I have close to $15K credit card debt. Score right now is 670.
I have about 7K on one card that I'd like to pay off via a loan at a lower interest rate.
Are there any chances of getting such a loan in this economy?
Do banks/creditors take into account that you'll merely be trading debt and not adding to it?
Thanks a lot.
Mon Dec 07, 2009 10:41 pm
iwillguide Senior Member
Cash: $ 41.20
Joined: 09 Jun 2009
Try low interest bad credit personal loan from any Non-profit organizations.There are however, many requirements you’ll need to meet in order to be eligible for this kind of loans. For starters, each institution has its own requirements, some of them only lend to members but others tend to help all those in need. They will all require, though, a commitment on your behalf to make a reduction on your outstanding debt and expenses. They will even exercise some kind of control over your budget by telling you what to cancel first, what expenses to avoid, etc. Everything, of course, is controlled by experts in debt elimination and financial guidance.i hope my idea help u
Tear up your credit cards and cancel them. Either call the companies to try and lower the interest and if they don't call up American Consumer credit counseling. They will help negotiate your terms. Then once the timelines and payment dates are set work like heck to pay these off.
Risk comes from not knowing what you're doing. (Warren Buffet)
Tue Dec 08, 2009 7:02 pm
Cash: $ 4.00
Joined: 25 Nov 2009
It is hard to get large amounts with bad credit and when you do you will get stuck with high interest rates and fees.
I would recommend working on getting your credit up first, before applying for lots of loans. Look over your credit report, make sure there isn't any inaccuracies that are hurting your credit. Pay your bills on time and talk with creditors to see if they can remove any derogatories that are hurting your credit.
You didn't say if you had trouble making payments. I will assume you are just looking for a lower interest rate. You probably will not find a personal loan at a lower rate unless you can put up collateral such as a car or house. Almost all the methods of reducing the rate by negotiating terms on your contract will result in that being annotated in your credit report; you will pay for it later, through higher rates. I recommend that you just cut a few expenses out of your life and apply that money to the credit card. Beware, saving is just as much addictive as consuming, just with no headaches.
Tue Dec 08, 2009 9:13 pm
Holocene New Member
Cash: $ 2.10
Joined: 15 Jun 2009
Thanks for the advice guys.
I'm currently employed and am not really having any trouble making the payments. I am usually able to pay much more than minimum, but it will probably take another 1 to 2 years to pay it all off.
And yeah, I don't want to mess with any credit counseling services as I don't need that crap on my report.
Tue Dec 08, 2009 10:19 pm
muaz alwi Contributing Member
Cash: $ 5.30
Joined: 10 Dec 2009
quote:Originally posted by iwillguide Try low interest bad credit personal loan from any Non-profit organizations.There are however, many requirements you’ll need to meet in order to be eligible for this kind of loans. For starters, each institution has its own requirements, some of them only lend to members but others tend to help all those in need. They will all require, though, a commitment on your behalf to make a reduction on your outstanding debt and expenses. They will even exercise some kind of control over your budget by telling you what to cancel first, what expenses to avoid, etc. Everything, of course, is controlled by experts in debt elimination and financial guidance.i hope my idea help u
Totaly agree with your idea
Sat Dec 12, 2009 4:55 am
No-Brainer Senior Member
Cash: $ 78.85
Joined: 29 Dec 2005
Location: Oregon USA
Bottom Line, it's expensive to be broke. Whatever it takes, change that situation.
PAY DAY ADVANCES ARE NOT THE ANSWER TO FINANCIAL FREEDOM
With things ever worse a year later from original post, forget about getting a loan, the banks are tight as a frogs ass in these uncertain times, and to think, these same banks are responsible for the mess we are in along with gov. who made credit just too easy to get in the past, and that is thanks to Greenspan as I see it.
Problem with credit card debt is that the interest rates were all raised due to the gov. putting into effect new consumer credit protection, but they telegraphed it months before it was to go into effect, so what did this accomplish, nothing, other than we all had our interest rates go up before deadline. Thank you Obama, that really helped us all get through this recession just great, in fact, I would guess this stupid move just put us in a double recession, soon to be felt as unemployment rises once again.
Sadly, when banks were faced with these new restraints on screwing consumers, it did nothing more than move up the default number 100%. With most facing double or triple rates, those who were already buried in credit card debt and were just barely able to meet their obligations were now pushed to a point of not being able to make payments. When those who were carrying high credit card balances, even at the low rates of under 10%, when rates doubled to 20% and 30% even with good credit, you were given choice, not accept new higher rates, or they would shut down your cards, killing any hopes of getting out of this resession which depends on consumer spending to a large part.
Simply put, these crooked banks which gov. purely allowed to screw consumers knowing that the FDIC was going to pay in the end if a bank failed, and nearly a hundred have gone under already in last year, doesn't it seem a bit strange that Obama would send a telegraph by initiating a new consumer protection regulation to stop bank abuses, but set a date of enforecement many months down the road so the banks could all screw us before regulations went into effect. I am sure not one person reading this has the same interest rate that they had a year ago, I know I don't.
The banks have been paying off politicians for years, so is was no surprise to see Obama pull this one over on consumers which were already hurting from 10% plus unemployment in many areas of country. This effectively killed people credit as banks cut lines of credit in addition to hitting us with higher rates, and with interest rates at lowest levels in history, which should have translated into lower credit card and loan rates, what did we see gov. allow banks to do, rip us all off, thats what. My CitiBank 6.15% rate shot up to maximum allowed rate for no reason other than they could because gov. allowed it. To think our tax dollars bailed out these banks only to allow these same crooks to rip off the consumers to the point, every single persons FICO score has been destroyed. This further compounds the problem as you cannot even get a secured loan with the results of dropping FICO scores.
When you carry any debt on a credit card, and you had a $20K line as in my example, and I had a $6K balance as I travel a lot, and all of a sudden I go to use my card for airfare and there is no credit line left, they dropped it to just above my balance without warning other than a letter coming a few days later to mailing address, but I was out of country, so that helped like pouring gas on a fire. Now here is where it really screws consumers, when you available credit is now zero, even if you had high 700 FICO like I did, overnight my FICO dropped mid 600 FICO. This is a killer with the tighter lending rules, so it made it impossible to get the same loans I once was able to get. Now when I got hit with higher rates, and cut in credit lines, and I refused to accept incrase, my cards were cancelled, and this collapsed FICO even further destroying my access to any new credit.
I am certain I am not alone for I am involved in the finance and leasing industry, and these crooked banks our tax dollars have been used by gov. to bail out have come right back and screwed us all again, and I for one am fed up with these crooks, both in gov. and those banks who have been paying of politicians since the beginning of Fed Reserve, another major scam on the American public. It is time to send a clear message to all who are in senate, your days are numbered, we must sweep them all out for they could care less about us, the citizens of America. Get rid of them all and vote only for new people, clean sweep is the only way to protect ourselves from this current bunch of crooks, both democrat and republicans, they are all the same, just sing a different song ripping us all off along the way.
If you want to learn how to get even with these crooks, as I have done, then you need to get educated on your rights, your real rights, not what we have been led to believe are our rights by current gov. You too can be mortgage free, zero debt, and turn the table on this crooked Fed. Reserve system of pulling money out of thin air and hanging us with the debt of $47K each as the deficit now stands. Get out of debt from credit cards and mortgages and truly become free. Mortgage-Free-Homes is the answer to economic recovery, not bailing out the crooks who have detroyed economy to begin with, so do your research, we can all help to turn the tables on these crooks once and for all.
Success to all,
FREE BILLION DOLLAR RECESSION PROOF BUSINESS OPPORTUNITY SAVING THOUSANDS WHEN YOU CUT THE CABLE & DUMP THE DISH FOR TV MOVIES PPV
Thu Jul 15, 2010 12:40 pm
Stuartthomas Contributing Member
Cash: $ 8.40
Joined: 12 Jul 2010
oh that's really great that you are finally stood up for your debts...I think borrowing money is fine for occasional use IF you understand what you are doing and don't take out more $$$ then you need.
Thu Jul 22, 2010 8:19 am
creditcrack Contributing Member
Cash: $ 8.00
Joined: 25 Jul 2010
quote:Originally posted by Stuartthomas oh that's really great that you are finally stood up for your debts...I think borrowing money is fine for occasional use IF you understand what you are doing and don't take out more $$$ then you need.
Yep, but lots of people have real *issues* with understanding where they are crossing the line and getting into debt problems even deeper.
Sun Jul 25, 2010 2:30 pm
Adria.John Preferred Member
Cash: $ 32.60
Joined: 20 Apr 2010
We all know, credit problems can occur. In fact, since most people don't budget well, it is quite common to find that on many occasions people miss their mortgage payments, rent bill, unsecured loan payments etc. These occurrences can affect your credit rating and your ability to get credit in the future. Our services can help you prevent just that… Getting a payday loan has no effect on your credit score and can help you pay your bills on time.
Tue Aug 10, 2010 1:06 pm
cccfree Full Member
Cash: $ 7.80
Joined: 08 Mar 2011
Dude I would definitely speak with a credit counseling agency ASAP. If you're looking to rid yourself of your credit card debt. You might be pleasantly surprised what a credit counselor can accomplish for you, and most of the time they're going to be non-profit so it's not a real big deal and won't hurt to at least speak to somebody to find out where it goes.
Mon May 16, 2011 10:36 pm
jennypaul Contributing Member
Cash: $ 6.60
Joined: 12 Apr 2011
IF someone is having bad credit history or poor credit rating and he wants to get a small cash loan only because some small money flow crises then he should not worry about the loan. Bad credit is not a problem if you want to borrow a small cash loan. If you need some urgent small amount of money and your credit score is not so good then you not need to worry, because still you can borrow a small cash loan. There is no need to have good credit profile for borrowing a small cash loan.