Guest Posted November 4, 2003 Share Posted November 4, 2003 Hi all, I was just hoping to get a little bit of help here. I am really considering a transplant, but have absolutely no money saved. I am considering getting a loan, but I don't know if my credit is good enough. Does anyone know of somewhere I can call or email to just find out if I would even qualify for say 5 to 7 grand? I would really appreciate any help as I am very new to the whole credit/loan thing. Thanks in advance. Link to comment Share on other sites More sharing options...
Guest Posted November 4, 2003 Share Posted November 4, 2003 Hi all, I was just hoping to get a little bit of help here. I am really considering a transplant, but have absolutely no money saved. I am considering getting a loan, but I don't know if my credit is good enough. Does anyone know of somewhere I can call or email to just find out if I would even qualify for say 5 to 7 grand? I would really appreciate any help as I am very new to the whole credit/loan thing. Thanks in advance. Link to comment Share on other sites More sharing options...
Guest Posted November 4, 2003 Share Posted November 4, 2003 I would be very careful about using loan companys. I use to work for a bankruptcy trustee and i can tell you horror tales of what can easly happen. High intrest loans casue major problems. You first of all should contact your bank and see what can be offered. If they ask for a co-signed then that is your first hint of trouble. banks and loan companys see "co-signer" as a major risk. that is why they request you get a co-signer as your credit represnts risk. Over 60% of co-sign loans default. There are lenders which i will not name here that do provide loans for people with bad credit, but that alone is another thread. Be very careful. What city are you in? I could help you much more If i knew more details. Link to comment Share on other sites More sharing options...
Guest Posted November 4, 2003 Share Posted November 4, 2003 Well the thing is that I'm not exactly sure how bad my credit is. I know I'm in the mid to high 500's as far as score goes, but I'm not sure what most places require for that kind of a loan. I'm just not sure if I'll need a co-signer or not. I live in Stevenson Ranch California. I really appreciate any more information you can give me. Thanks for the reply. Link to comment Share on other sites More sharing options...
Guest Posted November 8, 2003 Share Posted November 8, 2003 I worked for a bankruptcy trustee and this is what I can tell you with a credit score of 500 no banks or loan companies will even consider you with such a poor credit score. The average score is 750-850. You have obviously defaulted on other credit products and this shows credit granters that your risk of defaulting is almost certain. Most people who co-sign loans for someone end up defaulting and the next step in the process is bankruptcy. With a score that low I would highly suggest you contact a bankruptcy trustee immediately. The damage that has been done to your credit report is not fixable. Also as what has been stated above you will need a very strong co-signer to support your credit application. Also note another credit application and credit inquiry will lower your score even lower. A co-signer then assumes the major risk of you defaulting on the loan with what you have said with a 500 score is almost certain after a few months. Your co-signer then is totally legally on the hook for your loan, most certain this will destroy that friendship, in your situation I would seek legal advice first and worry about transplant later. Filing bankruptcy protection from your creditors seems like your only option. It allows you a fresh start. If you need more info regarding: mstanko@sympatico.ca [This message was edited by matthew on November 07, 2003 at 09:26 PM.] Link to comment Share on other sites More sharing options...
Guest Posted November 8, 2003 Share Posted November 8, 2003 how can I check mi credit score? Link to comment Share on other sites More sharing options...
Guest Posted November 8, 2003 Share Posted November 8, 2003 ww, go to experian.com,that is the old trw.you can buy it online for about $15 bucks,or if you have been denied credit or insurance in the last 60 days,it's free.anything over 700 is considered good,and the higher the better.viewing your report annually can never hurt.other agencies are trans- union and equifax. Link to comment Share on other sites More sharing options...
Senior Member Paulygon Posted May 10, 2016 Senior Member Share Posted May 10, 2016 I know this thread is old but I'm due for 2nd HT surgery in 6 weeks and would like some opinions on financing. I paid part of my surgery costs already, but a significant balance remains. I am considering taking a personal loan versus taking a loan from my 401k. A lot of finance websites advise against 401 k loans unless its for emergency or buying a home... but I feel like a hair transplant is almost as important an investment as purchasing a home... I feel it makes more sense for me to borrow money from my 401k (whereby interest gets paid to my retirement when paying back the loan) than to take one of these health care personal loans. Does anybody have experience with opening a credit line for purpose of a hair transplant? Anybody use 401k to finance their HT procedure? Any opinions would be great. Thanks! Paulygon is a former patient of Dr. Parsa Mohebi My regimen includes: HT #1 2710 grafts at Parsa Mohebi Hair Restoration in Los Angeles in 2012 Rogaine foam 2x daily, since 2012 (stopped ~10/2015) Finasteride 1.25mg daily, since 2012 (stopped ~12/2015) HT #2 3238 grafts at Parsa Mohebi Hair Restoration in Los Angeles in Jun. 2016 Started Rogaine and Propecia in July. 2016 after being off of them for about a year. Link to comment Share on other sites More sharing options...
Senior Member esrec Posted May 10, 2016 Senior Member Share Posted May 10, 2016 You're better off with a low interest or no interest CC. Link to comment Share on other sites More sharing options...
Senior Member voxman Posted May 11, 2016 Senior Member Share Posted May 11, 2016 Paulygon, I would check with your 401K plan admin and see if a loan is even possible first off. The amount, in comparison, is not going to be that much if you have a healthy 401K and you are paying yourself back every payday. You will miss out on certain gains from that money not being there for the duration of the loan, but you won't be beholding to some high interest rate card company that will cost you 100's of dollars either. I'm serious. Just look at my face. My Hair Regimen: Lather, Rinse, Repeat. Link to comment Share on other sites More sharing options...
Senior Member Paulygon Posted May 11, 2016 Senior Member Share Posted May 11, 2016 Thanks guys.. just checked with HR and a 401k loan is possible, as long as I pay it back within 5 years. This is the route I am going to go. It makes more sense than a credit card where the bank is making hundreds or thousands of dollars off of me. I'd rather pay interest to myself (which is how 401k loans work). True, I'd be missing out on the compound interest while the money is not in the account, but I still think it makes sense over taking out credit from a bank. Paulygon is a former patient of Dr. Parsa Mohebi My regimen includes: HT #1 2710 grafts at Parsa Mohebi Hair Restoration in Los Angeles in 2012 Rogaine foam 2x daily, since 2012 (stopped ~10/2015) Finasteride 1.25mg daily, since 2012 (stopped ~12/2015) HT #2 3238 grafts at Parsa Mohebi Hair Restoration in Los Angeles in Jun. 2016 Started Rogaine and Propecia in July. 2016 after being off of them for about a year. Link to comment Share on other sites More sharing options...
Senior Member voxman Posted May 11, 2016 Senior Member Share Posted May 11, 2016 Just a disclaimer - It is rarely advisable to borrow heavily against your 401K, but I don't believe the amount will be that large, or that you are anywhere near retirement age and the 5 year payback will be minimal and probably not a hardship on your finances. Are you returning to Dr. Mohebi? I'm serious. Just look at my face. My Hair Regimen: Lather, Rinse, Repeat. Link to comment Share on other sites More sharing options...
Senior Member Paulygon Posted May 13, 2016 Senior Member Share Posted May 13, 2016 Just a disclaimer - It is rarely advisable to borrow heavily against your 401K, but I don't believe the amount will be that large, or that you are anywhere near retirement age and the 5 year payback will be minimal and probably not a hardship on your finances. Are you returning to Dr. Mohebi? Thank you. Yes, I will be returning to Dr Mohebi. He did a phenomenal job on my first procedure and I hope the second goes as well. Paulygon is a former patient of Dr. Parsa Mohebi My regimen includes: HT #1 2710 grafts at Parsa Mohebi Hair Restoration in Los Angeles in 2012 Rogaine foam 2x daily, since 2012 (stopped ~10/2015) Finasteride 1.25mg daily, since 2012 (stopped ~12/2015) HT #2 3238 grafts at Parsa Mohebi Hair Restoration in Los Angeles in Jun. 2016 Started Rogaine and Propecia in July. 2016 after being off of them for about a year. Link to comment Share on other sites More sharing options...
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