Bank of America
Date: Thu, 05/03/2012 - 02:29
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
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 $5k unsecured and usually for that you have to have excellent credit.
Thanks
Thanks SOAPLADY,
Let me see if I understand. In my current situation, if I was to come to BofA and ask for a consolidation loan, they wouldn't give me more than 5k$?
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
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).
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.
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?
