This is a happy day for me and my family. I was approved for a CitiBank Personal Loan in the amount of $4,500. Seems like a small amount, but from where I started to actually get approved for an unsecured loan means a lot to me. I said in an earlier post that I could not even get approved for an unsecured credit card a few years or even a few months back. To get approved for a Personal Loan with Citibank is huge for us, and our credit report.
The loan is for 2 years but I wont wait that long to pay it off. I'm planning on putting the money in a savings account and making the monthly payments for at least year before closing it out. Another positive tradeline on the credit report, a boost in points and it makes us more appealing to future lenders. All part of the hustle to get this house thing done. And to get it from one of the world's largest retail banks just makes me all warm inside :)
For all those who started with nothing, please take my story as an example. You can get yourself out of debt, you can get your family back in the black and out of the sea of debt. It won't be easy but it can be done. Focus, a lot of work, chowin on Raman noodles for a few months :), and you can make it happen. My wife has really helped me during these last few months.
I know this seems like a small thing, but if you've never been down near the bottom, you just won't understand. it was such a long road, from not being able to even open a checking account, to this. It's not over yet, but its a huge step forward.
Thanks for reading
I love you Baby
Labels: Personal Finance
Hey Rad,
Thanks for the comments. We seem to definitely be on the same track. Congrats on the personal loan. I have one also with my credit union.
Remember to get your APR lowered each time your credit score qualifies you for a lower rate. I hope to buy my first home by March 2008. So making myself more appealing to future lenders is one of my main priorities. Keep up the good work. I will be check you out from now on. We can help each other throughout our journey.
I am so confused. Did you really borrow money (while trying to get out of debt!!) just so that you can put it in an account and pay off the loan to rebuild your credit score?? That's ridiculous and pretty much just a way to waste money on paying interest to a bank.
Your credit score will naturally improve over time as you make your other payments (that you already have) on time.
Second, you DO NOT need a good credit score to get a great mortgage rate. For example, I have friends who are multi-millionaires, but their credit score is ZERO because they refuse to borrow money. All you have to do is go to a mortgage lender that does manual underwriting. That means they look at you as a person and evaluate your entire financial situation rather than just looking at a numeric score. And you'll get the best interest rate available.
I believe the morale answer to money problems lies with debt consolidation
Unsecured loan is the best option for tenants as it does not acquire any property to pledge as the collateral.You can get an unsecured loans on the basis of your credit record and your potential to repay the amount of the loan.People with Bad credit record can also apply for the loan here with relatively higher interest rates.If you are in urgent need of money and do not have sufficient assets to put as collateral then an unsecured loan is the best option for you.
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Citibank Personal loan is for any of your needs. It is either personal or business. You can use it for your child's higher education, purchasing consumer durables or a personal computer, a car or a two wheeler, to meet the expenses of family functions, to go on a vacation, to consolidate your expensive debt into a cheaper debt.
You are right because every step is imporatant even it is from bottom line.Congras to you that you get citibank personal loan.Unsecured loan is a best option to go for.Thanks for such sharing.
Its really good that citi bank has approved your loan purposal and yeah you must consider all the terms related with it.
Its great to know that you have been approved for the personal loan from the citibank and in these situations only few people have managed to get the approval.
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Get all the information before filing for a personal loan. The blog is highly informative for the people in need of a loan.
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