topic Re: Debt Loan Advice / Suggestions... in Rebuilding Your Credit

Debt Loan Advice / Suggestions...

agforfree5 — Tue, 04 Dec 2012 20:15:52 GMT

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.

Re: Debt Loan Advice / Suggestions...

Anonymous — Tue, 04 Dec 2012 19:50:54 GMT

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

Re: Debt Loan Advice / Suggestions...

agforfree5 — Tue, 04 Dec 2012 20:15:19 GMT

@Anonymous 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?

Re: Debt Loan Advice / Suggestions...

agforfree5 — Tue, 04 Dec 2012 22:30:43 GMT

@agforfree5 wrote:
@Anonymous 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...

Re: Debt Loan Advice / Suggestions...

madmann26 — Wed, 05 Dec 2012 03:34:37 GMT

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.

Re: Debt Loan Advice / Suggestions...

agforfree5 — Wed, 05 Dec 2012 19:16:00 GMT

@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 ?

Re: Debt Loan Advice / Suggestions...

agforfree5 — Wed, 05 Dec 2012 21:13:27 GMT

Still no answer... anyone ?

Bump..