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Debt consolidation Loan

Frequent Contributor

Debt consolidation Loan

Is there a place that will give you a debt consolidation loan when you have high balances on CC.  My husband has "good credit" about 675 score and is trying to get a debt consolidation loan of about $12k to pay off credit cards and hopefully a lower interest rate but gets denied because of short history (3yrs), and high balances, but Gosh that's the reason why he needs the loan, to pay those off.  ANY RECOMMENDATIONS?

Equifax: 676 (myfico) Experian: 683(myfico) TransUnion: 689 (Barclays)

Current Goal: 700
Message 1 of 12
11 REPLIES
Established Contributor

Re: Debt consolidation Loan


Jess21 wrote:

Is there a place that will give you a debt consolidation loan when you have high balances on CC.  My husband has "good credit" about 675 score and is trying to get a debt consolidation loan of about $12k to pay off credit cards and hopefully a lower interest rate but gets denied because of short history (3yrs), and high balances, but Gosh that's the reason why he needs the loan, to pay those off.  ANY RECOMMENDATIONS?


Hi Jess, 

 

I don't know, there are just so many variables lenders consider. Lenders look at more than just scores. What's his DTI ratios? All 3 FICO scores? What is his UT in aggregate and for each individual card? Does he make more than the minimum pymt on each card? Are there any baddies or derogs on his CRs? All of these things are considered by lenders.

 

How many cards is he trying to pay off? Has he tried contacting each CCC and requesting APR reduction?

 



EX 759, TU 764, EQ 743
|| NFCU CashRewards $16.5K || Discover IT $7.5K || NFCU Platinum $7.5K || Macy's $7.5K || CitiCostco $5.5K || Chase $5K || CitiDC $4.8K ||
Message 2 of 12
New Member

Re: Debt consolidation Loan

Hi Jess

 

Consider possibling going to a Credit Union! 

 

Either Local or someone of the big ones out there like NAVY FEDERAL, DCU, ..and others 

 

Look on the web for credit unions and call them and talk to them ....  

Message 3 of 12
Frequent Contributor

Re: Debt consolidation Loan

Thank you,  We bank through the SECU so we are going to apply too but I have a feeling he'll be denied as well, his makes about 38k/yr and owes about $11k in cc debt.  He has no derrogatory marks on his reports,  just high balances on CC which is what we are t rying to work with

Equifax: 676 (myfico) Experian: 683(myfico) TransUnion: 689 (Barclays)

Current Goal: 700
Message 4 of 12
New Member

Re: Debt consolidation Loan

Jess....Try and Get in with NAvy Federal Credit Union!

 

You don;t have to be in the Military or Navy to join!

 

They are very willing to assist ...and help ....those who may not have the best credit scores!

 

Do some research type in Navy Federal and see what others on thie board say about them and ...at least call to talk to them ...they maybe able to help!

 

you never kno

Message 5 of 12
Established Member

Re: Debt consolidation Loan

My husband just used upstart.com and got a 18k debt consolidation loan to pay off high balances with cc. It took about 2 weeks to get funded but we got it. Scores were around there and income as yours as well. Good luck
Message 6 of 12
Frequent Contributor

Re: Debt consolidation Loan

What was the interest rate if you dont mind?

Equifax: 676 (myfico) Experian: 683(myfico) TransUnion: 689 (Barclays)

Current Goal: 700
Message 7 of 12
Frequent Contributor

Re: Debt consolidation Loan

Yeah im VERY familiar with Navy Federal they were awesome to me, but Im in the middle filing BK and they will be included in it,  We arent filing together so he is not affected but not use if they will look at it weird

Equifax: 676 (myfico) Experian: 683(myfico) TransUnion: 689 (Barclays)

Current Goal: 700
Message 8 of 12
Established Contributor

Re: Debt Consolidation Loan

Not sure if you're eligible, but try Navy Federal or your local credtit union.. I was denied for a debt consoldation at NFCU because of the same reasons you listed, but they approved me for a credit card that was equivalent to the amount of the loan I'd requested (separate apps..justt a conincidence).

Message 9 of 12
Moderator

Re: Debt consolidation Loan

Hi there OP,

 

I have removed your cross post on this topic from the rebuilding forum. Please refrain from cross posting in the future as it can lead to confusion by the members and its against our TOS to do so. I thank you for your understanding on this.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Message 10 of 12