Friend in need of Debt Consolidation Loan **

[Anonymous]

Hey all! So I have a friend who is trying to get a debt consolidation loan -- I had him recently apply to all the pre-qualifying sites like Discover, Prosper, Upstart, SoFi and every single one has not returned any rates / denied him ! His scores are not amazing but far from poor, and only because of high CC dent used for school tuition (~ $38,000) -- high income now that he's out of school (North of $95k). Scores are hindered ONLY due to high UTIL (overall 47%), never any negatives (Spotless), no slow pays, nothing. AAofA is about 3.5 years, oldest account 6 years, scores are: EQ 648 EXP 660 TU 682. Again, scores are only suffering due to the UTIL ALONE - the "What if" scenario for him on CCT says that if he consolidated these debts onto one loan or CC, scores would hit 754!! But HOW and WHERE can he find this debt consolidation loan if nobody will approve?  

Funny enough, the reason for decline on ALL of those pre-quals is too many inquiries -- he averages like 6-7 in the past 12 months on all 3 burueas!!  I WISH my INQs were that low, LOL!  ANY ideas at all?  Tried PenFed, no go there as well due to INQs/new accounts, it is just mind boggling as most of his CCs are two years old or close to it.  

In SoCal, so any credit unions or other online companies we are missing here would be greatly appreciated.  Thanjk you !

[Revelate]

Not sure but he could just run cheap for a year at 100k if single even in So Cal and pay off like 30K of that anyway.   I'm somewhat more than that income wise but a condo with 1820 payment, 430 HOA, and another ~500/month property tax and I could find someplace for half or less of that easily and still be in an OK neighborhood, and I'm clearing more than that a year and have for a while, so it's doable... priorities.

What I'd suggest is talk to CU's about a smaller sized loan as even consolidating part of it to a lower APR would be helpful both from a FICO perspective and a financial one.  I don't know much about personal loans from most CU's, just going to have to talk to them.  Wouldn't be a bad idea to find out what his EX FICO 2 and EQ FICO 5 are to cherry pick certain CU's who he may have a more friendly score on.