Have you approached Lending Club or Prosper about consolidating all or the highest APR loans? I am new to this forum so I am missing some proper nuances and attack methods. But to give you an example, I did 1 Lending Club loan for 13.49% APR (including their origination fee) and about to pay that off after 24 months on a 36 months term. They recently offered me a higher loan amount for 7.14% APR. You have higher FICO than me, but I do have an impeccable payment history. The key is to have gone through a loan with them first and satisfy their algorithm, and the next offer will really help us out.
I tried the Prequalifiers for several of the online loan companies a month ago. The common theme was 17-19% APR or flat out couldnt be pre approved.
I will check with them again after my statements cut
Well here we are 8 business days after the application and still no decision. It took 5 business days for them to send me an email asking for pay statements and info on what i wanted to consolidate. I sent them that info on Tuesday the 3rd and have heard nothing back since. When i used them in the past their decisions good or bad were practically instant so this has me scratching my head a bit.
Finally got a response
Application was denied due to high DTI
so back to the original question of where to go from here.
I have roughly 7.5k in CC debt and a little over 9 on that loan all of this is subprime in the 20-30% range.
my main objective is to get this all paid off as soon as possible at as low of a rate as possible
not sure if i mentioned it earlier but the loan is secured with a boat that now has major mechanical issues that i will not be fixing at this time. The boat is still worth 3-4k as it sits. So it would be very beneficial to me get rid of the loan and sell the boat.
any suggestions are welcomed
thank you for all your help so far.
Ouch. Sorry for the denial, but thank you for the update!
Do you know your current TU 8 score? You might try the preapproval tool at Discover to see if you qualify for a new Discover card that might come with a 12 or 18 month zero percent BT offer....
On some accounts, Discover will allow a cash deposit to your checking account AS A BALANCE TRANSFER that qualifies for the zero percent APR.
That'd be my next idea...