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Personal loan help!

New Visitor

Personal loan help!

Not sure where to post this,

i posted this in rebuilding credit, but I'm not sure where to post

I'm wondering if anyone knows where to get a reasonable personal loan to consolidate Credit Card debt?. I tried Upstart, avant, lending club etc and they all said no. My EX is 621, TU is 609, and EQ is 599, ( they were all below 400 3 months ago) I have $10,000 in CC debt. I currently have a $4500 monthly net income, with $2400 going to my mortgage every month. All I have is my 2014 GT500 that is fully paid for and valued at 41-44,000. Anyone have any advice?. I'm currently paying $500 towards cards every month but the interest rates on them is 24.99%, 27%.
Message 2 of 13
12 REPLIES
Valued Contributor

Re: Personal loan help?.

Maybe do an auto title loan if you're sure you'll be able to pay it back. With those scores it'll be hard to find a debt consolidation loan at a good rate, if at all.
Message 1 of 13
Senior Contributor

Re: Personal loan help?.

I would suggest staying away from title loans.

It's going to be very difficult to get a personal loan with your scores.

Can you get a HELOC?
Citi DC $7900- AMEX BCP $9000- NFCU Platinum $10000 PenFed Power $11000- Chase FU $11700- DCU Platinum $15000- State Farm GN $15000- AMEX EDP $15000- NFCU CLOC $15000- Chase CSP $18900- Care Credit $20000- Discover Miles $21000- Penfed Promise $25000- NFCU Go Rewards $27100- Venture $28750 **As of 5/27/18** EX- 737(12) TU- 753(11) EQ- 730(14) UTI 17%- Clean Files- No AU Accounts.
Message 3 of 13
Senior Contributor

Re: Personal loan help!

Just so you understand in the future. Don't cross post. Meaning same post in different threads. Just post where you think and a moderator will decide where it should go.

Welcome to the forums.
Citi DC $7900- AMEX BCP $9000- NFCU Platinum $10000 PenFed Power $11000- Chase FU $11700- DCU Platinum $15000- State Farm GN $15000- AMEX EDP $15000- NFCU CLOC $15000- Chase CSP $18900- Care Credit $20000- Discover Miles $21000- Penfed Promise $25000- NFCU Go Rewards $27100- Venture $28750 **As of 5/27/18** EX- 737(12) TU- 753(11) EQ- 730(14) UTI 17%- Clean Files- No AU Accounts.
Message 4 of 13
New Visitor

Re: Personal loan help?.

What is a "HELOC"?. I'm a member of Navy Federal and Golden1
Message 5 of 13
Senior Contributor

Re: Personal loan help?.

Home Equity Line of Credit?
Citi DC $7900- AMEX BCP $9000- NFCU Platinum $10000 PenFed Power $11000- Chase FU $11700- DCU Platinum $15000- State Farm GN $15000- AMEX EDP $15000- NFCU CLOC $15000- Chase CSP $18900- Care Credit $20000- Discover Miles $21000- Penfed Promise $25000- NFCU Go Rewards $27100- Venture $28750 **As of 5/27/18** EX- 737(12) TU- 753(11) EQ- 730(14) UTI 17%- Clean Files- No AU Accounts.
Message 6 of 13
Senior Contributor

Re: Personal loan help?.

You could sell your car and pay off you CC debt and buy a car with a sizable down payment.
Citi DC $7900- AMEX BCP $9000- NFCU Platinum $10000 PenFed Power $11000- Chase FU $11700- DCU Platinum $15000- State Farm GN $15000- AMEX EDP $15000- NFCU CLOC $15000- Chase CSP $18900- Care Credit $20000- Discover Miles $21000- Penfed Promise $25000- NFCU Go Rewards $27100- Venture $28750 **As of 5/27/18** EX- 737(12) TU- 753(11) EQ- 730(14) UTI 17%- Clean Files- No AU Accounts.
Message 7 of 13
Moderator

Re: Personal loan help?.


donny10 wrote:
You could sell your car and pay off you CC debt and buy a car with a sizable down payment.

+1

 

I would consider this as well.  Back in the early 2000s I had a three year-old Mustang that was also PIF... when times got tough, I sold it to CarMax for a little over the book value.  I might could have done better with a private buyer, but it was no-hassle, and they were able to give me a check the same day.

 

I know this isn't what you're wanting to hear - and if you look hard enough you might (?) find other options, depending on your credit profile - but this would be the quickest 'fix'.  As Donny suggests you could use part of the proceeds as a down-payment on a new more modest-priced car, and use the difference to pay off your credit cards.  In time, you could use the money you will save in credit card interest to put down on a new 'dream car'... the difference is next time you (ideally) won't be saddled with credit card payments.  Smiley Happy

 

Good luck whatever you decide!  Smiley Wink

Message 8 of 13
Community Leader
Super Contributor

Re: Personal loan help!

Welcome to the board.  Unfortunately, your scores are too low for the places you tried to get a loan at.  Have you tried the credit union?  CUs tend to be more lenient when it comes to lending.

Message 9 of 13
Valued Contributor

Re: Personal loan help!


Poorcredit007 wrote:
Not sure where to post this,

i posted this in rebuilding credit, but I'm not sure where to post

I'm wondering if anyone knows where to get a reasonable personal loan to consolidate Credit Card debt?. I tried Upstart, avant, lending club etc and they all said no. My EX is 621, TU is 609, and EQ is 599, ( they were all below 400 3 months ago) I have $10,000 in CC debt. I currently have a $4500 monthly net income, with $2400 going to my mortgage every month. All I have is my 2014 GT500 that is fully paid for and valued at 41-44,000. Anyone have any advice?. I'm currently paying $500 towards cards every month but the interest rates on them is 24.99%, 27%.

You say you have 10000 credit card debt, what is your credit limits, because utilization is 30% of score, but is a point in time metric. If that 10k is causing very high utilization, then paying that down to under 9% can raise scores so you qualify for the loan you need. Is there a family member that would loan you enough to do this for a week or two?



TU fico08=831 05/31/18
EX fico08=800 06/18/18
EQ fico08=826 04/18/18
EX fico09=823 06/02/18
EQ fico bankcard08=856 05/22/18
Message 10 of 13