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I'm not sure which bureau Discover pulls. But if you got a Discover mailer, it seems like a good opportunity.
https://www.penfed.org/personal/personal-loans
I believe PenFed offers loans up to $25,000 and up to 60 months terms. APR as low as 6.49% based on credit worthiness. They will hard pull EQ FICO 9 for membership. They might even hard pull again for the loan. Recent data points show they do not recycle hard pull inquiries. Best to talk to the csr before proceeding.
They like clean credit reports, decent income and low DTI. Your individual and aggregate utilization is a little bit on the high side. Their computer might not give you favorable APR if approved, especially with Discover IT showing maxed out.
@RandomLettersLearning wrote:
I can tell you that I applied for a Discover Personal Loan back in August of 2018. I will
say that they were super easy to talk with. They pulled from TU and Experian.
I ended up getting a personal loan for a little over 11K
and my interest was 18.99. It sure helped my dilemma of consolidating debt.
Still have an outstanding balance of a little over 7200.00 and making double payments on it.
I don't know much about PenFed at all. Good luck whichever way you decide to tackle this.
I don't know much about Discover Loans because I was denied for having 3 paid medical collections on my EQ, but my score was 780 and had very little debt at the time. So I ended up going with Marcus at 10% APR.
With your scores and debt, I don't believe you'll get a lower APR. And definitely uncertain about the amount based on your current debt load, as they'll look at DTI. The monthly payment would also be fairly high depending on the term, somehwere around $800+ for a 5 year Loan.
Which isn't that much if you have no other payments.
Since your Inq are low, i guess it wouldn't hurt to try as all they can say is no. And then you'd know where you sit.
@Anonymous wrote:I don't know much about Discover Loans because I was denied for having 3 paid medical collections on my EQ, but my score was 780 and had very little debt at the time. So I ended up going with Marcus at 10% APR.
With your scores and debt, I don't believe you'll get a lower APR. And definitely uncertain about the amount based on your current debt load, as they'll look at DTI. The monthly payment would also be fairly high depending on the term, somehwere around $800+ for a 5 year Loan.
Which isn't that much if you have no other payments.
Since your Inq are low, i guess it wouldn't hurt to try as all they can say is no. And then you'd know where you sit.
Further commenting on the the uncertainty of the amount, I think it may be better to seek $20k for the just the credit cards and leave the current personal loan alone.
I looked into discover earlier this year. the good is that you can apply now and they will tell you your rate with a soft pull. the bad is that you cannot use discover money to pay off discover debt and ~80% has to go direct to lenders.
the blended apr for your credit cards is 21.19% and if we can do the math, so can lenders. so my theory is any legitimate lender would offer 16-20% at best with your current credit profile.
as previously stated, I would leave the 13.49 personal loan alone. I would pay off the 681 because it takes the number of accounts with a balance down from 57% to 42%. also, I have read amex, disco, and wells all do soft pulls for clis, so I would explore that if you have not.
after that, I would just avalanche budget to payoff that 17481 in three years.
lim | apr | bal | min pmt (~2%) | payoff 36m | cumipmt 36m | |
Chase Rapid Rewards | 13000 | 22.24 | 9240 | −185 | −354 | −3505 |
Discover IT | 7000 | 20.24 | 6241 | −125 | −233 | −2136 |
American Express | 13300 | 19.24 | 2000 | −40 | −74 | −648 |
TOTAL | 17481 | −350 | −660 | −6289 |
so 660 plus 300+ your paying for the personal loan will put you at about 1000/mo towards debt payoff. at 6-12 months your score/DTI will tip to the point where you can consolidate and save some interest.
9/2022 $30000 | 8/2020 $20000 | 12/2018 $30000 | 8/2016 $30000 | 3/2016 $21000 | 5/2014 $20000 | 10/2007 $8900 |