Q&A: Applying for a personal loan will it affect us in buying a home?

Question by YSM: Applying for a personal loan will it affect us in buying a home?
We payed down our credit cards and we need a personal loan to pay off a college degree and do some fixer upper in the house we have now. We want to buy another home will this affect us in getting a loan with the bank for our new home? Our credit scores right now are excellent. Need professional advice.

Best answer:

Answer by bud68
Any debt will affect the amount you can qualify for.

Know better? Leave your own answer in the comments!

21 comments

  1. Carissa says:

    People with poor credit feel that it is difficult to get personal loans. However, there are many financial companies and banks that provide loans to bad credit applicants. Bad credit personal loans are generally soughtThe interest rates on secured loans are lower than unsecured loans. However, there is always the risk of losing your house or property if the loan is not repaid.

  2. IG64 says:

    yes it will hurt your score…

    Your score will be impacted by the mere fact that you apply for the loan.

    If after borrowing the money and paying off the student debt you still have total debt greater than it is not that will have a negative impact on your score.

    If the student loans are a problem consolidate them and stretch out the payment terms. Don’t waste money fixing up the house you are getting ready to move out of that would be senseless. In most cases people spend more fixing up a house they are planning on selling than they get back for the increase in the sale price of the house compared to just selling as is. Remember, someone buying a used house will always have things they want to change and the odds of you changing something just like the buyer would have are about zero.

  3. Jon Jong says:

    If you have excellent credit now then applying for a personal loan will not affect your score enough to change what you qualify for.

    If you have a lot of inquiries during the last month in different industries (personal loan, couch installment credit check, mortgage loan credit check, car loan credit check…etc) then that can negatively affect your credit.

    You can pull a free copy of your credit report from Annualcreditreports.com

    You don’t have to sign up for anything. It’s completely free. No need to pay for your credit scores as it really doesn’t matter. If you see low balances on cards and no derogatory accounts then your can assume you score is fine.

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