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Another guy with loan questions!

New Member

Another guy with loan questions!

Hey guys and gals,
New around here and seeking advice. Have lurked the forum before but decided to finally join.

I’m in the military, and for personal reasons shortly after I joined I needed a loan. I tried applying for a few at the time but my age of credit was too short, so I ended up putting 10,000 on a PLOC from NFCU. Yes, yes I know. That was about 3 years ago.
Life happens and the debt on one of my other cards ended up growing to 8,000. So we’re at 18k gross.

Since I have a guaranteed paycheck I wasn’t too worried about the ability to make the payments, but as I grow closer to getting out and transitioning into college I need something much more stable. If I had a portion of the debt consolidated into a fixed rate, single monthly payment, I could deal with it fine. Even at a high APR. The compound rate of the PLOC i have now is just too much.
I don’t have any kind of family with good enough credit to get a loan for me in their own name or co-sign so I’ll be on my own.

I decided to cut up the cards, and try and let my age of credit increase, all my inquires fall off, and try again in the future.
I’m finally at the point where I have 0 inquires on my account and a clean payment history. 74% utilization.
I have a car that I may sell that could clear up to 11K but it has very good amount of emotional and family value.

So here’s a few questions.

What are some other options that I could explore? Debt consolidation? Find someone to co-sign? Pre approved auto loan on my own car/sell car to friend, buy it back and use the money towards debt? Mafia Loan shark? Winning the mega-million lottery?

I have a classic car that I’ve thought about offering up as collateral on a PL, but in my state, classic cars do not receive titles. So how would a lien be put on it? Is it even possible?

Any advice given is very much appreciated. Thanks!
Valued Contributor

Re: Another guy with loan questions!

Welcome to My Fico.

Thank YOU for your service!! soldieryessir.gif


You could request cli on your cards NOT to spend but to help immediately with uti, this could help with approvals.

Have you talked to NFCU? See if they have a loan they could offer you?


Perhaps see if there are any 0% BT options and what kind of approval you could get with a card from NFCU.

Put all the debt on that card, stop the interest hemorrhage and pay it off or mostly by the time the 12 months are up..


I'm sure others will have better ideas.. 

Message 2 of 4
Community Leader
Valued Contributor

Re: Another guy with loan questions!

There are many loan prequalifiers that you could check with only a soft inquiry.  If someone offers you a loan, you will get to see the rates, term, etc.  If you decide to go ahead and accept the loan, then it will be a hard inquiry.  It can't hurt to try to see if you get any offers.  There is Prosper, Lending Club, Sofi, Marcus, and quite a few more to try.  GL!

Message 3 of 4
Senior Contributor

Re: Another guy with loan questions!

You might want to read an article on Nerdwallet titled "Best Personal Loans for Veterans plus other finacial help". I didn't post a link because I don't know if they permit it here. Some good info, some you already know. 


I'm curious why the Military doesn't have some sort of Financial advice sector by now though. They take in so many at a young age ,but cannot assist them in life living matters post service?

Message 4 of 4
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