Unable to qualify for unsecured loan based on income...
Date: Sun, 10/02/2005 - 00:35
Hello, I just had a couple simple questions that were probably already asked, but I didn't find anything.
I'm 21 years old with around $4k worth of credit card debt built up. Recently I've had some emergencies that have taken me away from work. When I got back I realized that I had missed nearly all my payments for the month and since then I've been struggling to keep up. It's now gotten to the point where I can barely afford food and bills. I'm trying to save for school, trying, trying, trying, and I was told that perhaps an unsecured loan would be my best option for consolidating all my bills onto one lower payment (most of my credit cards are store cards with massive interest).
So I stopped in to talk to my bank (Wells Fargo) and applied for an unsecured line of credit (revolving loan) for $4,000, enough to pay off all my cards. Although my credit score was more than adiquate, my paystub income did not match the income in which I reported, due to the fact that I was was out for 2 weeks medical when I started my job, and a week of emergency, so I was promptly denied. Now I can't seem to find a co-signer to try for the loan again, so I'm at a loss.
I'm just wondering what my next step should be? I'm getting ready for a big move in a couple months and I'm trying to save as much money as I can, but the credit cards are killing me. Should I try to apply at other banks for a loan? Talk with a debt consolidation program? Any feedback would be much appreciated.
Thanks.
I'm 21 years old with around $4k worth of credit card debt built up. Recently I've had some emergencies that have taken me away from work. When I got back I realized that I had missed nearly all my payments for the month and since then I've been struggling to keep up. It's now gotten to the point where I can barely afford food and bills. I'm trying to save for school, trying, trying, trying, and I was told that perhaps an unsecured loan would be my best option for consolidating all my bills onto one lower payment (most of my credit cards are store cards with massive interest).
So I stopped in to talk to my bank (Wells Fargo) and applied for an unsecured line of credit (revolving loan) for $4,000, enough to pay off all my cards. Although my credit score was more than adiquate, my paystub income did not match the income in which I reported, due to the fact that I was was out for 2 weeks medical when I started my job, and a week of emergency, so I was promptly denied. Now I can't seem to find a co-signer to try for the loan again, so I'm at a loss.
I'm just wondering what my next step should be? I'm getting ready for a big move in a couple months and I'm trying to save as much money as I can, but the credit cards are killing me. Should I try to apply at other banks for a loan? Talk with a debt consolidation program? Any feedback would be much appreciated.
Thanks.
Hi KlehI feel that instead of applying for a loan, you should
Hi Kleh
I feel that instead of applying for a loan, you should take the facilities of a debt consolidation program. This program will not only eliminate your financial charges and the late fees but will also lower the massive rates of interest. You will be offered a reduced amount in the program that will be much easier to pay. All you have to do is to continue the monthly payments in the consolidation program and your goal to achieve a debt free life will be definite.
http://www.debtconsolidationcare.com/benefits.html
You can have a discussion with the debt consultant to know more about this program and the calculation of the lower monthly payments.
Regards
Roxette
