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Am i eligible for a personal loan to consolidate my credit card debt?

New Member

Am i eligible for a personal loan to consolidate my credit card debt?

My gross salary is -105k

credit card debt - 30k

credit score - 660

10 REPLIES
Established Contributor

Re: Am i eligible for a personal loan to consolidate my credit card debt?

Welcome to myFICO forums!

 

What's your utilization % at with that $30k in debt?

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Closed on mortgage 8/9/17!! Woot!
New Member

Re: Am i eligible for a personal loan to consolidate my credit card debt?

80%

Established Contributor

Re: Am i eligible for a personal loan to consolidate my credit card debt?


sudhakar1987 wrote:

80%


That's going to be tough. What's your DTI at including mortgages, car loans etc? Any slow pays? 

In the wallet:
Amex PRG ~ Amex BCE ~ Discover ~ NFCU Cash Rewards Visa Signature ~ NFCU Platinum Visa ~ NFCU Line of Credit ~ Chase Amazon Prime Visa Signature ~ PenFed Cash Rewards Visa ~ PenFed Promise Visa ~ Fairwinds Credit Union Cash Rewards Visa ~ CapOne QS1 ~ Lowes Store Card

Closed on mortgage 8/9/17!! Woot!
Established Contributor

Re: Am i eligible for a personal loan to consolidate my credit card debt?

I hate to say it, but I don't think it is likely without getting your utilization down and your score up.

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
Nov 2017: EQ 683/TU 660/EX 668 w/ 24% CC util reporting
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards - $46k total revolving
New Member

Re: Am i eligible for a personal loan to consolidate my credit card debt?

I keep getting pre approval mails from lending club,best egg. Do you think it is wise to give them a shot?

Established Contributor

Re: Am i eligible for a personal loan to consolidate my credit card debt?


sudhakar1987 wrote:

I keep getting pre approval mails from lending club,best egg. Do you think it is wise to give them a shot?


If you're at a point where you can't afford the payments on the credit cards and are nearing default it can't hurt you. With your income, you should be able to pay this debt down rather quickly to a lower utilization though. However, I don't know what your other bills are on top of the credit card debt so...

 

Time to tighten the financial reigns and focus on debt. 

 

Edited to add:

 

Try to look from a lenders point of view. You've ran up to 80% utilization and are looking for a loan to pay it off. But, what are you going to do with the credit cards after they pay them off via a consolidated loan? Risk is high for them. Again, not knowing your other debt, based on your income, you should be able to get this credit card debt down with some tightening financially. 

In the wallet:
Amex PRG ~ Amex BCE ~ Discover ~ NFCU Cash Rewards Visa Signature ~ NFCU Platinum Visa ~ NFCU Line of Credit ~ Chase Amazon Prime Visa Signature ~ PenFed Cash Rewards Visa ~ PenFed Promise Visa ~ Fairwinds Credit Union Cash Rewards Visa ~ CapOne QS1 ~ Lowes Store Card

Closed on mortgage 8/9/17!! Woot!
Valued Contributor

Re: Am i eligible for a personal loan to consolidate my credit card debt?

If the score depression is utilization related and not for missed payments you may want to look at SoFi.com. They like cash flow (good salary) with a great payment record.

 

Lending Club, Prosper and SoFi.com all have SP pre-approvals. If you go through and apply for final approval it will be a HP.

SoFi.com does not have an origination fee which would be better.

 

Good luck

Valued Member

Re: Am i eligible for a personal loan to consolidate my credit card debt?

I was approved for loan from Lending Club in a similar situation; albeit, smaller amounts. Income ~$65K, $10.5K cc debt and loan amount, ~70% util. TU Fico 680. 

New Member

Re: Am i eligible for a personal loan to consolidate my credit card debt?

Appreciate all your replies