What2Do;consolidationLoan w/CU or NewEgg/LightStream Loan

[Anonymous]

i m in the same boat as many trying to debate between a consolidation loan with a credit union or wondering if lightstream/BestEgg/lending club is the way to go. i've heard lots of good things about lightstream.

(no POI; competitve rates;36 mos/48 mos available). having No POI is important to me.

Loan Amount: $30,000
$29,200 loan debt as shown below @7.5%-9.5% would be a good loan with personal loan. Anything better is welcome; higher than 9.5%apr is not worth it.

The question i have is am i better off using personal loan or getting 0% APR balance transfers for 9-18 mos.

PpalCredit: currently at $4500 owed at 25.5%.  
FirstTech LOC: currently at 15.6% $7200 owed
FirstTech @15.9%: $5600/$10000
Cap1Venture@25.5%: $6800/$12000
Capital One: $2600/$3000 @ 0% ending in july 2019. then 25%apr

PPalXMC: $3500/$8000 @ 24.5% APR
Discover: $3358/$3500 @0% Apr until June 2020.
Sams club card $2150/$12,000 at 25%Apr ; will payoff next month with tax refund.
Car loan: approx $5600 owed (48mos paid@3.99%; 24 mos left.)

In perspective:

Loan #1

Ppal Credit $4500/$5400
PPalXMc $3500/$8000
Cap1Mc $2600/$3000

= $10,600 loan

Loan for 36 mos @ 8% or 0% B/t with 12/15/18 mos

Loan # 2

Cap1Venture: $6800/$12,000
FirstTechLoc: $7200/$10,000
FirstTechMc: $5600/$10,000

= $19,600

Loan # 3; B/T @ 0% currently with other person. i make minimum payments on it.

Discover : $3350; $70 minimum

WellsFargo: $3600; $36 minimum

[CreditCuriosity]

What are your scores currently?  Those are some hefty balances with high APR's on alot of that debt.  

[Anonymous]

My Ex Fico8 is 686 with 42% util and AAoa 7yrs8mos oldest acct 31 years ago and latest open acct 5 mos ago ( Apr/May/Nov 2018) 3 new accts opened in last 24 months/ 1 new acct in last 12 mos. 8 total inquiries in last 24 mos / no new inq in last 12 mos.No collections/public record

My TU Fico8 is 676 with 43% util and AAoA 8 yrs 3 inq in last 24 mos 2 in last 12 mos. 2 new accts opened in last 12 mos. No collections/public record

My EQ Vantage score is 656 util is 40% AAoa is 4 yrs and 2 inq in 24 mos latest 1 inq in last 3 months. dont have fico8 eq scores yet.  No collections/public record.

Have first Tech as only Credit Union; thinking of joining Unify/BECU for their very low rates on credit cards/personal loans;

40% util is high but working on it. scores aren't exactly 720+ either so not sure if qualify for low apr's?

too much in debt have done my best to use 0% apr b/t so far have discover b/t with $3.5k at 0% ( 0% expires june 2020)and $3600 with W/Fargo at 0% expires aug 2019.

Have a deferred student loan from 1998 (still deferred) with $5700 balance.

100% commissions job/biz generates $3000/mo in gross income. so nearly 36,ooo/yr. sometimes i exceed 50k in a year but regularly just 36k/yr. so all self employment income.

I m blacklisted with Chase/BofA/Citi/BBVA Compass/FNBO/US Bank

[Remedios]

@Anonymous  Could you clarify further, because based on this thread, you've run up the cards in grandma and wife's name. 

Here  you were attempting to get in further debt. 

Who will be applying for a loan? Which cards are in your name? Grandma's? Wife? How are you planning on paying a loan back because  the amount you're seeking is very high, and even if you were somehow approved, the terms on that loan may be as bad if not worse than your cards. Your payment would be no joke if the income is $1k per month. 

[Anonymous]

Grandma/Wife's are the loan# 3 where B/T is?

DW is in lot better shape becoz of Grandma's ability to B/t; she is at 4% util with $20k in available credit and no new apps/accts in 24 months.

The only remaining balance is $1k on PPalXmC on DW. AAoA of 4 yrs.

Taking debt paydown seriously but happening one profile at a time. Got DW's profile cleaned up & ready but not mine or grandma's just yet.

i have very fluctuating incomes and if i generate more income i'd be able to pay it off; exactly why since last i talked the best i could do was payoff nearly $8k in DW cards while still maintaining household. i had thought of bankruptcy but given my affiliation with financial services and credit checks, i can be in debt but bankruptcy is a No-No.

I need lots & lots of income and i support a lot of people in the household. I m the only primary income earner so i pay some hold off on paying some keeping in mind for example that PPalcredit is hidden credit line and i do show high high balances on 3 ppal credit accounts for all of us and put most of my household purchases/debts/etc hidden from credit. i can only control so much, from time to time its very very frustrating but i live it until i m off this debt for good. I tried working Uber/lyft/etc delivery services but can't make enough to payoff debts. 

so yes i m JUXTAPOSED between family & bankruptcy and dont wanna lose what i already know i can or else it gets even worse than what it seems like right now.

Hanging in there just to be sure. from time to time i bring up my debts here to see if other than looking for income if there is much of anyting else that can be done.

[Anonymous]

@Remedios

I try Remedios i try. Its all i can do. In my frustrations (which happens when i m overwhelmed with my debt) i like for it to all go away just like that and it wont and i take it out somewhere.

i do mention in my posts that i m not salaried but make 100% commissions income. so yes it does vary between $1k to $6k depending on what's in the pipeline.

Yes its very true its a very big debt & unless something drastic happens in way of income, this is going to get even more difficult. Given that i was wanting to apply for more credit was indeed for b/t if at all possible (to which i haven't yet given up on; only becoz paying @ 25% Apr is no joke) the minimums alone come out to $1k. I expect DW to be all clear by end of May 2019).  Will evaluate then & see if it makes sense to apply for more credit.

So basically

first 1k is to the household (Rent/Util/elec/phone/internet/groceries)

2nd 1k is to the debts (minimums) & Vehicle gas/insurance. If i dont earn income beyond 2nd 1k; all goes on credit cards. its how debt piles up for me. i pay the high high APR to keep good credit. i have limited options that way.

and third is if i get anything over the 2nd 1k left over i have a little happiness to myself & family. Otherwise i m just working and working and working and working..

Even i can have a wish for more able bodies in the household contribute towards an income. Butt......alas. k. cera.cera. what will be..will be.

This is been this way since some 18+ years. I've had 2 (7and a half periods of high debts on credit reports; that i have overcome). Its from 1996Jan to Dec 2003 & next was 2005 June to Dec 2013 when things beyond my control happened & bankruptcy just wasn't an option.

More Income = No DEBTS. less Income= High Debts. Period. end of story.

Well i did try out the Soft Pull BB&T B/T card & posted here that for some reason my applications don't go through with BB&T (its not a denial/nor is it an approval); however, since it was soft pull i gave it a shot & failed. Did 2 apps one for travel & other for b/t both failed. Even went in branch & talked to CSR but she wanted a hard pull so said NO>> dont need a hard pull now. SAVE MYSELF. DW has better profile than i do.

[Anonymous]

You may want to do some more research on Lightstream. POI is always a ymmv situation. Just a quick search of this forum and I found just and many cases where they DID require POI as I found where they did not. Also their website says they only loan to people with good to excellent credit. They are several sections of the FAQ dedicated to how they define good and excellent credit.

[Anonymous]

You are

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@Anonymous wrote:

You may want to do some more research on Lightstream. POI is always a ymmv situation. Just a quick search of this forum and I found just and many cases where they DID require POI as I found where they did not. Also their website says they only loan to people with good to excellent credit. They are several sections of the FAQ dedicated to how they define good and excellent credit.

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You are absolutely right? My research is done here on MYFICO; I can definitely say i m no where near Good/Excellent credit right now. 

I seperated loans thinking one B/t and other likes of LightStream/Lendingclub/Marcus/BestEgg is viable. Whatever it is, until it can be approved with an APR% thats acceptable plus no POI i dont think i'd apply. I'll work my ass off to see if i can pay it off that way i dont have to worry about loans from Lightstream/lendingclub/Marcus etc. Given my self employment income with fluctuations, approval comes with conditions i dont think i can meet.

It's also why i read here so much just to know who can approve without a POI. Knowing what i know now, it is what it is..LOVE IT OR LEAVE IT. 
My belief is if you are a salaried guy with a company from the Fortune 500 and if thats mentioned on your application its much easier to approve you without a POI versus somebody who is a business owner with no employees & income like mine.

[Anonymous]

I know you did not ask but.....

I have seen situations like yours before. Your family is in a financial crisis and there appears to be able bodied people who could help. You need to have a family meeting. Explain the situation to everyone. It’s all hands on deck. You should not try to solve this on your own.

I am also self employed. Lenders go from “oh we don’t need POI” to please send us a DNA scan and detailed record of every dime you’ve ever made”, the minute you say I’m self employed. I keep a copy of my tax transcript on my computer to upload if POI is every required. You can get it from irs.gov. I’ve never had anyone refuse this as POI except Cap1. They wanted bank statements. I told them to kick rocks.

If if you’re dead set on getting a personal loan I would check out the reviews on NerdWallet. Lightstream may not work for you but there are lots of other places that will.

[Anonymous]

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@Anonymous wrote:

I know you did not ask but.....

I have seen situations like yours before. Your family is in a financial crisis and there appears to be able bodied people who could help. You need to have a family meeting. Explain the situation to everyone. It’s all hands on deck. You should not try to solve this on your own.

I am also self employed. Lenders go from “oh we don’t need POI” to please send us a DNA scan and detailed record of every dime you’ve ever made”, the minute you say I’m self employed. I keep a copy of my tax transcript on my computer to upload if POI is every required. You can get it from irs.gov. I’ve never had anyone refuse this as POI except Cap1. They wanted bank statements. I told them to kick rocks.

If if you’re dead set on getting a personal loan I would check out the reviews on NerdWallet. Lightstream may not work for you but there are lots of other places that will.

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Lot of other places that will also have very STRINGENT REQUIREMENTS that given my income stream is not feasible & I understand that.

I tried BB&T with the thinking i 'd get soft pull & 0% APR for 15 mos so i can transfer $5k with no interest. with all minimum payments i m bearly making interest payments.

Next is Compass ClearPoints which allows B/t but i m on blacklist with them so i have my hesitation.

As for the family helping in INCOME, o well really it isn't possible otherwise trust me i've had the family meetings & what not but being distressed about income is one thing, making ends meet for everyone to be calm/chilled/happy/not aggravated is a BLESSING IN DISGUISE.

You REAP what you SOW...i know this from way back when.

Just trying to get outta DEBT for good. Thats all i can do... knowing what i know......its just frustrating. Its why i consume " MillerHIGHLife" so much its cheap and required drinking for me everyday work or no WORK.