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Member
bw3733
Posts: 15
Registered: ‎07-31-2012

Is consolidating far fetched??

I really wanna consolidate these CCs I have. I ask for 3500 in personal loan which can EASILY be paid off in 3 months tops. But I keep getting denied for a loan. It's getting frustrating with these and my student loans at once. Any options on consolidation? Or a place that'd take me, lowkey desperate. :smileysad:
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tmobileguy
Posts: 88
Registered: ‎11-16-2012

Re: Is consolidating far fetched??

[ Edited ]

What is your middle credit score? What is the baddie from and can you get it removed? If you can get the baddie off (depending on what it is), your credit score should jump significantly and you could prob get that loan? Do you have anything you can use for collateral for a loan? House, car, etc etc?

 

If your credit score is low because of utilization then see if you can get your credit card companies to increase your limits to get it to go up. If you can pay it off in 3 months if you can consolidate then however bad the interest rate is, it wouldn't take more then 6 months to just pay them off and be done with them....Always make the minimum payments towards you lowest interest rate loans, and put everything else towards the highest interest stuff first...


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Shogun
Posts: 12,884
Registered: ‎04-15-2011

Re: Is consolidating far fetched??

I understand the fact you want these CCs paid, but if you could pay the loan off in 3 months, could you not pay the CCs off in that time period also?  Maybe start with the lowest one, pay it off, then roll that money onto the next one?


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Member
bw3733
Posts: 15
Registered: ‎07-31-2012

Re: Is consolidating far fetched??

In 3 months ill have my tax return, so it'll be put towards paying it off. Otherwise, it'll take me longer. I just do not understand why they offer consolidation and reject people. I am very frustrated.

My lowest one is 500 and its down to 260. I have a close to maxed 1500 and 1000 however. I just want those paid down and out of sight.
Only 1 acct in bad standing, everything is current and in good standing!

In my wallet: Discover ($500), PSECU Student VISA ($1000), Barclays Apple Financing Visa ($1500)
Frequent Contributor
kjel
Posts: 361
Registered: ‎11-27-2012

Re: Is consolidating far fetched??

If you plan to pay off the consolidation loan in three months, plan to pay of the credit cards in the same amount of time. Honestly, three month's wait really is not that long. Throw whatever extra cash you can at your lowest balance card for the time being to pay it down, if it's paid off before your refund comes in then pay that amount towards your next highest balance.


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Member
bw3733
Posts: 15
Registered: ‎07-31-2012

Re: Is consolidating far fetched??

I guess from my standpoint what you guys are suggesting is far-fetched. I will try it however. I just am slightly overwhelmed with those payments on top of my students Loans hence I was shooting for that loan :smileysad:. College is such a drag
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Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012

Re: Is consolidating far fetched??

I think it was just more based on the idea that you had said you would be able to pay off the personal loan in three months. Since the APR of the personal loan would be at most 10% lower APR chances are the interest rate (the only reason to get a consolidation loan in the first place) wouldn't be different enough to alter your plans of paying the money off in three months anyway. 

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Regular Contributor
xwill04
Posts: 162
Registered: ‎11-13-2012

Re: Is consolidating far fetched??

[ Edited ]

Jutz wrote:

I think it was just more based on the idea that you had said you would be able to pay off the personal loan in three months. Since the APR of the personal loan would be at most 10% lower APR chances are the interest rate (the only reason to get a consolidation loan in the first place) wouldn't be different enough to alter your plans of paying the money off in three months anyway. 


+1 

 

Plus with your scores your loan would be in same range as CC. interest rates on personal loans arent that great right now... i work at a bank so i know



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