Valued Contributor
Posts: 1,441
Registered: ‎01-14-2009
Re: Consolidation Loan For Credit Card Balances?

bichonmom wrote:

masscredit wrote:

About $4500.00.  I just thought about this today so I haven't researched places yet. Possibly my credit union or online. Open to suggestions for that Smiley Happy 


A buddy was going to consolidate his credit cards and car loan with Wells Fargo a few months ago but something didn't go right. They contacted him so it sounds like the offer was going to be in their favor. 

The problem you're going to have is that you have high util, based on the CLs in your sig and $4500 bal., and you have a fairly recent bk. a lot of places are going to be reluctant to give you a loan that, in effect, is just going to enable you to get further into debt. As the saying goes, it's easier to get credit when you DON'T need it.


your best bet is going to be a cu, if they aren't too conservative. Call and explain your plight and see what they're willing to do. FYI, its better if you can plan for spending like that. For example, you'd do better with CLIs on your current cards and getting a 0% bt card without this high util on your cr.


good luck!


+1  You should look into a CU for a personal loan or a debt consolidation loan.


Check out Northwest Federal Credit Union. Anyone can join by paying a one-time $10 fee to join the organization FAN (Financial Awareness Network). Also, as with all CU's, a minimum opening deposit into a Share Savings account is required to establish membership -- $5 for NWFCU.


Loan Type          Term                             APR* as low as

Personal            up to 48 months         7.00%
                             60 to 84 months        10.00%


This is the lowest rate that I could find for an unsecured signature loan.