how much info do the banks need?

Question

Here's the thing, I was in major debt a few months back, and went to the bank. I consolidated all my loans into one montly payment i could afford. Which all was a total of 23,000. My payments a month are 530.00 Okay im cool with that. Got all my credit cards closed EXCEPT, one line of credit with ING, and a bank visa the bank advised me of keeping because i had credit with it....Well today I am now in debt AGAIN with the visa and line of credit, for 3000.00 total. I am going to to bank in a few days too get this one all sorted out and tell them i HAVE to close all cards, etc, because I obviously have a spending/money problem...this is really hard for me right now, im ashamed and feel so dumb for doing this again. I hate having to go back to the bank to tell them this and I doubt they will help me out again, but how much can i tell the loan officer, can i tell them what i just told you, that i have a huge problem with money, and need all line of credits/visa closed,

Answer 1

i've worked in a bank before, and i saw quite a few people consolidation after consolidation.

Consolidation loan is good when your networth is still positive after consolidation. You need to get a credit card, but a secured credit card. Used only when you paid, but the flexiblity of a credit card.

Just went to the bank, and consolidate again.

Answer 2

It sounds like you have a serious spending problem. You should really seek the help of a debt counselor. Go through your local United Way to get a referral to a reputable Non-profit debt counselor. The bank may suggest more loan products which might not be the best for you. A debt counselor will help you set up a budget and pay-off your current debt. Good Luck and stop spending!

Answer 3

Getting a Card: Better pay for all your debts before you can get another card.

Getting a bank account: Start a new account just bring some cash.

Getting a Debt relief: File a Chapter 11 or file for Bankruptcy you dont have to pay your 530.00.
(Downside: You will not get a credit card until 5 years)

Answer 4

You don't have to tell the bank anything about your spending problem. Tell them you want all your cards closed, end of story.

Not sure if they'll give you another loan or not as I've never been in your position.

Have you checked in your local phone book for non-profit agencies that will help you budget and get out of debt again?

Answer 5

if your white you stand a good chance.but i know me personally. i want get any favors regardless of my credit.