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Contributor
agforfree5
Posts: 98
Registered: ‎09-26-2012

Debt Loan Advice / Suggestions...

[ Edited ]

I need some advice/suggestions on fixing my brother's credit. He has a few high balances on CCs and collection account. We are thinking of applying for a personal loan or a debt consolidation load to bring down the balances, as neither of us have the cash to put down at once.

 

Any suggestions on where to try to get one ? I know large banks such as Chase does not offer unsecured debt consolidation loans. We are not a part of any CU. His scores are in the Low 600s.

 

Any input would help. Thanks.

Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012

Re: Debt Loan Advice / Suggestions...

With CA on his credit report , I believe no one will open unsecured for him. He have to paid all CA or PFD to satisfied debt first

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
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Contributor
agforfree5
Posts: 98
Registered: ‎09-26-2012

Re: Debt Loan Advice / Suggestions...


TrishN wrote:

With CA on his credit report , I believe no one will open unsecured for him. He have to paid all CA or PFD to satisfied debt first


Ok thanks.

 

But I guess my question is.. Are debt consolidation loans even offered anymore? If so, where at, as I can't seem to find any bank that does?

Contributor
agforfree5
Posts: 98
Registered: ‎09-26-2012

Re: Debt Loan Advice / Suggestions...


agforfree5 wrote:

TrishN wrote:

With CA on his credit report , I believe no one will open unsecured for him. He have to paid all CA or PFD to satisfied debt first


Ok thanks.

 

But I guess my question is.. Are debt consolidation loans even offered anymore? If so, where at, as I can't seem to find any bank that does?



Bump...

Valued Contributor
madmann26
Posts: 1,313
Registered: ‎08-30-2012

Re: Debt Loan Advice / Suggestions...

Your brother may find it easier to pay down the balances over time. This does 2 things:

1. Establishes a payment history

2. Will do more for his score over time.



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Contributor
agforfree5
Posts: 98
Registered: ‎09-26-2012

Re: Debt Loan Advice / Suggestions...

[ Edited ]

madmann26 wrote:
Your brother may find it easier to pay down the balances over time. This does 2 things:

1. Establishes a payment history

2. Will do more for his score over time.



Madmann -

I understand that, that is why I am asking if a debt consolidation loan is a good idea (if I get it at low interest rate)? Also, what is a good place to try and get one ?

 

Anyone here with any experience on this ?

Contributor
agforfree5
Posts: 98
Registered: ‎09-26-2012

Re: Debt Loan Advice / Suggestions...

Still no answer... anyone ?

 

Bump..


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