lookin for some advice on bank loan

**moving-target** · 05-26-10, 05:24 PM

anyone ever gotten a small loan from a bank? i was thinking of going to my bank (bank of america) and asking/applying for a small loan (800-1000). and i guess as far as collateral goes i could put up my truck.
but not sure how it works. cause most i've delt with bankers is the drive thru teller. but wonderin what they look at what they can tell from my credit report. what things do they judge you by. and if collateral is worth more then the loan that should be good enough ?

side note anyone know anything bout giving/selling blood

**HeavyG** · 05-26-10, 05:37 PM

I had some friends that donated plasma. I preferred actual work. Why are you so strapped for cash? If you are in debt, then don't take more debt. You need to give up on some luxuries for a while... cell phones, video games, going out with friends, etc.

**moving-target** · 05-26-10, 05:46 PM

Originally Posted by HeavyG

I had some friends that donated plasma. I preferred actual work. Why are you so strapped for cash? If you are in debt, then don't take more debt. You need to give up on some luxuries for a while... cell phones, video games, going out with friends, etc.

i havent bought a vid game since fallout 3. cell phone only phone i got. i tend not to like people offline. i'm good at making payments but whenever i try to save something comes up

far as sellin some blood could use some extra cash and goin into the big city tomorrow. take my mom for her heart tests so thats about 5 hours. just wonder how long after till you can drive.

also to me computer isnt a luxury its a necessity since its my only really contact with the outside world pathetic yes but oh well

**CivilWars** · 05-26-10, 10:30 PM

I work for a main competitor to BofA, and I would bet money their criteria is very similar to ours. With the way the economy is right now unless you have a high 600+ credit score then don't bother applying. I thought you mentioned somewhere else that you were not currently employed. Even if you are receiving unemployment that is strike 2 for limited income. PM me if you have other questions.

**Red_Lizard2** · 05-26-10, 10:38 PM

It is funny how much things of changed eh? 2 years ago I got a credit card with no job (okay, family income was decent enough which helped) as a student with no credit history

Today, I wouldn't even be able to get past step 1 probably xD

off topic a bit, but curious. Does the balance on a CC affect your credit rating? (if you still make payments on time, no late payments, etc.)

**CivilWars** · 05-26-10, 11:46 PM

Depending on who you ask it has a negative affect on your score if the balance is either over 30% or 50% of your credit limit on a consistent basis.

**ALPINESTAR** · 05-26-10, 11:51 PM

ya look up plasma centers in the area.. I know they will take it like twice a week or something from you.. and you get quite a bit of cash.. its no job, but its something extra.. if you do it regularly enough like one of my friends, you will start to look like a ghost and feel like crap most of the time haha.

I got a quote for 30-35 bucks a donation.. so potentially 240 a month or so.

More than 400 for profit plasma centers in america.. check college campuses and blood centers.

**moving-target** · 05-27-10, 12:14 AM

Originally Posted by ALPINESTAR

ya look up plasma centers in the area.. I know they will take it like twice a week or something from you.. and you get quite a bit of cash.. its no job, but its something extra.. if you do it regularly enough like one of my friends, you will start to look like a ghost and feel like crap most of the time haha.

I got a quote for 30-35 bucks a donation.. so potentially 240 a month or so.

More than 400 for profit plasma centers in america.. check college campuses and blood centers.

yeah i know where theres one in the big city but things i wonder about is how long after they drain me till i can drive also i kinda wonder since the sign says donate it would be a bit embarrassing to ask how much lol

**HeavyG** · 05-27-10, 02:08 AM

Originally Posted by Red_Lizard2

It is funny how much things of changed eh? 2 years ago I got a credit card with no job (okay, family income was decent enough which helped) as a student with no credit history

Today, I wouldn't even be able to get past step 1 probably xD

off topic a bit, but curious. Does the balance on a CC affect your credit rating? (if you still make payments on time, no late payments, etc.)

It should be illegal for Credit Card companies to troll college campuses. I got my first Credit Card in college. They had a big sign-up booth in front of the library and they were giving away $25 Best Buy gift cards. I took to it right away, got my credit card within a few days, and was in debt within a few more days. It took me YEARS to pay off that debt. I was young, stupid, and didn't know any better.

I basically had to give up on everything fun for a while to pay stuff off. No cable TV, no cell phone, crappy apartment with even crappier furniture. I would go to school in the early morning, then work from 1230a-9p every day. I stayed focused on work and school, and before you knew it, I started getting promoted at work, which meant more money, and my debts began to get payed off, bit by bit.

Civil is right, having a high balance DOES impact your credit scores. People with the highest credit scores (800+) typically keep no revolving debt... they pay off credit balances at the end of each month. It is easy to keep your FICO score above 700 if you keep 30% or less balance on your revolving credit accounts, but other factors are also considered. If you are ever going to make a big purchase, such as a new car or a home, always check your FICO score in advance and try to clear up any mistakes on your credit report first. You are allowed 1 free copy of your credit report from each of the 3 credit bureaus each year. I highly recommend that you ALWAYS pull them and at very least take a look at them.

For determining your FICO score, I recommend myfico.com. There are other sites out there, such as freecreditreport.com, but I have been using myfico.com for about 6-7 years now. The services offered are not "free". It costs money to get your FICO scores, pull reports, etc, but if it puts you in a position where you can save 2-3% APR on a loan, it is worth it in the long run. I also pay each month to have my credit activity monitored.

**HeavyG** · 05-27-10, 02:23 AM

Originally Posted by moving-target

yeah i know where theres one in the big city but things i wonder about is how long after they drain me till i can drive also i kinda wonder since the sign says donate it would be a bit embarrassing to ask how much lol

Is the job market so bad that you can't get work at all? What else is going on here? I don't think you should even attempt to apply for a lone. Don't take this personal, but this is part of the problem with our economy... people borrowing money with no means to pay it back. Who eats it in the long run? The Bank does. They lose the money while all that happens to you is you get a blemish on your credit report for 7 years. They can take you to court and try to get a judgment, but not likely for $800-1000 as it isn't even worth the legal fees.

I don't know much about you, moving-target, and I do not like to judge anyone on these forums without getting to know them first, but it seems that you are trying to take the easy way out. While I support PC gamers 100%, there are times when all gamers need to re-evaluate their lives. You should really look into the following (if applicable):

Take care of yourself - your health is very important - lose any drug/alcohol habits if you have them - QUIT SMOKING as cigarettes are expensive
Get rid of amenities that you do not need - Any sort or pay/subscription services - NetFlix, Cable, expensive cell phone plans, etc
Get a job - and I mean a real, full time job... even if the pay sucks, it will be better and safer than donating plasma
PAY YOUR BILLS! - Before buying anything "new", pay for what you owe - you are young, but that doesn't mean you cant be responsible
Priorities should be (in this order): Food/water, shelter, hygiene, electricity, security, debt/income... then fun stuff such as video games