# Personal Bank Loan



## mrkrsll (May 6, 2012)

I have a question about a getting a personal bank loan

I started college in 2008 and graduated 2011. I came out of college with a student loan debt for 20k. Also during that time I had some legal issues which resulted in me borrowing money against my fathers line of credit for the sum of 30k. I also have 2 credit card which are maxed out for 5k

Its been a year since I graduated and I just got hired by a company as a field engineering. Im 29 years old and my compensation is 50k a year to start. 

I want to get a loan from the bank to consolidate the 30k off my fathers line of credit and the 5k from my credit cards. My father is willing to co sign the loan for me. He owns his own home and has a very good credit limit. Does this seem like something the bank would do?

Thanks


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## MoneyGal (Apr 24, 2009)

Yes, because your dad is cosigning. But it's a bit of a sleight of hand because your dad is responsible for the payments if you default. (However, I understand the impetus to do this and think it's probably a good idea.) You might want to put together a detailed budget to demonstrate to your dad and the bank how you will be able to cover the payments.


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## mrkrsll (May 6, 2012)

MoneyGal said:


> Yes, because your dad is cosigning. But it's a bit of a sleight of hand because your dad is responsible for the payments if you default. (However, I understand the impetus to do this and think it's probably a good idea.) You might want to put together a detailed budget to demonstrate to your dad and the bank how you will be able to cover the payments.


Thanks for the advice!


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## gt45 (Feb 6, 2012)

I'm by no means a poster child for budgeting, but I learned threw my own trials and tribulations you need a buget when paying off debit and you also need to pay your self a percentage of your income.


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