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 Posted: Mon Feb 04, 2008 8:45 pm Subject: Obtaining a consolidation loan when rejected. |
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Sorry for the test post, didn't wish to do all this typing then it ask me to login. I am surprised I can post without registering 
So anyways, I am an individual making about 50k a year pre-tax, I rent; my share is 500, my combined debt is about 13k or so including my vehicle. I only wish to combine my bad debt which is about $5-6k as I actually have a very good apr on my vehicle.
I have a very solid work history and work for a big company. I have no bad marks on my credit report but do to my debt to income ratio my score I was last told was 670.
I have tried with two companies so far to get loans and have been rejected. I'm just curious what other members have done to get loans under these conditions? My thinking goes, yes my debt to income ratio is high....but Im wiping one debt to start a new one, with 1 creditor instead of 6....which IMO should look better and offer less risk *shrug*
I am not really looking for a debt management system like the banner on the right offers as those talks with your creditors by them to lower your interest, etc, can affect your credit report.
I am not struggling financially I just wish to be able to manage my debt with one payment and to cancel my credit cards which I haven't used proudly in a long while! I have finally become a responsible consumer and debt conscious and only wish to simplify it(and hopefully pay it off sooner).
Oh yea, as an after though, I am getting married in June. My Fiance has very good credit. We've talked about consolidating through her once we get married, is this a bad idea? Will my credit effect her credit because we are married?
Thanks for taking the time to read my long post  Your response's are to be looked forward to!
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efface
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Debtcc Points: 100
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| Posted: Tue Feb 05, 2008 6:04 pm Subject: |
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It may actually help if you do a joint consolidation, they will take his information into consideration also since he will be party to the loan.
congratulations on your marriage, hope all goes well for you. 
Hang out, I am sure that you will have more advice to come.
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jos82003
Joined: 18 Jan 2008
Posts: 176
Debtcc Points: 3483
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| Posted: Tue Apr 01, 2008 11:42 am Subject: |
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Wow - I'm surprised that there are no responses to this. I am in a same pickle. My score is a 644 right now. (that's fair but not good). I wish to consolidate only my high debt credit cards (which are three totaling aproximately $16000 dollars. I've been rejected twice already for a consolidation loan through Well's Fargo and Visa Gold program. My debt to income ratio is not good but I have a good job and a part time job as well. (5 years at the full time, 3 at the part time) I own a house (but do NOT want to put it as collateral). I'm at a loss as to where to turn to. Any help is appreciated!
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mojo1
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Debtcc Points: 100
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| Posted: Wed Apr 02, 2008 3:46 am Subject: |
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I've been exactly where you have been. I have a perfect credit history ( 0 charge-offs, 0 delinquent accounts, 0 late payments, 0 collections ) but I only have about a 664- mostly because my debt to income ratio is high, my balances are high, and I don't own a house. I own one of my cars, but being that it's 16 years old, it is hardly collateral.
That said, I have had a difficult time trying to get an unsecured loan from ANYWHERE, and for the amount I need.
You might prosper dot com. That was the last place I turned, and I have since gotten 2 loans from there.
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Amaranth
Joined: 10 Mar 2008
Posts: 244
Debtcc Points: 3272
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| Posted: Thu Apr 10, 2008 11:39 pm Subject: |
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With your FICO score, you should be able to get a pretty good consolidation loan using P2P lending (person to person lending). Check out Prosper.com. They absolutley saved my life - twice.
Good Luck - I think they should be able to help you if you do a good job on your listing (put the time in to write a good, solid listing). Be persistent and you should eventually get funded.
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goldhelmet
Joined: 28 Mar 2008
Posts: 74
Debtcc Points: 1333
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