Qualifying for a personal or debt consolidation loan

[Anonymous]

I have unfortunately built up quite a bit of credit card debt and would like to get it paid off. Have had NO missed payments but because my utilization is so high I can't get approved for a personal or debt consolidation loan. ?? Any advice?

[medicgrrl]

If you go to the credit card forum, list your debts and your budget, you may get some good advice on how to pay them down in order to qualify for a loan soon.

[RobertEG]

Do you have assets or equity that could be used for a secured loan or a HELOC?

[Anonymous]

@Anonymous

I moved your thread from Rebuilding to here where personal loans are discussed.  If on the other hand you want recommendations about dealing with lowering your CC debt thru other means, then it can be moved to the credit card forum but you would need to list out all your current cards, their balances, APRs and other pertinent info to get adequate assistance.  Good luck.

[Anonymous]

Cut spending in every possible way.  Do you have cable TV?  Cut it to $0.  Internet at home?  $0.  Fancy cell phone plan?  $0.

You spent a lot on credit cards so you might have assets with some remaining value.  Sell them -- eBay, garage sale, etc.  Getting rid of things at 10% of purchase price is painful but hurting your credit with even ONE 30D late is painful for 7+ years.

Get your utilization down and your score will probably jump WAY up.  Some folks have posted 60-70 point drops by having very high utilization.

No one will want to extend you a loan to pay off your cards only to see you end up with max utilization AND a loan.  It's too risky for banks.

Good luck!

[Anonymous]

Hi OP, what did you end up doing? Hope all worked out!