credit card consolidation company?

[majax79]

Hello,

 

I was wondering if someone could recommend a credit consolidation company that is legit?

[esm]

This is a do it yourself website. We recommend that you do credit repair work on your own. Most "consolidation" companies are rip-offs, and do the same things that you can do yourself, but charging you a ton of money in the process. If you want more detailed suggestions on DIY, please provide more information on your situation.

[GEORGE]

Hello,

 

I was wondering if someone could recommend a credit consolidation company that is legit?

CONSOLIDATION usually means APR's over 20%...sometimes over 25%

 

So you trade APR's under 10% or 20% for APR's over 25%

 

DO THE MATH

 

(assuming you are talking about companies who roll all your debt into one very large account)

Edited June 8, 2009 by GEORGE

[breeze]

We really do not recommend that anyone use a debt consolidation company.

[majax79]

BOA unsecured personal loan & Juniper credit card. CC is 22%.

 

It's not my debt but my relative. She doesn't have access to a PC so I said I would do the research. She called both and neither were willing to make any kind of payment arrangement of any sort. She would love to cancel the credit card because her job cut her hours significantlly. At least she's dealing with it as soon as they cut her hours.

 

So, what are her options? She got some type of loan with MBNA about 10 years ago and it actually helped her pay off her bills quite quick and it didn't hurt her credit. She has perfect credit...no negative credit at all.

[GEORGE]

It would be different if they were offering a BT at 5.99%--->9.99% (no fee) and enough credit limit to make it all happen

[majax79]

She says she had to pay around $28 10 years ago for her consolidation. Idk if it was something other than consolidation though. It's been so long it's not on her credit report anymore.

Edited June 8, 2009 by majax79

[praesignis]

BOA unsecured personal loan & Juniper credit card. CC is 22%.

 

It's not my debt but my relative. She doesn't have access to a PC so I said I would do the research. She called both and neither were willing to make any kind of payment arrangement of any sort. She would love to cancel the credit card because her job cut her hours significantlly. At least she's dealing with it as soon as they cut her hours.

 

So, what are her options? She got some type of loan with MBNA about 10 years ago and it actually helped her pay off her bills quite quick and it didn't hurt her credit. She has perfect credit...no negative credit at all.

 

If she has perfect credit, then can't she just get a low-rate bank loan or CC to roll her other debt onto? Credit Consolidation companies are usually not for people with "perfect" credit.

[majax79]

Well, I don't think in the current economic environment anyone could get such a large credit card limit.

 

The whole point of this was so that she remains with the great credit she has. I've seen her credit report. I consider perfect not having any negative credit but her debt is slightly high. Not as high as most though, lol.

 

She can't get a bank loan though because the place she banks with has given her a car loan and she hasn't paid that off yet. It's a credit union.

 

The person at Juniper actually said that if she waited a few months and didn't pay her bill then they would cancel the credit card and then would be able to make payment arrangement for her.

Edited June 8, 2009 by majax79

[GEORGE]

Well, I don't think in the current economic environment anyone could get such a large credit card limit.

 

The whole point of this was so that she remains with the great credit she has. I've seen her credit report. I consider perfect not having any negative credit but her debt is slightly high. Not as high as most though, lol.

 

She can't get a bank loan though because the place she banks with has given her a car loan and she hasn't paid that off yet. It's a credit union.

Depends on what "LARGE" is...

 

I (personally) don't have any credit limits under $4,000 (and it is a store card)

[majax79]

Oh, I see...you capitalized the word large...how clever.

[GEORGE]

Oh, I see...you capitalized the word large...how clever.

I hope you were not trying to make something of that with that comment

 

Do you fear CAPS???

[majax79]

Well, this has been extremely helpful and informative. Enjoy your credit cards.

[GEORGE]

Well, this has been extremely helpful and informative. Enjoy your credit cards.

 

Ask a simple question.....................

[GEORGE]

One could think that $5,000 is "LARGE"

 

TO ME THAT IS PRETTY SMALL

 

One could think that $50,000 is "LARGE"

 

I saw no amount

 

I saw no slight hint

 

This could be a "LARGE" debt of $872 for all I know (my CHASE UNITED VISA bill is never that small every month)

 

Edited June 8, 2009 by GEORGE

[esm]

It is extremely rude to come to a help board and then gripe about the advice you get. What you got were honest answers. Many people are still getting large credit limits if they have very good credit. What you define as "perfect credit" may not be such to companies providing credit, and what she is looking for is somewhat consolidation.

 

What Juniper suggested to he is going into default status and then trying to negotiate, which will harm her credit.

 

No matter what snotty attitude you choose to take with George, his suggestion was a good one. If she has very good credit, getting a new card with a low BT cost will be much better than opening herself up to a thieving "debt consolidation company".