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My gross salary is -105k
credit card debt - 30k
credit score - 660
Welcome to myFICO forums!
What's your utilization % at with that $30k in debt?
80%
@Anonymous wrote:80%
That's going to be tough. What's your DTI at including mortgages, car loans etc? Any slow pays?
I hate to say it, but I don't think it is likely without getting your utilization down and your score up.
I keep getting pre approval mails from lending club,best egg. Do you think it is wise to give them a shot?
@Anonymous wrote:I keep getting pre approval mails from lending club,best egg. Do you think it is wise to give them a shot?
If you're at a point where you can't afford the payments on the credit cards and are nearing default it can't hurt you. With your income, you should be able to pay this debt down rather quickly to a lower utilization though. However, I don't know what your other bills are on top of the credit card debt so...
Time to tighten the financial reigns and focus on debt.
Edited to add:
Try to look from a lenders point of view. You've ran up to 80% utilization and are looking for a loan to pay it off. But, what are you going to do with the credit cards after they pay them off via a consolidated loan? Risk is high for them. Again, not knowing your other debt, based on your income, you should be able to get this credit card debt down with some tightening financially.
If the score depression is utilization related and not for missed payments you may want to look at SoFi.com. They like cash flow (good salary) with a great payment record.
Lending Club, Prosper and SoFi.com all have SP pre-approvals. If you go through and apply for final approval it will be a HP.
SoFi.com does not have an origination fee which would be better.
Good luck
I was approved for loan from Lending Club in a similar situation; albeit, smaller amounts. Income ~$65K, $10.5K cc debt and loan amount, ~70% util. TU Fico 680.
Appreciate all your replies