Jump to content

How much can a year impact LOC applications?


Constantine

Recommended Posts

Constantine
  • Law Student

I made a similar post ~10 months ago asking a similar question. I was rejected last year when applying for funding, and have spent the past 14 months paying off my debt and fixing my credit. I'm definitely in a better position now and will be applying (hopefully) with a strong cosigner. 

Basically, these are the main differences: 

  • Last year: mid 600's credit score, >90% utilization on revolving debt, ~20k on public debt. Had to close my credit card due to financial issues. 
  • This year: midish 700's credit score, >5% utilization on revolving debt, ~20k on public debt. Opened a new credit card to rebuild credit. 

What is staying the same: 

  • Delinquent (missed payments) on some accounts with 2 going to collections. Clean slate for over a year. 

As it's been ~14 months since I last applied for my LOC's, I was wondering if anyone could shine some insight into how much better my odds are and whether I've done enough to improve my odds. Is 14 months a sufficient amount of time to build up my credit? One bank has already said they're willing to have me apply with a cosigner (YAY), so I'm already having much more luck this time around (I was given a hard pass last time). From the comments made on my last post, I'm aware that banks may take issue with 1.) my past and 2.) my prior rejections, so I'm ready for that. 

Edited by Constantine
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By accessing this website, you agree to abide by our Terms of Use. YOU EXPRESSLY ACKNOWLEDGE AND AGREE THAT YOU WILL NOT CONSTRUE ANY POST ON THIS WEBSITE AS PROVIDING LEGAL ADVICE EVEN IF SUCH POST IS MADE BY A PERSON CLAIMING TO BE A LAWYER. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.