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I'm not confident the bank will approve me
I don't want to apply for the loan if I will just be denied
Embarrassed to say, I have high revolving credit card debt.
Almost maxed out, at 95% revolving ratio
My Debt-to-Income ratio is 20% if I exclude my car loan
My FICO scores (March 2013) are: 675 TU / 672 EQ
12 year credit history, only one "bad" on my report: a 30-day late payment on my car loan was reported Jan 2011
My car will be paid off in September and I hear/read that if auto or personal loans have 8 payments or less, they do not include those in your DTI. Anybody ever hear this? How important is DTI when applied for an unsecurred loan?
I'm just trying to give you a idea of my credit profile. I was thinking about applying for a personal loan at LendingClub.
Trying to get back on the right path, please leave all personal opinions to yourself.
The numbers owed to each entity and at what rate.
Why? Because it's rarely advantageous to consolidate...
and especially not with any of those "consumer loan" outfits.
$3-5,000 means $100 a week in OT or a part time job or no Cable.
One year of toughing it out and your done. Do that.
Unless you have the mindset to not use the cards again, chances are you’ll head down the same slope after consolidating.
Just slog through what you have as it sits
Great, another A+ great city-data post, nothing unusual for this community.
I was at 50% utilization, but two of my cards had their limits cut in half.
I'm not looking for personal opinions, I'm trying to get advice on what banks look at/or require for approving personal loans; afterall, they are secretive about it. At least a ball-park figure.
Just nevermind, I will figure it out on my own. After re-calculating my DTI, its actually 16%; once my car-loan is paid off I will take the risk of a hard-pull on my credit report, by September even more of my debt will be paid off since I'm working two jobs, so just maybe they will approve me.
Great, another A+ great city-data post, nothing unusual for this community.
I was at 50% utilization, but two of my cards had their limits cut in half.
I'm not looking for personal opinions, I'm trying to get advice on what banks look at/or require for approving personal loans; afterall, they are secretive about it. At least a ball-park figure.
Just nevermind, I will figure it out on my own. After re-calculating my DTI, its actually 16%; once my car-loan is paid off I will take the risk of a hard-pull on my credit report, by September even more of my debt will be paid off since I'm working two jobs, so just maybe they will approve me.
Have you ever been on the internet? People will be rude....when they can't see that person or see their reactions besides just words on a screen they react different. No need to be rude back. It is common knowledge that when you post these type of questions you will get bludgeoned with a few gem posts. The "bludgeoning posts" need to be asked though.
People don't go in debt or file bankruptcy for no reason. There is a cause for this and usual it is someone who can't manage their finances and spend all the time. So just because you fix this situation people want to know that you will learn your lesson and come out on the right side and not spend away like before.
Why did you have 2 cards at 50% utilization anyways? That is a valid question. Who says you won't do this again aftger you paid these cards off?
Again this is the internet. Your not my friend and I can't see you react to what were saying. So most being are quite blunt. Deal with it or grow a pair.
I was at 50% utilization, but two of my cards had their limits cut in half.
That's because your credit rating fell below 680. You need to build it back up, another loan, if you can get get, won't really help. You'll take yet another hit on your credit report and because of your rating you won't get a decent interest rate and you've just increased your debt to income ratio which could potentially be an interim problem. I'd keep paying everything off as your doing.
I suspect the advice you getting from the others is harsh as its born out of experience, i.e. don't do it. I think they're right.
Once you get through this, get your card paid off, get your credit cards under control you'll be in great shape.
That's because your credit rating fell below 680. You need to build it back up, another loan, if you can get get, won't really help. You'll take yet another hit on your credit report and because of your rating you won't get a decent interest rate and you've just increased your debt to income ratio which could potentially be an interim problem. I'd keep paying everything off as your doing.
I suspect the advice you getting from the others is harsh as its born out of experience, i.e. don't do it. I think they're right.
Once you get through this, get your card paid off, get your credit cards under control you'll be in great shape.
Interesting, is 680 a magic number?
Quote:
Originally Posted by packer43064
...Why did you have 2 cards at 50% utilization anyways? That is a valid question. Who says you won't do this again aftger you paid these cards off?
...
The house I paid cash for (didn't qualify for FHA loan because of needed repairs) cost me much more in repairs than I envisioned, so I pulled out the charge cards.
Because if you give us real numbers of what you owe and what you earn and what you spend on, we might be able to help you find a way to cut back in order to wipe out your debt with out having to consolidate.
Although I'd probably tell you to cut everything extra out right now and put every penny towards debt and get out of it in a few months, and a handful of people would tell you to sell your car and buy a cheaper one, then we'd get into a fight about that, because where a number of us live there are no cheap cars that are worth having...
But really -- I'm in agreement, we don't have enough information to help you.
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