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HOTPRINCESS | Can i get a bank loan if i have a lot of credit cards with high balances? |
i'm moving out of my parents house for the first time in 25 years to a place closer to work on feb. 1st and i am wondering if i will need to take a loan out to pay first months rent. i have 5 or 6 credit cards with high balances but i haven't been using them except for emergencies. would i need or be able to take out a loan? i get about $800 a paycheck two times a month from my job and pay about $1000-1100/month in bills with 2 cats. can i afford it without a loan because i will get my tax refund near the end of february?
Additional Details
the rent is $600 a month with everything included. includes cable and internet but i will also get my tax refund of at least $900 in february. |
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Dances with Aardvarks
 |
Uhhh... Let's see:
Bills: $1,100
Rent: $600
Food: $250
Cats: $50
Gasoline: $50
Insurance: $100
Clothing: $100
Personal: $200
Total: $2,450
Income: $1,600
Shortfall: <$850>
You're already $850 in the hole and want to take on more debt? Not gonna happen!
Double your income, pay down your debt, and THEN think about moving out. |
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Gem
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No bank is going to loan you the money.
If you cannot save the money by Feb 1, you cannot afford the apartment.
As it is, you have less than $500 a month to pay rent and food.
Take a second job and pay those debts off.
Good luck |
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bostonianinmo
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There's virtually NO chance of getting a loan. You are WAY over your head as it is right now and cannot afford rent as it is let alone any additional debt.
Before you even think of moving out, you need to pay down that credit card debt as close to $0 as possible. Then cut up and cancel all of the cards but ONE and limit it to a credit limit of $2k or less. Double up on payments, get a 2nd job, whatever it takes to pay down the debt. Then start saving the money for the start-up costs for your own place including the first month's rent, security deposit, and any furniture and appliances that you will need.
With your income and debt you are borderline for a $200 apartment and $200 won't buy crap anywhere in the US today.
Edit: Sheesh! Do the math here! You owe $1100 a month and are looking at paying $600 for an apartment. That's $1,700 a month. Your income is only $1,600 a month! You're already $100 a month in the hole and you haven't even started paying for utilities or buying food! You CANNOT afford to move out and you DAMN sure cannot afford to take on any new debt! |
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ranger_co_1_75
 |
Your cost of housing should not exceed 35% of your income. You make $1600 per month, you can afford an apt. costing $560 per month if you don't have other bills that use up that money..
If you pay $1100 out in bills already, that leaves only $400 for rent, food, clothes, and other lving expense. I don't see any way you can move out and rent an apt. |
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StraightDrive
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You seem to have savings of about $500 per month which should be good enough but it depends how much your credit card balances are and how long do you take to get out of debt. Please clear all debt before getting into more debt. Try to live a little more modestly. |
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chatsplas
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Sorry, but my advice is STAY put. You're NOT ready to move out UNTIL you have the security deposit saved up. You've already got debt, and you don't start renting by adding to the debt. Go to credit counseling--HUD certified, take personal finance class at local college and whip yourself into financial shape, then move out. You need security deposit for apartment, then the utilities will want deposits too. And many apartments take no pets or only one pet. Stay home, pay down your credit cards and save up for the deposits. |
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bud68
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If you need a loan just to rent an apartment, then you can't afford it. |
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infinite crisis 247
|
with the numbers that you gave, i don't think that any bank is going to touch you...not in this economic climate. if you have to get a loan to pay your first months' rent, you can't afford the apartment...pure and simple. i think that you would be better off to hold off for at least a year and work on paying down your debt by any means necessary. that debt is only going to get worse if you move out in your current state. don't depend on your tax refund to bail you out. |
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Marysue
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How often do you have “emergencies” that you have “high” balances on multiple credit cards? I think you’d be stretched pretty thin. I was probably making around that when I got my first place and my rent was around $600/mo. My bills (excluding rent) was way less than $1,000/mo and I had zero extra cash. That meant no going out, not getting my hair done regularly no buying clothes, etc.
If I were you, I’d forget credit cards as a way to pay for anything. You cannot use them any more. Don’t take on any more bills (like rent – unless you have no choice) until you get a big chunk of this debt paid down. |
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schwildcat1977
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you should not rent a place if you will have to get a loan to pay for it- that is NOT a good idea.
Your rent should never be more than 1/3 of your monthly income. Most places will not accept you with a higher ratio than that anyway. |
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