Bank of America

Ask an Expert

Posts: 1
Credits: 167.5
Send message to dan.p

Sub: Bank of America

Mon, 05/07/2012 - 11:30

Hi there,
I'm trying to compose a list of Pros & Cons for debt consolidation with BofA.
I want to understand if it is the best deal for me.
I have a fair credit rating and loans from 3 different institutions.
Thus far I can see that BofA have good interest rates and a good offer for spreading the debt for 5 years.
But, I'm afraid of there "right" to change my interest rate throughout the payback time.

Any inputs/insights?

Thank you very much,
Dan Pastor

Add new comment

SOAPLADY
LYNNINMN@AOL.COM

Debt Samaritan
Posts: 16537
Credits: 288910.60390179 Send message to SOAPLADY

Sub: #1 You probably wont even qualify with a "fair" credit rating with Thu, 05/03/2012 - 02:41

You probably wont even qualify with a "fair" credit rating with

You probably wont even qualify with a "fair" credit rating with BOFA.
Most banks are not lending much over $5k unsecured and usually for that you have to have excellent credit.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com...allenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com...imitation.html

dan.p

Posts: 1
Credits: 167.5 Send message to dan.p

Sub: #2 ThanksMon, 05/07/2012 - 07:17

Thanks

Thanks SOAPLADY,
Let me see if I understand. In my current situation, if I was to come to BofA and ask for a consolidation loan, they wouldn't give me more than 5k$?
What about other banks? are there any banks that will give me a debt consolidation loan without me being an existing customer?
Thanks again,
Dan

OhioGal1

Debt Samaritan
Posts: 5223
Credits: 71531.366580171 Send message to OhioGal1

Sub: #3 Most banks aren't lending unsecured money unless you have a veryMon, 05/07/2012 - 07:30

Most banks aren't lending unsecured money unless you have a very

Most banks aren't lending unsecured money unless you have a very high credit rating (very high 700s and above).

How to Deal with Unlicensed/Illegal Payday Lenders - Step by Step Instructions

I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.

SOAPLADY
LYNNINMN@AOL.COM

Debt Samaritan
Posts: 16537
Credits: 288910.60390179 Send message to SOAPLADY

Sub: #4 Banks are just not lending unsecured funds, especially with 'faiMon, 05/07/2012 - 07:31

Banks are just not lending unsecured funds, especially with 'fai

Banks are just not lending unsecured funds, especially with 'fair" credit.
If you had collateral or a cosignor you might have more luck.

MichaelBovee
michael@consumerrecoverynetwork.com

Posts: 122
Credits: 22615.092250576 Send message to MichaelBovee

Sub: #5 peer to peer lending for debt consolidationMon, 05/07/2012 - 11:30

peer to peer lending for debt consolidation

Hi Dan,
What are the balances and interest rates with the three accounts you want to consolidate?
There are some peer to peer lending options that may work for you. You can get loans funded up to 35k depending criteria.
You must have a 680 credit score or higher.
Your rate on the loan will be factored n scoring.
If your rate is more than, or only marginally better than what you are paying now, it may not be worth pursuing.

Risk aversion in virtually every loan product will limit your options today.

Have you considered other methods for tackling the debt aside from consolidating?

Debt Settlement System - Debt Relief Made Simple