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Best debt consolidation loan?

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Valued Member

Best debt consolidation loan?

Hi, I am looking at doing a debt consolidation loan to clear out all of my CC debt. I've had to use alot of it for my business. I've tried to apply for some business CC's to move the debt that I've used on my personal CC's, but not having much luck. My utilitzation has went through the roof bc of this. So I'm looking at consolidating until my scores can come back up and I can then move everything over to the business. Can anyone give some suggestions on who I should talk to? I have about 25k of CC debt right now. My scores are in the low 600's unfortunately bc of this. 

Thanks!

Redstone FCU 5k, US Bank 11k, Suncoast CU 5k, Cap One Plat $450, Cap One QuickSilver $900, NFCU 8k, Firestone 1.2k, Ascend FCU 9.5k
Message 1 of 7
6 REPLIES 6
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Community Leader
Super Contributor

Re: Best debt consolidation loan?

Try the prequals with Lightstream, Sofi, Marcus, Discover etc...

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 2 of 7
Moderator

Re: Best debt consolidation loan?


@TitanX wrote:

Hi, I am looking at doing a debt consolidation loan to clear out all of my CC debt. I've had to use alot of it for my business. I've tried to apply for some business CC's to move the debt that I've used on my personal CC's, but not having much luck. My utilitzation has went through the roof bc of this. So I'm looking at consolidating until my scores can come back up and I can then move everything over to the business. Can anyone give some suggestions on who I should talk to? I have about 25k of CC debt right now. My scores are in the low 600's unfortunately bc of this. 

Thanks!


It might be a bit hard to secure a personal loan with decent terms with your current scores and especially with high utilization. 

I think your best bet would be to try and pay down as much as you can before trying again for PL.

Some of the loans you may get offers for right now would have terms more similar to payday loans than PL. 

 

Same would apply to business cards apps. In order to get approvals, your utilization will need to go down 

Is there any way you could shift some debt among your existing cards if any have good BT offers? 

07/07/2020. Two years ago I learned hummus is not made out of goat cheese. Today I learned cows dont have upper front teeth.
Message 3 of 7
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Valued Member

Re: Best debt consolidation loan?


@TitanX wrote:

Hi, I am looking at doing a debt consolidation loan to clear out all of my CC debt. I've had to use alot of it for my business. I've tried to apply for some business CC's to move the debt that I've used on my personal CC's, but not having much luck. My utilitzation has went through the roof bc of this. So I'm looking at consolidating until my scores can come back up and I can then move everything over to the business. Can anyone give some suggestions on who I should talk to? I have about 25k of CC debt right now. My scores are in the low 600's unfortunately bc of this. 

Thanks!


I would try Lending Club. I got a 40K loan with an APR of 9.59. My TU at the time was 685. I used what they call "direct pay" where you put in your creditor account numbers and they electronically make a payment to them. By doing this, it lowered my APR compared to getting the lump sum in my checking account. 





Message 4 of 7
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New Contributor

Re: Best debt consolidation loan?

what is your monthly payment and term for this "direct pay" option? 

Building towards a better Future.
Message 5 of 7
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Super Contributor

Re: Best debt consolidation loan?


@TitanX wrote:

Hi, I am looking at doing a debt consolidation loan to clear out all of my CC debt. I've had to use alot of it for my business. I've tried to apply for some business CC's to move the debt that I've used on my personal CC's, but not having much luck. My utilitzation has went through the roof bc of this. So I'm looking at consolidating until my scores can come back up and I can then move everything over to the business. Can anyone give some suggestions on who I should talk to? I have about 25k of CC debt right now. My scores are in the low 600's unfortunately bc of this. 

Thanks!


If I were you I would try to do it with Redstone or Ascend credit unions, both of which appear in your signature.

 

If you want to try a commercial lender, my impression is that Lightstream is as good as it gets.


Total revolving limits 648500 (572500 reporting) FICO 8 EQ 725 TU 752 EX 732

Message 6 of 7
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Regular Contributor

Re: Best debt consolidation loan?

Wish I had a "do over" I would have never pre-qual with so many lenders, yet they are SP but guess what your personal info is now with these lenders mor risk of hacking later on down the road and they will add you the lists and spam you even more after you get loan elsewhere....I ended getting a SOFI loan, even after some bad info here on the site. Its been the best personal loan Ive had in a while

Message 7 of 7
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