Friday, November 19, 2010

Would a bank like Wells Fargo or Bank or America loan me $3500 after I was denied credit thru a jewelry store?

I am 26 now. I ruined my credit when I was young and dumb and 18-21. I have taken the steps to repair it. I have a car loan for $18,000 that I have been paying for 3 years now and I have a couple credit cards I manage well now, but nothing with a credit limit over $1000.

I want to propose to my girlfriend and get her a nice ring. I have figured I could afford about a $3500 ring. I designed the perfect ring at Blue Nile and was going to try and use the Bill Me Later, which would let me pay it off in 6 months with no interest. That is how I came up with the $3500 amount to spend on the ring. I could afford to pay about $300 a month for the rest of 2009 and then pay the rest off with my income tax return money in Feburary.

But needless to say Blue Nile denied my credit request for the $3500 ring. I really want to propose now, I don't want to have to wait until early 2010 and wait for my $3000 income tax return.

So if I were to go to a major bank like Bank of America or Wells Fargo or something do you think they would loan me $3500 with less than perfect credit? My credit score is around 620. The reason that my credit was denied with Blue Nile was because of ';a history of deliquent payments';Would a bank like Wells Fargo or Bank or America loan me $3500 after I was denied credit thru a jewelry store?
Sounds like you are taking the right steps, but you need to eliminate the credit cards completely and make sure that you pay your car note on time, every time.

Even when credit was lose, the banks have more stringent guidelines than most retail outlets; therefore, i don't think they will touch it unless you have collateral, which hit sounds like you don't. My advice to you is to get your self out of debt completely before you think about getting married. If the two of you do not want to wait, then get her a gold band as a wedding ring with the understanding that you will get her the diamond ring once you two are on your feet financially. Make it a goal for your second or third anniversary! The best advice is not to go into a marriage with credit issues and significant debt!!

Good luck!!

PS.. Do not under any circumstances go to one of those legal loan shark places that have popped up in every strip center in America. That will make your situation much worse in the long run.Would a bank like Wells Fargo or Bank or America loan me $3500 after I was denied credit thru a jewelry store?
NEVER go into debt for an engagement ring - it's not worth it and $3500 is a ridiculous amount to spend on a ring - you won't get a loan with a 620 score - if you couldn't get financing thru the jewelry store, you won't get it anywhere
If you think you are going to get that big of a refund, then why don't you just simply change your income tax withholding (change it to Single 9) so that you get more money in your paycheck and can use that cash to pay for a ring (or at least reduce the amount of a loan you would need to take). Right now, you are giving the government an interest free loan of your money. Change your W-4 form with your payroll department and you can get your money now, not in February.

Or, see if you can get a new credit card with a 0% on purchases for the first 12 months kind of deal. Discover card and Citibank are both offering these kinds of deals right now.

Since you have been doing better with on-time payments, you could also call up one of your existing cc's and ask them to increase your limit (although they are being stingy about that right now, they might give you a break).

A last resort, if you really, really will pay it back ASAP is a loan against your 401k account. But only do that as a last resort and pay it back as fast as you can.

Good luck. Hope she says yes!

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