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Personal Loan

MakeMeGreatAgain
Contributor

Personal Loan

Hey everyone! I'm working on trying to obtain a Personal Loan for Debt Consolidation. I'd like to see if I can qualify for a lower APR and have 1 monthly payment to tackle any debt I may have. I only owe about $4k in CCs, spread out amongst 4 cards, but each one has a higher APR in the 20%+ range. 

I have great restraint in spiraling debt and don't plan to use my cards in the near future. This is merely a strategy of trying to tackle the current debt I have and to pay as little interest as possible. I can afford my current CC payments, but I have so many other bills that it's becoming difficult to keep track of payments, so If I can minimize the amount of payments that go out, I can better manage my debt/bills and hopefully pay a few bucks less in the long run. 

Ive tried applying to Penfed, but unfortunately was not approved as my Fico9 score to which I believe they use is far from being my strongest score. (Low 600s)

 

The reason my scores are holding low is due to past negligence and divorce (I was blinded by the courts separation agreement that everything became my responsibility, even had to fork over majority of my 401) so I have 2 late payments exceeding 60 days, but these were almost 2 years ago and a few charge offs that are paid in full. No collections. 

 

Anyways, my question is where would I have a strong chance of obtaining a PL? I currently bank with NFCU and Penfed, BMO. I've gone through Credit Karma options, but the APR they're trying to give me would be similar to CC APRs, which is outrageous. 

any help or guidance would be greatly appreciated! 

Message 1 of 7
6 REPLIES 6
devilnic
Contributor

Re: Personal Loan

Have you tried NFCU or State department FCU? They are both easier to work with then Penfed in my opinion. I just got a loan from SDFCU and my score was 688. For debt consolidation. It is a hard pull to join SDFCU but your pull is good for 30 days. Do you have any other data pints to share? Maybe actual scores to help? Just trying to get the rest of the community to chime in. If it wasn't for the advice of them i never would have gotten such a big loan from SDFCU!

 

My journey if your interested 

https://ficoforums.myfico.com/t5/Personal-Finance/Approved-for-a-personal-loan-from-State-Department...

Starting Score: 612
Current Score: 810
Goal Score: 850

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Message 2 of 7
tcbofade
Community Leader
Super Contributor

Re: Personal Loan

Do you know your TU 8 score?

 

Discover offers personal loans (and has a soft pull pre qualify). 

 

You didn't mention your desired loan term, but if you are looking at 36 months or less, NFCU can be a good option.  (They offer longer terms, but the rates go up!)

 

Good luck!

10/01/21 Fico 8: EX 739, EQ 754, TU 758.
10/04/21 Fico 9: EX 739, EQ 756, TU No idea.

Zero percent financing is where the devil lives...
Message 3 of 7
MakeMeGreatAgain
Contributor

Re: Personal Loan

Thank you for the replies! My Fico8 is 667 TU, 652EQ and 636EX. 

My cards all have low utilization, it's just those historical baddies 2x 60 day lates, 5 paid COs and I do have a Kohls CO that I haven't paid equaling $440, but don't plan to pay that one since they aren't reporting regularly. Those are what's holding my scores back for now. They will fall off 2023/2024. 


Ill definitely look into NFCU and Discover

Credit Karma is showing a preapproval for Upstart APR at 16%, which is slightly less than my CC APR, but I don't feel that warrants a good option for my situation. 

edit** is NFCU a soft pull if I currently have a membership, checking/savings and Flagship CC?

Message 4 of 7
MakeMeGreatAgain
Contributor

Re: Personal Loan

Well forget Upstart, I went to follow the link through CK and now they want 33%APR and a $750 origination fee. The loan will nearly cost me the amount that I owe on my cards in interest only 😂

Message 5 of 7
FundingHelpCenter
New Visitor

Re: Personal Loan

Marcus and Lending Club will do soft pulls on TU. I would try that first since TU is your highest score.

Message 6 of 7
CreditInspired
Super Contributor

Re: Personal Loan


@MakeMeGreatAgain wrote:

Hey everyone! I'm working on trying to obtain a Personal Loan for Debt Consolidation. I'd like to see if I can qualify for a lower APR and have 1 monthly payment to tackle any debt I may have. I only owe about $4k in CCs, spread out amongst 4 cards, but each one has a higher APR in the 20%+ range. 

I have great restraint in spiraling debt and don't plan to use my cards in the near future. This is merely a strategy of trying to tackle the current debt I have and to pay as little interest as possible. I can afford my current CC payments, but I have so many other bills that it's becoming difficult to keep track of payments, so If I can minimize the amount of payments that go out, I can better manage my debt/bills and hopefully pay a few bucks less in the long run. 

Ive tried applying to Penfed, but unfortunately was not approved as my Fico9 score to which I believe they use is far from being my strongest score. (Low 600s)

 

The reason my scores are holding low is due to past negligence and divorce (I was blinded by the courts separation agreement that everything became my responsibility, even had to fork over majority of my 401) so I have 2 late payments exceeding 60 days, but these were almost 2 years ago and a few charge offs that are paid in full. No collections. 

 

Anyways, my question is where would I have a strong chance of obtaining a PL? I currently bank with NFCU and Penfed, BMO. I've gone through Credit Karma options, but the APR they're trying to give me would be similar to CC APRs, which is outrageous. 

any help or guidance would be greatly appreciated! 


Have you tried calling each CCC and ask for a reduction in the interest rate?

 

Also, depending on your DTI, you could definitely reach out to NFCU debt counseling, explain your situation, and see if you qualify for some assistance there. My ex did this and they reduced his rate on all 3 of his NFCU cards to 6% for 12 months. He can't use those cards in the meantime, which is a good thing; but his CLs remain in tact and he agrees to pay a certain amount monthly on each card. 

GL2U


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $7K || BOA CashRewards $6K
Message 7 of 7
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