:33 am

i have one single credit card with the max at 2k. No high limit card.



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