I have excellent credit score with 30 years + of every single payment made early. I utilize a high credit line to buy and sell aircrafts on the side. My DTI is high while I’m waiting to sell my latest project. Anyone had experience with a good company that may extend a personal loan to me while I have this high DTI? I pay off my balances frequenty when I sell the next aircraft. I just don’t want to pay the high interest fee in the meantime.
Hi @bobnkim1018 Lenders typically look at both your credit profile and DTI together. It’s great that you have an excellent score.
I’d say try a local credit union first. You’re more likely to get low rates – plus if you have a relationship with the credit union, you can explain your DTI fluctuation.
For online applications, I’ve seen that lenders let you add additional sources of income when you apply. So you could mention your side business and that can potentially be factored into your decision. We have a story of things you need to know before applying for a personal loan, which may help your situation.
Let me know if that’s helpful and feel free to ask more questions as you apply.