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In my experience access to credit besides credit cards has been extremely limited. My wife and I looked into several different personal or short term loan opti
by wronglebowski 6y ago
In my experience access to credit besides credit cards has been extremely limited.
My wife and I looked into several different personal or short term loan options for our upcoming IVF cycle(approx 30k$). Most banks have either stopped offering them completely or made the requirements much harder. The two of us with credit scores of 750+, combined 200k annual income and little existing debt couldn't get approved for a simple 5k$ loan.
I fear for those that have a more dire need for the cash than we do.
- causalmodels 6y agoThis reminds me of a little trick I learned while working in finance. If you have bad credit but have over $1,000 in cash, go and get an unsecured loan for roughly 90% of your cash on hand. Ideally the terms should have a negligible or nonexistent prepayment penalty. Once you have the loan, repay it within 2-3 business days. Rinse and repeat until your credit score starts to improve.
- kevin_thibedeau 6y agoIs there a reason why you can't get by on $170k?
- wronglebowski 6y agoNewlyweds, not a ton of savings. Trying to balance building a safety net while building a family. It's not a terrible hardship given our current situation but given the volatility in the job market it certainly makes us uncomfortable.