I am about 9K in credit card debt. Spread out among 8 credit cards all with high rates, some as high as 29.9%. My credit score averages about 580. I have good payment history it is the high utilization that is killing me. I have been desperately trying to figure out a way to consolidate to no prevail. I have tried the regular means of banks & even some bad credit lenders: citifinancial and beneficial and have been turned down. I have tried several times on prosper and have had no luck. I need help - I am drowning. I am hoping to purchase my first home next year and I need to get rid of this credit card debt. I am just looking for a way to consolidate into one payment. Does anyone have any suggestions other than what I already mentioned?? Any help/advice would be SO great appreciated! Happy Holidays!
Not at those scores. If you could get to around 650 or so, some doors would open up. Sounds as though you need avaliable credit reflected on your reports. The problem is that you cannot get this through getting new revolving accounts because your scores preclude it. Ask a friend or family member to add you on to a few high limit accounts with some age and good utilization. Your scores should increase a good bit and then you can get some B/T cards. If that is not an option, their are companies which offer the service. Yes, we are one but, you do not have to go through us. Just be selective and check everyone's credentials if you have to do this.
Thank you for your reply. I am not able to have anyone add me onto their accounts. I would join one of the debt consolidation companies however I did this a few years back and they closed out all of my credit accounts which in turn hurt my credit. Can you recommend a consolidation company that is guaranteed not to close my accounts?
I don't know anything about your situation, so I'm not sure if this is possible, but have you thought about getting a second job? A friend of mine was in a similar situation and got a second job. That income went specifically to credit card debt. It sucked for her for a long time, but she finally got the highest rates paid down and the rest down to a payment she could handle. Any possibility of that?
Unfortunately, no. I do not advocate debt consolidation or CCCS services. Frankly, you're better off filing bankruptcy (if you qualify) rather than going to one of these places. You'll have the same notations on you're reports, bad credit scores but, you'll be re-paying the debts for nothing. That's if they pay the bills on time. If not, you'll have late notations as well. You need balance transfer options. That is the best way to get out of the mess you're facing.
