Unsecured Personal Loan...
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Posted by CC Collector
(12.220.80.168) on September 11, 2002 at 19:29:25:
I am 19 with good credit, I went to the bank today to get an unsecured, personal "home improvement" loan with between 13 to 15% interest. They told me I would not be approved for the loan unless my Beacon (Fico, right?) score is at least 670. They said a beacon of 670 would create a 15% loan and 775-800 (perfect credit) would be 13%. I really am not sure what my beacon is, but 670 seems a little high at my age. They said they will get back with me if I get approved tonight or tomorrow. I have a 5.75% credit card (company I work for) and another 14.65% credit card I got when I was 18.... the whole reason I was getting the loan was to finish off my credit card debt ($1100), pay for real estate classes ($800), and other 'debts'. I requested $3000. Are banks very strict with the 'beacon' score? If I have 640 or 650 with they absolutely deny me if 670 is required? Hence the word, required? =) Please advise.
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