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@amieric88 wrote:
If I pay off the rest of the utilization with a lower rate loan, then ill be right about 5%Uti
@I'd expect your FICO scores to reflect a nice bump if your %util drops that low. So NFCU will loan you enough @Anonymous% for 60 months ?
First post, I apologize if it needs bump etc... My situation is similar.
If the answer is just to pay down the debt, please do not respond as I know that is the best option. I am just looking to see if another option will help.
A few years back I was advised, ' to close credit cards and work off one or two as this will increase your score' as we all know that was dumb advice. My debt to income is now destroyed. My score went from 760s to around 625.
The only bad issues I have:
1. 60 day hit for missing payment back in 2010, this was paid in full.
2. I set up a payoff on an old car lease in 2010. Not realizing how it would affect my credit. I have since paid it in full as of 2011.
My cards:
NFCU card Limit 20k owe 16 k
USAA 16k owe 12k
I already own a home and two cars.
1. Consolidate with a loan, BTW my house appraised for 10k less than what I owe so home equity is not applicable.
2. Take one day and as mentioned on this site, apply for a bunch of cards in order to increase my available credit. I assume I will be denied for most cards and will have to try and request reconsideration of the application. Therefore I can hope to decrease the debt to income and boost my credit after the inquiries etc.. Come off the report.
Questions:
Are there any balance transfer cards out there?
Are there any lenders that help with this issue?
I appreciate the help in advance.
I think it's a dangerous potential trap to take out a personal loan to repay CC debt. The fact that you are unable to pay your CC debt is a sign you've probably overextending yourself.
IMO it is unlikey that you'll be qualified/approved for a personal loan with such a high util. If you do get apporoved for a loan the interest rate would most likely mirror your current credit card rates.
My honest advise is:
1. STOP using your cards!!!
2. Focus on paying your debt off in full.
3. Revist your budget to identify areas you can cut back on.
If you're unable to do this, you'll most likey go deeper into debt. If you do get this loan it would only be a bandad to a bigger problem.
I was were you are a few years ago. I was trapped in CC debt because I managed my credit poorly. I willed myself to payoff more that $25,000 in debt. You can do it!
Edit for Typo