Question : How can I get a debt consolidation loan? Everybody's turning my husband and I down for too much credit!?
My husband and I are trying to straighten out our finances because we have a lot of debt (credit cards mostly) and we want to buy a house. Everyone tells us that getting a a debt consolidation loan will help because we can combine all of our debts into one monthly payment, but we kept getting turned down or offered a low amount because we have too much credit being used. What's the point of a debt consolidation loan if your too much in debt?
- asked by Jenn
All Answers:
Answer #1
Hi friend getting loan is one of the fightingchallenge in our life.Go to different banks if youare denied at one bank.Don't ever rely on theonline loan providers sometimes they wil surelyscam you.Just take a look at this link to get thefree quotes from the experts around the globe..
- answered by Guna
Answer #2
DON'T get a CONsolidation loan. If you are on aWRITTEN budget and are spending LESS than youbring in, you can use what is left to pay yourexisting debts DIRECTLY. If you are not, renamingthe debt won't help you anyway. There IS NO POINTto a CONsolidation loan. It only allows you toPRETEND you did something. Until you pay off thedebt, buying a house is not a good plan anyway. You will just find yourself with LESS money AND amortgage payment.
- answered by STEVEN F
Answer #3
"Debt consolidation loans" are a scam, mostly;they just charge you MORE money to do somethingyou could (& should) do for yourself. Think aboutit, they exist to make money for the lender, notto help you!Go to the library and borrow a book byDave Ramsey. Doesn't matter which one, they aregood but are all pretty much the same. Here's theCliffNotes version of what Dave says:Rank yourdebts, smallest to largest, and pay minimums onall but the smallest. Throw every last dollar youcan find at that smallest debt (deliver pizzas,get an extra job, sell stuff you don't need) untilit's gone...then move on to the next debt.Do youhave a car payment? Why? Sell the car, pay offthe loan, buy a running vehicle with what'sleft.Eat a LOT of beans & rice until you arestraight againGood luck!
- answered by Thin Kaboudit
Answer #4
Would you like the truth, or would you like thesame song & dance BS that the con artists andgovernment wants you to believe?I will choose thetruth, get angry at me for being blunt, or realizerealityHere is the Reality check:If you are beingturned down for a debt consolidation loan, you arenot going to qualify to buy a home for a longtime. Especially without a huge downpayment(20-30%) things have (finally) dramaticallychanged and banks aren't allowing people with badcredit choices in their past to get zero downloans anymore. So, even if you consolidate yourcredit is going to suffer for a while. If in yourshoes, you have one solid plan of action, but itis not a quick fix and it will still be a fewyears before your dream of home ownership canhappen.1. Both of you take 2nd jobs. If you arecharging to survive, you are not making enoughmoney AND are not accomplishing anything monthafter month.2. Sit down and make a list of allyour debtors, amounts owed and interest ratesbeing charged. Write down the current amount youare paying next to each card/debt.3. Then takeyour list and prioritize it highest interest ontop to lowest interest on the bottom. Now writein the minimum allowed payments for each. 4. Ifyou have been trying to spread extra money againstall the debts you are in good shape as you havethe ability without spending any extra money toget these paid off.5. Put all money from 2nd jobsAND all excess payments above your minimums (thatyou were spreading between all cards) and puttowards the debt at the top of the list.6. Dothis every month and you will be amazed how quiclyyou pay it off and it is amazing how much quickeryour total debt will shrink.7. This is the mostimportant thing. When you pay your first debtoff, take the entire payment (minimum plus excessyou paid) and roll down to the next card. Then onthat debt you would be paying minimum + theminimum/excess so the debt payoff will begin tosnowball.Once all debt is paid, take the money youwere using to pay debt and save it for your downpayment.Reality isn't easy and going into debt toget out of debt never works.Good luck
- answered by Gem
Answer #5
You simply need to get on a written budget. Youneed to cut up the cards and start paying downthese balances. You should be debt free whan youbuy a house, or you will struggle and findconstant financial probs.Get on a written budget.Sell things you don't need. Stop going out to eat.Take second jobs, third jobs. Pay the smallestbalance off, first, work your way through to thehighest balance. Sell your car.Live within yourharvest
- answered by Billie ACH
Answer #6
Practically any type of loan can be wrapped intothe debt consolidation process. Common typesinclude finance charges, late fees and overdraftcharges, credit cards, personal loans, utilitybills, medical bills, car loans, store cards, gascards and back taxes. A debt consolidationloanold loans are replaced with a new onethat has more favorable terms. Your loanconsultant will negotiate with creditors on yourbehalf, so you’ll no longer have to deal withharassing phone calls and daily mail.
- answered by George C
Answer #7
I've reported the 3 scam responses. If someoneelse would report them, they'd be removed fromthis post.NEVER respond to online loan "officers"with free email accounts. They will approve your"loan" but will request that you send them moneyfor fees, taxes and insurance. The only realmoney will be yours.
- answered by v b
Answer #8
Most debt consolidations loans are for homeownersto do a home equity loan. You are in no positionto buy a house right now. You need to focus onpaying off that credit card debt and increasingyour credit scores. 1) Make a budget 2) Researchusing the snowball method of paying off creditcard debts3) Pick up the Dave Ramsey book veryinspiration and will help you get your acttogether 4) Get second jobs or work overtime tomake progress. 5) Stop using credit cards
- answered by Teri
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measure and fulfill your financial needs
