INSANE Credit Card Debt = Need Advice?

[marty56]

A Debt Managment Program (DMP) for 5 years would be about $700 a month and when you are done your score wwould recover to where they would have been prior to all the debt. 

[Anonymous]

PenFed does do a hard inquiry when signing up as a member. I was able to use the same HP for membership and a CC, but I don’t know if you can do that with a loan.

I don’t think you’ll have a lot of luck not paying origination fees. You could check out what rate you would get with a SP on TU with Lending Club. They charge 1-5% for the loan. If you end up getting a loan with them, they do a HP on TU.

Don’t know what kind of origination fees PenFed charges.

[Anonymous]

I'm debating on if paying origination fees are worth it. Another thing that's got me second guessing is the whole income thing. All I know something has got to be done about this interest because it eats me alive I am paying $600/month just on that. I mean that could go to something else, like my savings. 

[Anonymous]

Good news! I was on PenFed transfering some money around and it says right on the home page that PenFed doesn't have any origination fees on personal loans.

Edit: Looks like the max you can borrow is $25,000.

Further edit: So, PenFed pulls EQ and uses FICO 9 scores according to posters in this forum. Discover also does personal loans with no origination fee. Discover pulled my EX and EQ reports, and I believe also uses FICO 9 because my approval score I got from Discover for EX matches my EX FICO 9 score I get from Wells Fargo.

[Anonymous]

Another player in the loan consolidation market without originations fees, Marcus, pulls TU but it's unclear to me whether that's a FICO 8 or FICO 9 score. They will loan up to $40,000.

Discover will loan up to $35,000, and will let you check your rate on their website with a SP.

[Anonymous]

What do you guys recommend I go for? PenFed, Discover, Lending Tree or Prosper?

I mean I am going to try to borrow at least $20,000. My salary I will put $25,000 (with bonuses), because I am pretty sure they will ask for paystubs and proof of income, but I have no expenses (rent, food, phone payment, etc). One of my CC's I have had from 2014 is a Discover It with a $15,300/$15,700 balance. But what about the others? How high of an APR am I looking at with my file? Would I even get approved if all?

[Anonymous]

You should be able to find out the APR from LC without taking the HP from them, I think you don't get the HP unless you go through with the loan. Not sure if any of the others work that way.

Other people have gotten out of more debt so don't give up. Target the highest interest first and aim to pay it off then with your way down the list. If you have some cards with smaller balances maybe aim to get them paid off completely as it'll make you feel good to see that balance go to zero.

You may get balance chased by some of the issuers where as your pay they lower your limit. Don't let that discourage you, they will love you again when you get your debt paid off.

[BronzeTrader]

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@Anonymous wrote:

What do you guys recommend I go for? PenFed, Discover, Lending Tree or Prosper?

I mean I am going to try to borrow at least $20,000. My salary I will put $25,000 (with bonuses), because I am pretty sure they will ask for paystubs and proof of income, but I have no expenses (rent, food, phone payment, etc). One of my CC's I have had from 2014 is a Discover It with a $15,300/$15,700 balance. But what about the others? How high of an APR am I looking at with my file? Would I even get approved if all?

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If I were you, I'd stop reading this site and run out, work hard to earn anything you can.  If you can't drive Uber, can you go to work in Wendy's?

Or get some help from your family.  A lot of parents step up when their children get in touble like this.

Not sure how the debt management stuff helps much.  Rember there is no easy way out.

[Anonymous]

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@Anonymous wrote:
You should be able to find out the APR from LC without taking the HP from them, I think you don't get the HP unless you go through with the loan. Not sure if any of the others work that way.

Other people have gotten out of more debt so don't give up. Target the highest interest first and aim to pay it off then with your way down the list. If you have some cards with smaller balances maybe aim to get them paid off completely as it'll make you feel good to see that balance go to zero.

You may get balance chased by some of the issuers where as your pay they lower your limit. Don't let that discourage you, they will love you again when you get your debt paid off.

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You can check your rate with Prosper with a soft pull as well. Prosper pulls EX with a Scorex PLUSSM score (whatever that is). You can check your rate with Best Egg online, not clear if it's a SP, they pull EX too.

Edit: Did a little checking on Best Egg's website, to check your rate it's a SP.

[Anonymous]

One more to check out that's popular on this forum: Sofi let's you check rate online with SP, pulls EX.