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Need Advice---Hitting a brick wall.. FICO score--630 and

Super Contributor

Re: Need Advice---Hitting a brick wall.. FICO score--630 and

MyFicoAddict wrote:



I think we might be able to do it. I have worked with a few people who had a co signer and we have been able to do a debt consolidation for. So lets see. I emailed her and am awaiting her response which will give me some ammo to get in touch with a lending underwriter and better gauge how to tackle this situation.


We had a 19 yr old apply for a debt consolidation loan with us with 23k debt, his mum co signed, his fico was 617 and his moms was 680-ish and combined income of about 80k or so and we approved him. He decline, haha - we required we pay the cards and he close them and he was not okay with that - lol.. anyway, lets see what we can do for Lisa.

Great that you all have that requirement. 

Message 11 of 13
Frequent Contributor

Re: Need Advice---Hitting a brick wall.. FICO score--630 and

Yeah I mean it makes sense because we sort of do want to protect our investment, even though the loan is based on your signature and it is an unsecured loan and since no collateral is involved, closing the cards ensures that the member will refrain from running up the debt again and also ensures the member is able to cope with the payment - this is done only in the really bad cases - like for this guy - he is 19, you pay off 20k in his CC debt - that just gives him 20k more to play around with you know? However, we also had someone who has about 33k in debt, who we also approved for 20k, but this guy had a 700+ score, 80k income and he explained most of the debt came from a young age and medical debt and so with his scenario, he has a strong job, strong income and we understand situations happen and now he is mature and so we didnt require him to close the CC's. So really the good thing with CU's are that that there is an actual person who reviews all possible criteria and make the best decision not only for the financial instituion but also you: the member.
Aim to be fiscally and physically fit...
EQ - 723 FICO as of Aug 2010
TU - 757 FICO as of Sept 2010
EX - 742 FICO as of Oct 2010 (PSECU)
Message 12 of 13

Re: Need Advice---Hitting a brick wall.. FICO score--630 and

I sent you a message back..


I dont care if they close every flippin one of my credit card.. Good riddance to them personally!! LOLOLOLOL. I made my mistakes, and looking to move forward..


If this works ouot, I owe you a steak dinner (cash of course) no credit cards!


Message 13 of 13