LogFAQs > #882460823

Actually it is possible, but tricky.

Loans and credit card applications often are determined (from a specific bank) based on the amount of money that has been going INTO the bank versus the amount going out over a period of time.

I am not an expert on this, and honestly can't be bothered to research the specifics, but for a smallish loan, you might be able to get away with it as long as you had a significant amount going into the bank (over what you spend, for at least 6 months.

So, for instance, if you had 2000$ more going into your bank then you spent for 6 months, and ended up with a 12k balance, then went in and applied for a loan at that bank (or a credit card), they would factor in the amount of money it appears you have in excess when determining what they would offer you.

You "might" qualify for a 70k loan in that case, but would certainly qualify for a larger credit card limit for instance.

That being said 70k is pretty large, but...if you where willing to save up 20k of if (so say 3k per month for 6 months..even if you already had it saved), that could make it far more likely they would loan you another 50k.

From the banks perspective you look pretty freaking good for it, since you have a history of having excess money, and they can feel fairly sure you will pay back the loan (and they will get lots of yummy interest).

So yeah, you can do it, but in your case that would mean saving up for along time (cause at min wage it's gonna be awhile before you save 20k heh). I mean, forget 5$ and change, lets say you make $10 an hour, you live somewhere cheap and rent a room, and eat for very little, so you save half of what you make, and you work 40 hours. That means you could save 200$ a week, or about $800 a month.

In such a case to get 20k would take you 2 1/2 years lol.

On the plus side, you could start making the 3k deposits after 2 years, and you would be ready to apply for the loan right away at the end of that time.

Of course, if your still only making $10 an hour, the interest on a 50k (at that point) loan would really hurt, but it wouldn't be worse then what you where saving before, so it could work out.
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