I have been out of work the past few months and I am starting a job next week. And my fico is about 565.
2007-08-23 08:36:00 · 6 answers · asked by lvdjf 1 in Business & Finance ➔ Credit
Instead of trying to get a loan to shift your debt (that is if you can even get a loan), work on paying off the credit card debt yourself. Start with the highest interest rate and concentrate on it, while paying minimum on the others. Pay them off one at a time.
The only loan offers you are going to get will incude some kind of up front fee.
2007-08-23 08:41:45 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
You would need a personal loan and that's not going to happen with a 565 score and spotty job history. Sorry but it's the truth so don't waste your time and add inquiries that will lower your score even more. Even if you had good credit and got a personal loan the interest rate would be similar to your credit cards.
2007-08-23 19:27:53 · answer #2 · answered by Richard S. 3 · 0⤊ 0⤋
debt consolidation loans can be gotten at almost any bank. But you're not paying anything off. You'll end up running up your credit cards again and double your debt.
Pay them off, one by one. Pay minimums on all of them except the one with the lowest balance (or highest interest rate - whichever you prefer). Tackle one at a time with a vengeance. Lower your bills somehow (cell phone, eating out). Get an extra job.
2007-08-23 08:51:02 · answer #3 · answered by Toolman 3 · 2⤊ 0⤋
Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan
http://debt-trap.com/category/Debt-Consolidation-Basics.html
2007-08-24 01:56:12 · answer #4 · answered by Pitty T 2 · 0⤊ 0⤋
That's a big no no. Your better off finding a way to supplement your income. Most banks will not give you a loan to pay off old debt. Jennifer
2007-08-23 08:45:46 · answer #5 · answered by Jennifer 6 · 1⤊ 0⤋
Avoid payday loans and try prosper.com
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2007-08-23 10:19:41 · answer #6 · answered by John Loves Jenn 4 · 0⤊ 1⤋