Lending Club was a BAD decision

[Sbrooks1]

I have a LC loan only 1 yr old with way too high interest rate. My scores are still OK in the 740 -760 range, but I need to refinance this 14 % loan as I am struggling and see bad things coming if I dont do a serious regroup. I thought about a local CU but not sure if they will balk at my 15 grand in CC debt, utilization still at 10% overall, but that is a number i do not feel good about. Any advice besides put the cards away, which I have done!

[tcbofade]

They may or may not... kinda DTI dependent, I expect.

The WORST thing that they can do is say, "no".

Go ask and find out. 

[Anonymous]

Wow, 14% APY with a 740-760 credit score.  Sounds very lucrative to the lender.  I need to check out Lending Club myself for loaning out money. Various lenders will lend for less money with these credit scores under most circumstances.  

If you have reasons why other institutions rejected you initially, then it seems obvious you’ll need to continue paying off the loan.  Institutions have theor own criteria for refinancing and with young loans, they may be hesitant to do so.

Best approach is to pay off the loan as fast as you can or perhaps negotiate a lower rate with the lender if possible for them to keep the loan.  

[Sbrooks1]

No one rejected me , My score last January was in the 720s , I don’t know why I accepted it other than a bad rash decision on my part. I have to stop spending above my means and tonight cut up all my cards except Amex and Venture

[Pikaboo-icu]

---

@Sbrooks1 wrote:
No one rejected me , My score last January was in the 720s , I don’t know why I accepted it other than a bad rash decision on my part. I have to stop spending above my means and tonight cut up all my cards except Amex and Venture

---

Sorry SBrooks.. 

I agree with giving it a try to refinance that bugger.

That's a high rate for your credit score.

On the other cards.. One thing you can do is put them in a plastic bag & fill a large container half full of water, freeze it, place the bag-o-cards in the container then fill the rest of the way and freeze it. Keep those suckers on ice- literally. 

That way if you have an emergency, you don't need to request another card but it will take a lot of time to defrost so if tempted, you will have time to "talk yourself out of" using them. 

Good Luck  

[Sbrooks1]

Good idea. I’m going to keep plugging away and just tonight paid off a furniture note that was 200 month so no more spending on my part .

[DaveInAZ]

With your credit scores you might consider a new CC with a 0% balance transfer offer for 12-15 months to payoff all or most of Lending Tree. I did that back in 2015 with a Prosper loan. The loan wasn't bad, 11% (rates have risen since then), but with a 0% BT 15 month offer I saved hundreds in interest and with 0% interest I was able to payoff the CC within the 15 months.

[CreditInspired]

+1 @DaveInAZ