Debt Consolidation Loan for a low Score

[Anonymous]

Hello everyone!

First I want to say that a ton of people have been helpful in these forums. I've been reading different things and different pinned posts and they're really good tips! I just wish I knew them before I was irresponsible.

Well, anyways, as others have asked, I'll ask about a consolidation loan.

My info:

Want to borrow: $10k (for CC debt)

Score: 588 Transunion & 583 Equifax (& from an application that just got denied, 634 Fico score)

Income is: $4,250 ($2,125 biweekly)

Always had 100% on time payments

CC Utilization is around 75%

0 Derogatory Marks

Age of Credit History: 2 1/2 years

Total Accts: Less than 30 (which, btw, aren't ALL being used)

Inquiries: 3 Transunion & 10 Equifax

I don't want to keep pulling my credit for applications that will be denied... So, please give me some advice! I just want to pay one payment every month and get these credit cards done with! I know I have one card that has an APR of around 29% which is ridiculous... Any advice would be great.

Thank you everyone!

[Anonymous]

To be honest, a personal finance lender will probably hammer you with a 20%-30% interest rate with sub-600 scores (but I would still check their online pre-approvals). Is there any way you can pay down a bit on your cards (especially if any are 90%+ util)?

That should boost your scores a bit, and I bet it would enable you to get a CU card with a sub-10% interest rate and juicy SL that you could use for a BT. Or at least it will give you a better rate if you do choose to go the personal finance lending route. Either way, I'd get your scores up a bit first. Best of luck!

[Anonymous]

With 100% on time payments and 0 derogs, why are your scores so low?

[Anonymous]

^ yeah kinda what i am curious of. it's not all utilization... can't be. i have a 670 score and i have one 30 day late and two 69 day late payments on my record from the previous 2 years.

[Anonymous]

60** not 69. sorry. phones + forums = no bueno