Wells Fargo Unsecured Personal loan denied

[Anonymous]

OK, I will try to explain my situation which is really not good.

I have 4 credit cards with 19 000 debt 

I have Unsecured Personal loan of 12 000 on which 2600 is left

I have car loan of 21 000 on which 2000 is left 

I tried to apply with Wells Fargo 24000 Unsecured personal loan ( to collect all on one place)  and I was denied.

My pro: 

-I was never late . neither a day with any loan

- I pay my car 54 months, and personal loan for three years

- I am paying 1300 a month for all bill, one loan will be only 550-700 a month

My Con:

- My credit card debt is terrible

- My Fico is 669 and 645 

-I don""t own a house, so I can not use secured loan, but I don't pay rent as wel

My banker told me I was denied , because they are not sure I will not built my credit card debt again. Maybe it will be a joke for you, but I am 1000 % sure i willn ot, since I have plan to close them all.

I know, i should wait few months ( by January 2011 I will pay off my car, by April my loan) and then re apply again.

But I am tired of this cards and would like to see them closed as soon as possible.Is it possible to send them a letter, to re evaluate my loan application, If I promises to close cards somehow to them? is it possible to go somewhere else ( credit union0 even though I am not member, and I am asking for 24 000 unsecured loan)  ?

Anybody that can help me? Thanks.

[RobertEG]

Wow!  I sympathize with your desire to consolidate these debts, hopefully at a lower interest rate.

But, if I put myself in the shoes of the prospective lendor, you are in fact asking them to assume all obligation for payment of debt that you have accrued with others.

Your history, with no offense intended, is to build high, and thus risky, revolving CC debt.  Promises to not do that again are not normally things lendors give a lot of credence to in their lending decisions. Inability to secure the requested credit is also a large factor.

What are your credit limits on each of your revoving cards, and thus your % utilization of each?

I would concentrate on reducing % util on your revolving (CC) debt before putting emphasis on early  paying off your installment debt.  Installment % util is not a large factor in FICO scoring.

Revolving % util is.

[jhdiaz]

Have you tried Lending club? Here's the link! Lendingclub.com

[marty56]

A DMP program is FICO score friendly and may lower you interest rates and give you a single payment for up to 5 years.