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Started By
Message
best debt consolidation options?
Posted on 1/1/15 at 3:15 pm
Posted on 1/1/15 at 3:15 pm
I'm trying to help my fiance consolidate and pay off her credit card debt. She owes a little less than $17000 @ interest rates in the 20 -25%. She is currently paying $635 / month just for the min payment.
Her fico is 620. But, when I pulled her credit report she has a small medical bill that went to collections that she was unaware of. Every thing else is in good standing. Once the medical is taking care of her score will go up.
Should we just check lendingtree for options? Will she have problems getting loan with credit score being low
Her fico is 620. But, when I pulled her credit report she has a small medical bill that went to collections that she was unaware of. Every thing else is in good standing. Once the medical is taking care of her score will go up.
Should we just check lendingtree for options? Will she have problems getting loan with credit score being low
This post was edited on 1/1/15 at 3:17 pm
3
Posted on 1/1/15 at 10:40 pm to LSU6262
By "taking care of the medical" make sure that means a pay for delete. I know the FICO formula is changing to not include small medical collections, but I don't know when that is going to take effect.
I would look into Lending Club, it is a peer to peer lending service.
I would also look at some credit unions.
I'm not a big fan of consolidations, because too often, the person just runs up the cc debt again, and now you have even more debt. So make sure that's not going to happen.
I would look into Lending Club, it is a peer to peer lending service.
I would also look at some credit unions.
I'm not a big fan of consolidations, because too often, the person just runs up the cc debt again, and now you have even more debt. So make sure that's not going to happen.
Posted on 1/3/15 at 12:02 pm to LSUFanHouston
Thanks. I was looking at lending club, but I don't really care to pay 5% origination fee.
Discover or usaa personal loans may be the route we take.
I do agree, she can't use credit cards anymore and put herself in more debt or that defeats the purpose
Discover or usaa personal loans may be the route we take.
I do agree, she can't use credit cards anymore and put herself in more debt or that defeats the purpose
Posted on 1/3/15 at 3:10 pm to LSU6262
Pelican State FCU was offering personal loans under 6 % at one point last year. May still be doing it today.
Posted on 1/3/15 at 9:59 pm to Will Cover
snowball method? Tighten the belt and get a second job long enough to pay it off.
Posted on 1/4/15 at 8:34 am to LSU6262
quote:
I'm trying to help my fiance consolidate and pay off her credit card debt. She owes a little less than $17000 @ interest rates in the 20 -25%. She is currently paying $635 / month just for the min payment.
No offense, but she is the type of person that needs to go balls to wall Dave Ramsey. She's fiscally broken. If she can get a zero interest for 18 month cc situation go for it, but cut up her other cards. Do not leave them open. It's a minimal hit to credit score.
As far as lending, FHA has a product around 590 I believe but that's just a guess
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