Consolidated loan? I need your opinions!

[TheBouss954]

Hello all!

im newer to these forums, here's a little background and maybe you can help me!

I'm 22, full time student. I have a ton of recent debt due to the fact of my fathers heart condition and I've been putting everything on my cards which I know I shouldn't have but I needed to help him out 

I was thinking about getting a consolidated loan for my credit cards ($5000 Chase Sapphire, $1400 for my AMEX Blue Cash and $1200 Chase Freedom) that's what I owe. 

What do you think the best way to get the debt down would be? I would rather have them report as $0 balances. My credit as of last week is a 638. I also just recently got the AMEX Gold Rewards card which is $0

any help and ideas would be great thank you!!!!

[user5387]

A consolidation loan sounds like a good idea.

However, you may be borderline with a 638 score.  Where did you get that score from?

You can check with some local CUs, or try Lending Club and Prosper.

If you are a student, then there's an issue of having income that you can list on any loan request.

[mountainmom]

What is your total owed vs total limits?

How many inquiries?

lending club soft tu, prosper experian. Inquiries seem to be a big factor..I think it's just the last 6 months tho.

[chappo2000]

You have to be careful, after the consolidation, that you don't put anything back on those cards with zero balances.

It's harder to do than you think when you're conditioned to "just put it on the card and you'll pay it later."

Yoiu don't want to make your situation worse.....

[parakleet]

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@TheBouss954 wrote:

Hello all!

im newer to these forums, here's a little background and maybe you can help me!

I'm 22, full time student. I have a ton of recent debt due to the fact of my fathers heart condition and I've been putting everything on my cards which I know I shouldn't have but I needed to help him out 

I was thinking about getting a consolidated loan for my credit cards ($5000 Chase Sapphire, $1400 for my AMEX Blue Cash and $1200 Chase Freedom) that's what I owe. 

What do you think the best way to get the debt down would be? I would rather have them report as $0 balances. My credit as of last week is a 638. I also just recently got the AMEX Gold Rewards card which is $0

any help and ideas would be great thank you!!!!

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Any reason why this is a priority? whether or not your cards report zero balances won't make a difference unless you're planning to apply for new credit. I would focus on paying down your balances - and a consolidation loan may make sense if your interest is high on your current cards. Another thing i would suggest is calling each creditor and requesting a lower apr if you qualify. That may help you somewhat with the interest.