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I wasnt exactly sure where to post this thread so I went with CC forums...
In the last 6 months, Ive opened up 5 new accounts (had been on the rebuilding journey prior to that). All accounts are currently maxed (pushing 30k owed). I used the vast majority of the new credit to finish rebuilding (paying off judgments/collections/etc for deletions/PFD agreements, large IRS debt for lien removal, etc etc). Of course, being new, theres not much more than a few months payment history on them.
Anyway, my question is focused on the likelihood of a NFCU consolidation loan based on a (now very low) credit score of 596. It was a few points shy of 700, but between 100% util, all the new inq's and new accounts dropping AAoA...well you know how the story goes.
There is still 2 PIF baddies on report...one 5 years old and one hitting CRTP in December. Ill list a few details:
Income 51k
Low DTI (no other payments showing on CR, student loans in deferrment until May 2016)
debt to consol (either in part or hopefully all):
NFCU NavChek.....15k/15/k
NFCU Platinum.....10k/10k
NFCU cashRewards.....1.5k/1.5k
GEWally.....600/600
GEAmazon.....600/700
FPB.....300/300
ComenityVS.....80/250
My concerns for denial:
Low score (util, aaoa, recent inqs)
Vast majority of debt already owned by NFCU
Any input whatsoever on applying/approval chances would be greatly appreciated.
My gut would be to say that it won't happen, but you can certainly ask them. You may find that, on the off chance that they approve the consolidation, they will condition it on the closure of the other accounts.
Based on that most of it is with them, I bet they would do it!
at this point, is it really going to hurt to apply!
I know this because I had put a motorcycle on the LOC and called and asked to refi it over to an auto loan, They said any consoladation loan will have to be approved by a committee and you will not be allowed any charging privilages until the repayment is complete. They will suspend your accounts. After repayment your accounts will be closed and then you can reapply for anything you want. It sounded bad enough I was like hell no were good!
good luck, I think you should be able to make big payments if your DTI is low like you said it was
You have like 30K debt and want another loan? Yikes. I would make payments and try to get to a positive cash position. With 51k/year salary it's going to take some time to pay that off, even if you could apply your entire paycheck. Another loan might give your score a boost, but what if you run the balances up again?
Definitely I would be in savings mode if I were you, paying as much as possible every payday.
@dollar_bill wrote:You have like 30K debt and want another loan? Yikes. I would make payments and try to get to a positive cash position. With 51k/year salary it's going to take some time to pay that off, even if you could apply your entire paycheck. Another loan might give your score a boost, but what if you run the balances up again?
Definitely I would be in savings mode if I were you, paying as much as possible every payday.
+1
With such high utilization/balances and whether NFCU is even willing to consider a personal/consolidation loan, you can pretty much assume your standard NFCU CCs will be closed due to the exposure situation. This, again, assuming they would even entertain approving you for the loan altogether.