my big thing is paying off cc balances as im at 50%util over all my cards put together.
ive seen some different stories about lending club.
i have never used them or sites like them.
it says i have until aug 29th to apply/respond.
i have over 12 inq falling completly off on the 30th.
now my main questions is. what dti do they use? my only problem is my charge card as the payment shows the balance.
also does lending club accept cosigners?
i have around 680's scores only due to the fact of high cc balances due to limits. a couple cards are maxed out.
if i paid off every cc and loan i have its about 20k but 6k is on 0% .
ideas? suggestions? thanks.
p.s. ill be looking to refi my car next august, no house purchases until all debt is payed off.
bump
Not certain why you wouldn't do it as it sounds like a tremendous APR savings if you can't simply write the check for the debt.
If it were me I'd take out a loan to cover whatever CC debt wasn't at 0% personally. Should be in good shape by car loan time (or you may want to pull the trigger sooner if you get a big swing in your score from the debt payment), and it just accelerates your path out of debt. If you take out more than that, I'd pre-pay the LC debt before the 0% credit card but that's just me though.
I don't know on DTI calcs: I lend there and I only hazily check incomes vs. amount - it seems pretty liberal though from the information I see.
I lend all the time to people without clean records and lower scores than yours and they often are approved for 10-20k. The derogs we se as lenders is within the past two years so we don't get your full credit profile, but just enough vital information to make an educated decision to lend or not. Although since big banks and institutions started getting involved a few years back, EVERY loan gets filled fast even bad ones I would never touch.
Your DTI in lending club is back ratio'd so your monthly expenses divided by your monthly income is the DTI info we recieve as lenders.
@MrCrabs wrote:I lend all the time to people without clean records and lower scores than yours and they often are approved for 10-20k. The derogs we se as lenders is within the past two years so we don't get your full credit profile, but just enough vital information to make an educated decision to lend or not. Although since big banks and institutions started getting involved a few years back, EVERY loan gets filled fast even bad ones I would never touch.
Your DTI in lending club is back ratio'd so your monthly expenses divided by your monthly income is the DTI info we recieve as lenders.
Heh, you must be playing in a higher tier than I am: I go slumming and on the order of half my loans don't fully fund at times.
Really? my state only allows me to use the secondary market, but on the lendingclub forum i frequent, I always hear about people not being able to disperse all of their funds because the orders are getting filled too fast when released. Are you going for higher graded loans or lower grades?
i dont have any dergos/late payments etc.
my only problem is high util. i still make my payments etc everymonth.
@creditnocash wrote:i dont have any dergos/late payments etc.
my only problem is high util. i still make my payments etc everymonth.
Do you know roughly how much your DTI is? Usually people like to see <30% but if higher, people may ask you questions about it and you can just explain why your DTI is currently so high at the moment and that'll usually be enough to put them at ease about funding your account.