Need some financial information...

[getpower]

I just wanted to know what were the chances that I could get my bank to give me a $10,000 loan?

I have been a customer since 2005, and I have had a checking account since 2007, and there has only once been an overdraft and it was payed off right away. I have had a job for 2-1/2 months and its going great. Income is about 1800 per month.

I have no credit (as far as I know), and I have had a credit card for two weeks (and I just made the first payment before the due date).

Just so you guys know, I live in the US and have Bank of America.


So again, what do you think are the chances that I could get a $10,000 dollar loan without a cosigner?

[Gadget Guy]

Based on what you posted, I would say you have a zero chance of getting a $10,000 loan. I'm not trying to be funny here, just truthful. 

[Freudian Frog]

Uhhhhhh... errrrr... probably...

No.

[getpower]

I wasnt expecting much, but you guys think that I absolutely cannot get one at all?

I had heard on a different forum that I could probably get a loan, but the interest rate would be pretty bad.

[Whoey]

why don't you ask your bank? the worst thing they'll say is no, and maybe (but doubtfully) they'll say yes... only one way to find out for sure!

[Mike, Lord of the Spammers!]

I can't say for sure how US bank work, but over here everytime you make a credit application it actually knocks your credit rating down, even more so if it's been refused

[getpower]

It works like that over here too.

[hawkchucker]

I can't say for sure how US bank work, but over here everytime you make a credit application it actually knocks your credit rating down, even more so if it's been refused

Mickey is exactly right. However if you do need a co-signer it does still help your credit rating, and after a year with the co signer you can get the bank to loan you the balance owed and remove the person.

[cgk]

Getting a credit card is a good thing for your credit as long as you make all your payments on time.  A person with no credit cards has no rating.  No one asked, what kind of loan are you looking for?  Stay with your job, make all your payments in full and monitor your credit (Equifax,Experian, and TransUnion) to make sure everything is correct.   

[hawkchucker]

Remember though every one you apply for credit score goes down reguardless of the issuing of the card.

[Whoey]

I know that's how it works... but I still think it's a bit retarded... if you don't ask, how can you know your rating? also, if you have no debt, you have no credit rating...

They're more likely to give money to someone who owes for a car, house, and several credit cards than someone who has no debt at all, and no credit cards...

[Grant Lamontagne]

You will have a better chance of getting the loan if it is for something like a car loan.  That way, if you default, they can at least get the car back and sell it to recoup some of the loss.

If you are looking for a personal loan, I doubt you'd get it from your bank without a co signer.  You may be able to get one from a private financial institution but the interest rates will be significantly higher than even a credit card rate.  I really do not suggest that route, as it's likely to get you in a lot of trouble.

Def

[EZ822]

Your going to need more credit history to get that much of a loan-

[kent ct]

Before you apply, figure out for yourself what you can comfortably repay per month.

Add up your expenses for housing, food, energy, entertainment, clothing, health care, etc. Be realistic, no cheating.

Subtract that from your net income and the result is what you can repay each month bearing in mind there might be emergencies or you might lose your job.

If you were a landscaper and needed the money to buy a tractor to increase your earnings then you might get the loan.

If you wanted the money to record that great song you wrote, then forget it. So the purpose of the loan is important.

Richard

[getpower]

Im sorry guys, I was talking about a car loan.

I also see that they have websites and companies that give loans with no or bad credit, so either way it looks as if I can get a loan somehow.

And I am pretty comfortable getting a loan of up to around $35,000, but thats the absolute max. I am talking about a little $10,000.00 loan here.

[DaveK]

I'm a bit reluctant to try and hand out advice about loans in the US getpower, but I'd imagine that the "rules" are similar everywhere. For what it's worth, those "no credit" loan deals are considered a last resort here in the UK, as they tend to sting you on the interest rate. In this time of uncertainty, the lenders are not going to take risks without it really being worth their while.

If you have a bank account, approach them first. In the UK, the banks are more concerned with what they know about your history than a "credit score", for small / medium sized loans. (Not that I consider $10,000 small, but the banks would).

Kent CT's advice is sound IMO too - but I hope you get yourself a good deal, good luck mate!