Need help trying to get Personal Loan

[Anonymous]

So my score seems to be around 660-670, although Credit Karma shows 611.

I have roughly 45k in credit card debt, Util of approx 85%, no late payments or baddies.  

How can I get a personal loan?  Just trying to slowly pay it off, definitely not trying to get one loan

[Remedios]

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@Anonymous wrote:

So my score seems to be around 660-670, although Credit Karma shows 611.

I have roughly 45k in credit card debt, Util of approx 85%, no late payments or baddies.  

How can I get a personal loan?  Just trying to slowly pay it off, definitely not trying to get one loan

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With utilization as high as yours, it's going to be hard to get a loan under anything that can be described at decent terms. 

Are you a member of any credit union? Usually that would be a first place to start in your situation. 

Also, do you have any cards with BT offers that are not maxed out at this time? 

[Anonymous]

No CU and no BT offers.  Was just reading about Lightstream loans.  I am just concerned on getting denied.  Credit Karma only showed approval with One Main Financial for 6k loan at 36% which... no.

[Remedios]

Lightstream is geared towards people who currently have good/excellent credit. The rate you're seeing is what i meant by not being able to get a decent terms. Basically, it's a lot worse than your current debt. 

So normally at this point, we'd ask you to list your cards with balances, limits and APRs and see if pay down to reasonable level can be achieved. If you're able to lower your utilization, you might be able to get a loan later on to finish paying your debt off. 

[Anonymous]

BOA	$23,980	$25,000		19.24 %
Chase	$6,365	$6,500		21.24 %
Cap One	$1,270	$5,500		25.15 %
Amex	$9,925	$10,800		15.24 %
Citi	$6,122	$6,700		16.74 %

[Anonymous]

What’s your minimum payments and how much can you afford to pay towards credit card debt?

[Anonymous]

I've heard that SMH Real Estate offers financial credits, maybe they can help you get one.

[Anonymous]

Your interest rate on several of your cards are lower than what you will get on a personal loan. 

I would start with the Cap 1 card it looks like it has the highest rate and work my way down.  

FYI just for fun the other night I  got a rate a rate quote from Best Egg after they sent me a mail piece. With 4% util 6  figure income and fico score 801 they quoted me 12% or so for 3 years         

[AZEsq]

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@Anonymous wrote:

BOA	$23,980	$25,000		19.24 %
Chase	$6,365	$6,500		21.24 %
Cap One	$1,270	$5,500		25.15 %
Amex	$9,925	$10,800		15.24 %
Citi	$6,122	$6,700		16.74 %

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You won't get a rate that will beat what you have until you pay down your cards. Or, and I highly discourage this, expand your existing limits to lower your utilization. 

Lightstream is not going to approve you. I've been approved by them at 787 and 739 and denied at 704 with an open loan with a very low balance. They are very sensitive to CC balances. Anything else you get would likely have an extremely high rate and it's not what you want right now. Do your research, but your best bet if you haven't missed any payments would be to plug away at getting the balances below 68.8% adn paying off Capital 1. If you can pick up overtime, work a few extra shifts, Uber at night, do that. Once you pay down your balances some, your scores will rise and you can look at BT or a PL then. I would not apply for anything now, it's probably not going to end well. In truth, it's always easier to get credit when you don't need it. GL.

[Anonymous]

I got a lending point loan for a 12% interest rate and no inquiry until i took an offer so I would check into them if I was you just to see what options you may have. Good luck!