Hi!
I was just wondering some peoples thoughts on options for a consolidation loan? I had a lot of unexpected medical bills in the last year and they are spread out over my credit cards and I want to have one simple payment with no balances on my CC. The total amount is right around 17k-18k. Only 1 car is above 50% utilization. Before this my CC's were almost paid off.
My situation. Had ch. 7 about 3.5years ago. It was not my fault, it was my father whom I had a credit card with, maxed it out before his divorce and subsequent bankruptcy. I wasn't in a position 4 years ago to pay off a 22k credit card from Citi. Fast forward 3.5 years and I have had 0 baddies. No late pays, no minimum pays. I always pay over over the minimum balance due on my CC's. I have a car loan which I pay 150 extra dollars a month on and my mortgage which I also pay 100 extra dollars a month on. I rent this house out though. My credit score is 660 on Trans and Equifax and 671 on Experian. I do have about 10k set aside in savings, but I dont want to spend a ton of it paying my credit cards down, I like to keep liquid funds incase theirs a project that needs to be done with my rental property or something else comes up.
My income is 55k + 24k from the rental (I make about a 600 dollar a month profit on it).
I tried for a loan from Lendingclub but didnt include my rental income so I got the "Insufficient income" because my DTI is high from the house, car and CC's. Lendingclub is so odd.
My mother said I could use her as a co-signer for income purposes. She makes 140k a year, 700 credit score on Transunion, 690 on the other two. Her DTI is around 19-20% of her income. She has had 0 late pays in the last 6 years, perfect history on her car and her own credit cards. She has a bankruptcy 6.5 years ago. This was because when she divorced her husband at the time, the court stuck her with 75k in debt, in addition to paying out almost 400k in cash, retirement funds, equity in the house. This was in the middle of the financial recession so the her 401k plummeted and left her with almost 0 when she got done paying out. Good old Minnesota being a 50/50 state, because her husband hadnt worked in 10+ years and made out like a bandit. She learned her lesson though and no carries very little debt, including having her house paid off.
I tried applying with her as the main applicant. She has a loan with them she got 8 months ago for only around 5k but it strikes back and says "Not enough payments on current Lending Club loan" and when I am the main applicant with her as the co-applicant it declines for my 55k income not being high enough. So that apparently isnt an option.
Avant is high interest rate and won't do joint applications.
I tried this with a credit union about 4-5 months ago. Wings Financial and the guy was totally judgemental. His words were "You're to young to have this kind of credit card debt so i don't feel comfortable extending a loan to you. So I am going to have to decline you." I tried to explain my situation but he didn't care in the least. Totally rude to me. This was with my mothers credit and income included. Our DTI together without my rental income is about 28-29%, with my rental income it drops to the low 20% for DTI.
Does anyone have any thoughts? And please, dont lecture me for the high balances, I do know they are high, but its not like I asked for medical problems.
