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nancyc1964
Posts: 1
Registered: ‎05-22-2013
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Nationwide Visa and Debt Consolidation

I currently have about $27,000 in unsecured debt and $6100 left on my auto loan.  I have a Nationwide Credit Card with $4,200 credit limit with a 7.24% interest rate.  Has anybody tried getting getting them to increase the credit limit to an amount where they can transfer all of their debt? 

 

If so, has anyone had success.  My credit rating is 657.  All of my payments are on time, however, I have a very high debt to income ratio.  Does anyone have any tips or advice?

 

Thanks,

Nancy

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Elcid89
Posts: 567
Registered: ‎10-04-2012
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Re: Nationwide Visa and Debt Consolidation

Doubtful, at best, that they'd remotely agree to increase your credit limit on an unsecured card by something like 700%. No lender is going to do that, IMO.

 

You might have better luck pursuing a consolidation loan from a peer lending group like Prosper or Lending Club.

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FinStar
Posts: 6,582
Registered: ‎10-21-2012
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Re: Nationwide Visa and Debt Consolidation


Elcid89 wrote:

Doubtful, at best, that they'd remotely agree to increase your credit limit on an unsecured card by something like 700%. No lender is going to do that, IMO.

 

You might have better luck pursuing a consolidation loan from a peer lending group like Prosper or Lending Club.


+1

 

Nationwide is also very conservative when it comes to CLI/underwriting.  Most lenders will frown upon extendind any additional unsecured credit given the current utilization factors alone.


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