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Txgirl

Likelihood of getting a signature loan at credit union?

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We have our credit cards in a debt management program. We are in our last year with a total balance of about $11k.

 

Hubby's Experian credit score is 771. No late payments or accounts in collections. Credit usage is high at 53%. His yearly income is $50k

 

Even though most of the accounts have lower interest rates I was wondering if maybe we could get a loan and pay off through the credit union. A few of the cards are still at 14% or 20% but some as low as 2% or 5%. We current pay $925 a month.

 

Whats the likelihood of getting a loan to pay if off with the stats I listed above?

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Marginal but not impossible.

 

Any maxed out individual cards?

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Marginal but not impossible.

 

Any maxed out individual cards?

Weve been in the program 3.5 years so no maxed out cards. There have been a few payed off cards. These are the balances currently with the cards is his name or authorized user

 

Sears 294/$2,000

WellsFargo 400/$1,500

Cap 1 $1,200/$2,000 AU

Cap 1 $1,800/$3,000

US Bank $650/$2,500 Cant remember if hes primary or AU

Mortgage- current

Federal student loan- current

Walmart $400/$2,500

Walmart $400/$2,500 AU

Car loan- current

Target- $1,800/$3,600 not in program but current

 

The remainder of the total would be a few cards Im primary on...again none maxed. He has no late payments. Just wanting to see if getting a loan at a lower rate would pay the total off sooner!

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Congrats on the great progress over the past 3.5 years. First I'd remove him from the AU cards with balances. Number of cards with balances is the biggest negative factor he faces so removing a couple will help.

 

Is there any way you can come up with a few hundred bucks to pay off a couple of those cards? If you could pay off Sears, WF, Walmart, that would put him in a very good position with only 2 or 3 cards with balances (depending if he's the primary on US Bank).

 

Is that 771 a FICO or CK score?

 

Those balances are all pretty small. It might be easier to get a new CC and BT at 0% for 12 months.

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Congrats on the great progress over the past 3.5 years. First I'd remove him from the AU cards with balances. Number of cards with balances is the biggest negative factor he faces so removing a couple will help.

 

Is there any way you can come up with a few hundred bucks to pay off a couple of those cards? If you could pay off Sears, WF, Walmart, that would put him in a very good position with only 2 or 3 cards with balances (depending if he's the primary on US Bank).

 

Is that 771 a FICO or CK score?

 

Those balances are all pretty small. It might be easier to get a new CC and BT at 0% for 12 months.

Thank you!!! Its been tough but I can finally see the light at the end of the tunnel!

 

Can I remove him as a AU even if the account is closed?

 

The 771 is his experian fico. Its from experian not CK.

 

Yes those are small balances!!! I might see about paying off the smaller cards. Once we do that via the debt management company they put those monthly payments towards the next card to pay off.

 

Since we have $11k left I wasnt sure if it would be beneficial to get a loan to pay them all off and just pay the credit union.

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I doubt you can remove him as an authorized user if the account is closed. Instead, he will have to dispute the account with the credit bureaus as "not responsible" or something along those lines.

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Much will depend on WHAT credit union is being discussed. If you mean one of the mega-CU's often discussed on CB and elsewhere, then the answer is likely NO. If you mean a small, local CU (or better yet, bank) that you are already doing business with and where you will go in and speak with a loan officer to discuss the matter, then yes, you MIGHT get a loan. Expect them to condition the loan upon closing all of the credit cards.

 

Get away from a debt management company. They do NOTHING you couldn't do on your own except for screwing your credit up more than it already was...

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Much will depend on WHAT credit union is being discussed. If you mean one of the mega-CU's often discussed on CB and elsewhere, then the answer is likely NO. If you mean a small, local CU (or better yet, bank) that you are already doing business with and where you will go in and speak with a loan officer to discuss the matter, then yes, you MIGHT get a loan. Expect them to condition the loan upon closing all of the credit cards.

 

Get away from a debt management company. They do NOTHING you couldn't do on your own except for screwing your credit up more than it already was...

Thanks! Its a more local one so Ill call and ask.

 

I know people say debt management companies are bad and there might be ones. However weve had nothing but good luck with it all. Our score took a hit initially but we have the highest scores weve ever had now and my husband was able to get an auto loan at 3% interest rate.

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Much will depend on WHAT credit union is being discussed. If you mean one of the mega-CU's often discussed on CB and elsewhere, then the answer is likely NO. If you mean a small, local CU (or better yet, bank) that you are already doing business with and where you will go in and speak with a loan officer to discuss the matter, then yes, you MIGHT get a loan. Expect them to condition the loan upon closing all of the credit cards.

 

Get away from a debt management company. They do NOTHING you couldn't do on your own except for screwing your credit up more than it already was...

Thanks! Its a more local one so Ill call and ask.

 

I know people say debt management companies are bad and there might be ones. However weve had nothing but good luck with it all. Our score took a hit initially but we have the highest scores weve ever had now and my husband was able to get an auto loan at 3% interest rate.

 

Don't call...go in and SPEAK with an officer. It is far easier to pawn someone off on the phone than it is when they are in front of you.

 

And there is NOTHING a DMC can do that you couldn't have done on your own with the various lenders. NOTHING!

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And there is NOTHING a DMC can do that you couldn't have done on your own with the various lenders. NOTHING!

There's nothing my house cleaner can do that I can't do and yet I continue to pay her. One-size-fits-all advice is never appropriate. Perhaps the OP should look into ditching the DMC, but that should be done after consideration of all of the variables in the situation.

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And there is NOTHING a DMC can do that you couldn't have done on your own with the various lenders. NOTHING!

There's nothing my house cleaner can do that I can't do and yet I continue to pay her. One-size-fits-all advice is never appropriate. Perhaps the OP should look into ditching the DMC, but that should be done after consideration of all of the variables in the situation.

 

Hiring a house-cleaner is a use of discretionary funds. Thus, it is apples to oranges. Here, OP is with a DMC, which means there is money being diverted away from payments that could otherwise have gone towards the paying down of the debt. The DMC's do not get any better deal than the consumer could have arranged on their own. Further, I doubt the DMC even considered trying to negotiate any sort of Rule 5000 Agreement that could have potentially ALSO salvaged the account AND gotten the slow-pay history removed. Nobody will have a consumer's best interests at heart any better than the consumer themselves...

 

Sadly, as with the thread where an inquiry was made about an estate issue, nobody here seems to care about the application of common sense anymore...

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Why would you get a loan at 7-12% through a credit union when at that score you may be able to get a high limit credit card at 0% for 18 months? I'm betting one of the CU's in your area, maybe even your own, will give you that card.

 

FYI, If you tell them you want to use the sig loan to pay off your cards, then they'll classify it as a debt consolidation loan. Don't do that or they'll require you close all your accounts.

 

 

If you're really a TX girl, then try RBFCU. They hand out $25k cards at an intro 0% interest, and some crazy low interest after that.

Edited by Jon77

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