Debt Consolidation With Bad Credit

[YoungJay18]

As ive stated in my topic my question is basically, Is there any way to get a Debt consolidation loan even though have bad credit and hopefully i dont have to give up my credit card in order to get it. 

[CM1]

Probably not. They want you to close the accounts so that you don't rack up the cards again and double your debt. You could exclude a card you don't want to close. Although If you're doing a debt consolidation loan, if might be smart to close them and avoid temptation. Just learn from your mistakes and try to be better next time. Good luck.

[Anonymous]

What are your scores? Bad credit can be anywhere. Some options are prosper, lending club, sofi... A credit union may want you to close cards, maybe not. Depends on scores/profile.

[YoungJay18]

As of August 27 my score is 472 after dropping 91 from the month before and i spoke to 1 i believe its called Freedom Debt Relif and once my acccounts closed so go my cards 

[Anonymous]

Terrible, terrible idea. You'll end up with Horrible scores and NO credit lines to work with. You'll basically set yourself back several years.

Give us an idea of what you're up against we'll see what some alternatives are.

[YoungJay18]

Well i have 2 Capital One cards 1 Amex Gold (which i love) a amazon store card and a paypal credit account my American Express gold i can pretty much deal with its only 2,000 and im not behind on anything but 1 capital one is $1,974.50 minimum 300 the other is $1,259.12 minimum 222 the amazon is $2,738.53 minimum is 235 and lastly is paypal with $692.16 with a minimum of 86

[Anonymous]

I would try like heck to bring those accounts current.   Then after a year or so of perfect payment history and balance management try to goodwill the lates off.  If you lose the cards you have it's going to be a long time before you get a new unsecured line.

[Anonymous]

Call your lendors and give them a sob story.  See if they'll work with you.

[Anonymous]

---

@YoungJay18 wrote:

Well i have 2 Capital One cards 1 Amex Gold (which i love) a amazon store card and a paypal credit account my American Express gold i can pretty much deal with its only 2,000 and im not behind on anything but 1 capital one is $1,974.50 minimum 300 the other is $1,259.12 minimum 222 the amazon is $2,738.53 minimum is 235 and lastly is paypal with $692.16 with a minimum of 86

---

Ok, assuming you are able to meet the minimums, how much extra $ are you able to put towards them? Are you budgeting your money now? If so is there anywhere you can trim from your budget?

Do you rent? How much is your rent, and does the rental comapany have a payment portal that allows you to use a credit card?

[Anonymous]

Most banks however, see small businesses as greater risks and for that reason will be less likely to award a business loan. This is even more apparent when the business attempting to obtain a loan has a bad credit score.

Solution:

The main thing that the lender wants to do is minimize risk, so you need to show that you are able to pay back the loan in due course. The best friend to the small (Mod Cut-Im sorry solicitation and links of this type are not allowed on myFico)  in this situation is a financier which puts more weight in their decision on cash flow rather than credit scores.