Need advice for Personal loan through CU

cheezycheeze · ‎06-05-2017

Hi everyone!

I've been looking into joining a CU for the purpose of applying for a personal loan in order to pay off some high interest accounts that i have.The problem is, the local CU's around me aren't really that good from what I have researched.

I currently hold a 3 yr Peerform personal loan that i pay $182.40 a month on with an APR of 22.4% initial balance is down to $3,630.57 from $5,000

I also hold another personal loan that i opened in order to pay all my wife's insane credit card debt about a yr ago. That one has a crazy payment of $517.57 a month and a whopping 26.99% APR for 4 years. Remaining balance is $12,184. I know it's not a good situation and it eats at me. Good news is i have not been late on either one, but am looking into consolidating with a personal loan with a CU to finally cut down on the interest im paying. I recently got approved for 3 new TL cc in the last 2 weeks to help with my utilization. CK says my FAKO is 660 but i think my FICO is around 620-640 or so. Just wanting to see if there is a CU that you guys know that might be able to help me out. Preferably with no HP to join. I would want to save that to get the persoanl loan, unless they can use the same report to qualify me on the personal loan.

Income is $80K

Just want a more effective way to eliminate this debt, thanks for any help!

Cheezy

Anonymous · ‎06-05-2017

Spend $1 on CCT to get your FICO08 scores. Don't rely on guesswork as FAKO scores are fako scores -- Equifax and Transunion were both fined and penalized in 2017 for telling people that Vantage Score FAKO or their internal FAKO scores were real scores for credit purposes. If the government says the're fake scores, I'm relying on that authority in this case.

For $1 you can get an idea. Then you can try some of the soft pull personal loan websites and see if any bite.

Unfortunately, personal loans are UNSECURED, so having a sub-700 score means either high interest rate or denial.

Why are your scores not in the 700s? High utilization on credit cards, derogatories/lates, etc?

Anonymous · ‎06-05-2017

@cheezycheeze wrote:
Hi everyone!

I've been looking into joining a CU for the purpose of applying for a personal loan in order to pay off some high interest accounts that i have.The problem is, the local CU's around me aren't really that good from what I have researched.

I currently hold a 3 yr Peerform personal loan that i pay $182.40 a month on with an APR of 22.4% initial balance is down to $3,630.57 from $5,000

I also hold another personal loan that i opened in order to pay all my wife's insane credit card debt about a yr ago. That one has a crazy payment of $517.57 a month and a whopping 26.99% APR for 4 years. Remaining balance is $12,184. I know it's not a good situation and it eats at me. Good news is i have not been late on either one, but am looking into consolidating with a personal loan with a CU to finally cut down on the interest im paying. I recently got approved for 3 new TL cc in the last 2 weeks to help with my utilization. CK says my FAKO is 660 but i think my FICO is around 620-640 or so. Just wanting to see if there is a CU that you guys know that might be able to help me out. Preferably with no HP to join. I would want to save that to get the persoanl loan, unless they can use the same report to qualify me on the personal loan.

Income is $80K

Just want a more effective way to eliminate this debt, thanks for any help!

Cheezy

I think you're going to need to budget your way out of this one and pay down the balances where they lay, I'm afraid.

It's sounding like your existing personal loans didn't do much to help the situation and may have even made things worse.

There comes a point in time where there really isn't any help to be had from moving the balances around . .especially when your reports are bogged down with debt and high utilization. (Mind you I say this having been in the exact same spot for years prior to my BK.)

Anonymous · ‎06-27-2017

I think for the credit card debt you can opt for a Credit Builder loan from credit unions. At least the interest rate will be less. You need to check the interest rate with the local credit unions in your area. Hope this helps.