I’m currently in a position where I’m 30 days out from PCSing and need to come up with the money for covering the deposits for a new house for myself and my family. At the sale price range I’m looking at, I’ll likely need between $7K-$10K.
Due to bad habits that I’m improving on, I don’t have the savings built up to cover this. With a current credit score around 650 and several credit accounts open with balances, I’m not sure if I could actually be approved for a regular personal loan at this point in time.
With all these circumstances, I think that taking a TSP loan of $10K is the only feasible option. My total TSP right now is about $30K. My plan if I do take out this loan is to pay it back asap. My house that I’m working on selling should be able to get me between $5-7K if I can close on the sale price I’m working on. So I’m planning on putting that profit right back into the TSP loan and then any remaining balance will be a top priority for my new budget planning.
Before I go through with this, just looking to confirm with the SMEs here if this sounds like the best course of action. One things that’s making me wary is that I’m not sure if taking a TSP loan could raise a flag in the system that notifies my chain of command. I haven’t heard anything about this but would at least like to know in advance if possible so I can take that into consideration if that may be a factor.
Thank you.
Posted by ISaidYut