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I am writing to seek help in finding a company that will transfer my credit cards to one card or loan companies. I have maxed out my cards to help family members who lost everything in a fire to get in them in apartment and clothing for kids. They didn't have rental insurance on their apartment, so I am in a situation where my cc balances are so high and my credit score has dropped tremendously. So I am looking for any advice to be able to get my cc down.
Before Score: EQ, 655, TU.668, EX. 670
Current Score: EQ. 629. TU. 631, EX. 645
@Anonymous wrote:
I am writing to seek help in finding a company that will transfer my credit cards to one card or loan companies. I have maxed out my cards to help family members who lost everything in a fire to get in them in apartment and clothing for kids. They didn't have rental insurance on their apartment, so I am in a situation where my cc balances are so high and my credit score has dropped tremendously. So I am looking for any advice to be able to get my cc down.
Before Score: EQ, 655, TU.668, EX. 670
Current Score: EQ. 629. TU. 631, EX. 645
With you scores being what they are now. It will be very diffucult to even get approved for another credit card or loan. really with enough limit to help you at all. you might want to try a local credit union depending what your annual income is. otherwise only thing to do is pay down your current balances and let your score rebound. Then take out a loan. If your scores are what they were even before you maxed out. then it will be a challenge no matter what to get a personal loan. except maybe a heloc. good luck.
In July I had only one card and it was maxed out at $5k and I couldn't get ahead of it. I had success with the lending club. They did a soft pull on TU. I got approved for 36 month loan at 15%. Payment is right around $175. Much more manageable. It took about 2 weeks for the process and to get funded. Be prepared to submit pay stubs and W-2's. Good luck!
You can test the waters for consolidation loans without incurring a hard pull credit inquiry. Payoff.com, Sofi.com, Prosper.com, LendingClub.com, Avant.com, and PromiseFinancial.com are all soft pulls to see if you qualify, how much you can get, and at what APR.
@taxi818 wrote:
@Anonymous wrote:
I am writing to seek help in finding a company that will transfer my credit cards to one card or loan companies. I have maxed out my cards to help family members who lost everything in a fire to get in them in apartment and clothing for kids. They didn't have rental insurance on their apartment, so I am in a situation where my cc balances are so high and my credit score has dropped tremendously. So I am looking for any advice to be able to get my cc down.
Before Score: EQ, 655, TU.668, EX. 670
Current Score: EQ. 629. TU. 631, EX. 645
With you scores being what they are now. It will be very diffucult to even get approved for another credit card or loan. really with enough limit to help you at all. you might want to try a local credit union depending what your annual income is. otherwise only thing to do is pay down your current balances and let your score rebound. Then take out a loan. If your scores are what they were even before you maxed out. then it will be a challenge no matter what to get a personal loan. except maybe a heloc. good luck.
+1
I truly feel for you, because I've been in a very similar situation myself in the past. Unfortunately, to many lenders you'll appear to be desperate for credit, and a danger for 'busting out'. (A 'bust out' is when somebody knows they're about to default on everything, and they purposely get new accounts and run up existing ones to get as much as possible before the default).
Taxi is right, all you can do at this point is work on your existing balances for a bit. Once there's a visible reduction, you'll have a better chance at getting a good balance transfer card. If you're not careful, you'll just further lower your scores by applying for lower APR or balance transfer cards if you're not approved.
Also, I second the idea of taking out a personal loan if possible... this is an example of when a good relationship with a local bank or credit union would be invaluable.
Helping family in an emergency is of course more important than your credit. I am glad you have those priorities straight. But in the same train of thought, allow me to ask about the family members you helped. Do they have their own credit? Any savings they can use to help you pay your cards? Can they get a loan to help you do so?
@yfan wrote:Helping family in an emergency is of course more important than your credit. I am glad you have those priorities straight. But in the same train of thought, allow me to ask about the family members you helped. Do they have their own credit? Any savings they can use to help you pay your cards? Can they get a loan to help you do so?
+1
I couldn't agree more... I'll even add that the primary contributing factor to my 2000 Chapter 7 was being over extended from helping family. If I had it to do over, I would do it again, but perhaps just a little differently. I found it a little ironic that when all was 'said and done', the family I helped out was in better shape financially than I was.
Without getting into the specifics of my own situation, I later realized I would have been able to have ultimately helped them more if I had helped them less in the very beginning.
I want thank of you for your help& I wish could done it differently also. No they don't the financial means to help right now.