Personal Loan, CU or 3rd Party Lenders?

[comebackkid15]

Well at least through CK, my TU/EQ score are now 650 apiece [My FICO is at least 20 points lower as of this reporting] so mow it seems I qualify to a 3-10k loan through Avant [35% interest...sigh].

Because I dont have a installment loan that's current and open in my profile [a closed CareCredit from dr office pif no baddie on it] is it worthwhile to take out loan for debt consolidation, dental bill, etc? What kind of hit to my score is possible?

I could go through my CU [SDFCU] But at the very least, it may have to be a secured loan for way less than I need, and if I'm gonna risk a HP...shrug.

OTOH, if I risk a HP with avant I may be able to get the amount I need.

Last thought, either way, will taking the loan lower my UTI? Or is it just reshuffling it to a different creditor and really not much a difference? 

All input welcome!

[dragontears]

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@comebackkid15 wrote:

Well at least through CK, my TU/EQ score are now 650 apiece [My FICO is at least 20 points lower as of this reporting] so mow it seems I qualify to a 3-10k loan through Avant [35% interest...sigh].

Because I dont have a installment loan that's current and open in my profile [a closed CareCredit from dr office pif no baddie on it] is it worthwhile to take out loan for debt consolidation, dental bill, etc? What kind of hit to my score is possible?

I could go through my CU [SDFCU] But at the very least, it may have to be a secured loan for way less than I need, and if I'm gonna risk a HP...shrug.

OTOH, if I risk a HP with avant I may be able to get the amount I need.

Last thought, either way, will taking the loan lower my UTI? Or is it just reshuffling it to a different creditor and really not much a difference? 

All input welcome!

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If your FICO scores are ~630 you are going to pay a TON of interest on a personal loan. 

My personal beliefs are finances over FICO and not having an open loan is NOT the reason your scores are low. 

Now if a personal loan has a lower APR than any credit card debt it is likely a good financial move. 

[comebackkid15]

Well, as far as the interest goes, its less than a payday loan, so there's that....lol...

But I understand where you're coming from....should I wait until scores get a little higher, like in the 660s or more?

It's not just the possibility of having a open loan, but having the cash to consolidate some charges on cards and make early payments on other stuff. Believe me, if I could do it without taking a loan I'd would...but if i have to wait, I can too...just depends on best of situation. 

[Anonymous]

35% is insane

 You could go the secure loan route if you can float the ~$300 needed to secure it for a couple days, pay it down to under 9% and then try for a personal loan after you get the score boost

Other option is to ask your creditors for help: lower APR, payment plan, etc

 You need much higher scores for a decent PL, think 700+ IMO, depends on multiple factors though

No need to consolidate charges on other cards, I can almost certainly say the APR on them is at least 8-10% lower than this shark loan

[Girlzilla88]

You don't definitely want to be careful with who you open your Loan with if you do so you don't possibly open a CFA unless you MUST but the main thing like others stated is the Higher APR and if that would be lower than the rate on the cards now if not you may be better off paying off the card rather than getting a 20% plus Loan