Can you get a personal loan while in chexsystem?
Question by David: Can you get a personal loan while in chexsystem?
Six months ago I co signed a auto loan for my brother at a credit union with no problem. If I go back to the same credit union will they let me take a personal loan by myself. I have been in chexsystem for 4 years now and have since paid all my bills. I have a credit score of 771 and a employment history of 5 years and make 40-$ 50000 a year.
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Answer by someone
Yes you may qualify at this point especially if you no longer owe a bank money
What might be the problem is that loan you co signed. The lender considers that amount owed as belonging to you and thus you no longer have enough income to repay 2 loans.
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While your credit score is good it depends on your debt to income ratio. The loan you cosigned on will show up as your debt, so even if it is being paid on time it could have a negative affect on your chances. Also, personal loans are difficult to get. Do you own your own home? That would be helpful in getting approved. Good luck.
All you can do is ask them. Your credit score is really good, but personal loans are VERY hard to find and most places won’t give them.