HELP ! 411 Score, considering consolidation

[Anonymous]

Hello, I just checked my credit score today and I found out I have a 411 credit score. I have many missed payments and many late balances, I am really looking to fix my debt. I am currently considering a debt consolidation loan to consolidate all of my credit card debts (15,000), but I am not sure if I can (and don't know where if I could) get a consolidation loan for that much, especially with all my bad history. Here is my history:



Macysdsnb 4/2006 $605 30 days past due
Citi 10/2005 $4,106 120+ days past due
Wf Fin Bnk 5/2006 $2,593 120+ days past due
1stnatlcc 8/2005 $1,941 OK
Wfb Cd Svc 10/2004 $1,612 120+ days past due
Wamu/Prvdn 5/2006 $1,133 60 days past due
Aspire/Cbt 6/2005 $1,042 30 days past due
Chase d 7/2006 $505 OK
Chase 3/2004 $378 OK
Cap 1 Bank 1/2004 $316 30 days past due


There are the companies, the dates opened, the revolving balance, and the statuses. I really just want to get a consolidation loan and pay it off so I can have 1 payment, I feel like I am never going to get out. Do you guys think I can get a consolidation loan? Is it possible? If not, what are the best reccomendations ? Any help is greatly appreciated, thanks! -Will

Message Edited by wilmersti on 09-19-2007 09:30 PM

[Anonymous]

BUMP, anyone ?

[Anonymous]

bump

[PayYouNever]

It's possible to get the consolidation loan if you put something up for collateral, like your car. I did that to pay off three CCs, and I just pay that one loan.

If you can't get the loan, then you need to enter into a Debt Management program like Lighthouse Credit, because what they'll do is negotiate with all your creditors for much lower APRs than you might hope to get, and then they'll create a lump sum that you pay each month. The bad thing is, these accounts get closed (by consumer request).

You could make the calls to the Creditors yourself and look to get the APRs beat down with written agreements on payment, or you could make settlement offers or what have you, just make sure you ask for a PFD or a PIF then delete.

Due to the fact that you're 120 Days on some accounts, you're really screwed. Find a way to get current on those accounts, then write a GW letter to get the 120 day knocked down to 30 day (or not late) and then keep paying off the debt.

[Anonymous]

I'm sure you are getting killed with late fees and over-limit fee's. This happened to me though not as severe. I tried to get a loan in july my tu fico was 536, they denied me. thank G for my mom, she got a loan for me and i paid all of my cc's in full and she does not want the $ back! Have you got a family member that can get a loan or even co sign for you? it would be best if you can pif all cc's before they go into collections. you have to hurry before you accrue anymore late fee's and default apr's. My default apr on cap1 was28%! They screwed me royally! But I will have the last laugh, I am going to charge 5 bucks every month on their stinkin card and pif before the bill arrives! Good luck and remember, you are not alone!

[PayYouNever]

The Default APRs and the Late Fees and the Over-The-Limit fees can be reduced or waived with carefully crafted phone calls in which you speak to a supervisor. The Default APRs will probably go back down after three successive months of payment -- those rape & pillage APRs are the CC that you should be focusing on first in terms of paying them down.

But make those calls get the fees waived, you'll have to make a payment right there and then though. So be prepared to do that.

[Anonymous]

Hey guys, thanks for all the help, this is actually a personal buddy of mine. He'll probably be posting real soon, but any idea what credit union/bank he should use for the debt consolidation ? We were thinking Patelco might do it, as they're usually quite lenient. Thanks for all the help guys !

[Anonymous]

bump

[Tuscani]

I think a DMP is your best option right now. You will be hardpressed to find a lender to grant a consolidation loan given your scores and the amount owed.

Check out: http://www.nfcc.org/