credit card consolidation

[morgan320i]

Had a couple questions, first off I have a 710 fico 0 lates, charge offs, I have 0 negitives on my report ever i am 29, buuuuutt most of my cc are near maxed out, I had an injury 2 years ago, missed alot of work aquired alot of cc debt,  well around 10k, are there beter companys then others to get a debt consolidation loan,  or credit consolidation loan,  how does this work, I know my fico would shoot way up when im not using 95% of my credit, or is thia not posible brcause I owe so much

[Anonymous]

Take a look at Prosper and Lending Club. Both offer debt consolidation loans, and both are very reputable. Both will pre-qualify with a soft pull. Prosper will do a hard pull if you proceed, Lending Club is only a soft pull.

Do NOT consider Lending Tree.

[morgan320i]

I tryed lending club not approved, with a income of 110k, denyed for 12k I dont want a hard pull from proper, so I guess I am out of luck for now lol thanks anyways

[Anonymous]

With an income of 110k you just need to tighten your belt and pay down that debt. You can do it, it is less then ten percent of your gross earnings.

[Anonymous]

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@morgan320i wrote:
I tryed lending club not approved, with a income of 110k, denyed for 12k I dont want a hard pull from proper, so I guess I am out of luck for now lol thanks anyways

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Prosper will pre qualify with a soft pull. You only get a hard pull if they qualify you and you choose to go forward. What were the reasons for denial from Lending Club? I just closed a loan with them with far less income than you.

[morgan320i]

Ratios with credit cards, my original issue

[Anonymous]

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@morgan320i wrote:
Ratios with credit cards, my original issue

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Even if Lending club approved you it would be tough to get enough investors to go for it even if you are at the 18%+ interest rate. When I've put money into notes on it that's one of the first things I look at. If it's over 50-60% I pass.

[morgan320i]

I am aware, my cc with the highest balance is hardly over 6% at a credit union, I have a couple smaller ones at a higher percentage, I guess il just plug away slowly

[Anonymous]

Redo your budget. Take a harsh look at your spending, at the sacred cows you said were absolutely required. A lot aren't. Cut spending, pay the debt. When the debt is gone keep making those payments, only to an IRA or other savings vehicle.

Your debt level is reasonable for what you say your income is, it should be easily manageable for you, and if it isn't, look hard at your spending.

[DaveInAZ]

You might try a SP pre-qual with Prosper, if it's a decent rate it's worth a HP on a full app. I apped last summer, I had a balance on Barclays of $3300, 90% of CL, and 30-40% util on 3 other cards. I apped for a $5k debt consolidation loan. LC wanted 26%, Propser pre-qual'd me at 10.9%, funded in one day.