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Pro1painting
08-28-2009, 04:14 AM
Hello,
Just wondering I am seeking a 10,000 dollar loan. I am 21 years old with a 1600 dollar credit card that I pay off every month. The problem is I am a painter and times were slow so I moved to a different company but was getting paid cash for most of the summer and then now things have been booming again I am back painting.
So it looks like I am new to a job. But I have been painting for this company for 5 years. Can I get a referance letter or something from my boss and the book keeper?
Or should I apply for couple credit cards to try to get 10g limits?
Thanks
Chris

Canadian
08-28-2009, 02:56 PM
Don't you have any kind of emplyment records during the 5-year job experience you had with the company?

Pro1painting
08-28-2009, 07:40 PM
Yah, its here and there sort of thing. I am very bad at paper work keeping when it comes to that sort of thing...

Jason
08-31-2009, 02:47 PM
Just ask your ex-employers for a recommendation letters, and you'll be fine. I was in the same situation like you a few years ago (had experience, but not records) and this worked for me.

Pro1painting
09-01-2009, 04:37 AM
All my past employers? Or just the one I am with now. What type of credit score would I need. I have only had open credit for about a year now but never missed a payment. Last I checked my score was sitting at 630..

Pro1painting
09-01-2009, 06:01 AM
Just wondering also, What should my boss put in it for an idea. Hes never done one.. I have been working for him for 5 years.
Thanks

Pro1painting
09-03-2009, 04:22 AM
Thats the letter he made, you think that will win some hearts for 10-15g loan? With a credit history for 1 year. Think my rating was 630 last time I checked.


I understand that Mr.xxxxx, who is working in my concern as a Painter, has applied for a personal loan from your bank. Mr. xxxxis a man of integrity and is known to me for the past 7 years. He is under our employment for 5 years. I have also enclosed a statement of his salary details, to prove his credit worthiness. I am sure that he is capable of and will repay the Loan regularly, in the event of your sanctioning him the 15,000$ loan.
I Promise you, your bank that Mr. xxx will have a job to pay back the loan in full, Mr. Batt will even advance in his career as a Painter. xxxx not only loves his job, he will be taking over xxxx in the end.
Mr. xxxx makes 17 dollars a hour and works 85 hours bi weekly. Christopher’s paychecks bi weekly is between 1177.60 and 1265.00, which average between 2355.20 and 2530.00 a month.
I very much recommend Mr. xxxxxxx for this loan.

Sincerely, xxxx
A1 xx (Owner)
250-xxxxx

trent
09-08-2009, 08:58 PM
So what did the bank say?

Pro1painting
09-17-2009, 12:59 AM
The banks gave me a big N..OO :(

Canadian
09-18-2009, 02:25 PM
The banks gave me a big N..OO :(

Was that one of the big 5 Canadian banks? If yes, have you tried smaller bank/financial institution?

Pro1painting
10-03-2009, 03:01 AM
I have tryed a couple different banks and credit cards. Oh well, I had to pass on this course and equipment this time. I am going to try again when the snow melts.

chinoy99
10-28-2009, 12:08 AM
Was that one of the big 5 Canadian banks? If yes, have you tried smaller bank/financial institution?
Hello Pro1painting:
Do not get dishearten with this. My expertise is in the field of credits & loans. The reason the bank declined your request of CAD $15,000/- loan is as under:- (this is as per my experience)

1) Your age factor counts as well (21 years is too young)
2) Your job stability and salary (salary per month you showed is appx CD $2,500)-
which is too less for a CAD $15,000/- loan)
3) Your credit score is 630 (as you have mentioned earlier). To sanction a loan a banker
would not only take your credit score into account)
4) CAD $15,000/- loan is an exorbitant amount and you did not mentioned any reason
for acquiring this loan such as personal expense for car, house renovation, college
fee, consolidation of past loans etc etc

My suggestion is start with a small loan like CAD $5,000/-.

The five key elements a borrower should have to obtain credit:
• character -(integrity),
• capacity -(sufficient cash flow to service the obligation),
• capital -(net worth),
• collateral -(assets to secure the debt),
• conditions -(of the borrower and the overall economy).

Hope this helps. Regards.