Steve, I was contacted by CFB,LLC(Merchant Credit) that I was approved for a $15,000 debt consolidation loan. Unfortunate for them I read your blog about charges for fees to get the loan. They want me to pay $1,300 for Insurance and only 1/2 if I couldn’t pay all. Plus put it on a Green Dot Money Pak card that was non-traceable? I said thank you but no thanks. Their explanation was they could charge if they wanted because they were private lenders. With 4 different phone number changes in 6 days I gladly rejected the offer.
My question is …..I have tried Prosper, Lending.com, wikiloan,weemba,and some others and I have tried for almost 2 months. I only one derogatory item (student loan showing 3 months late while in deferment but current since 2010) trying to dispute) on my credit but have a perfect paying record. I always pay on time but at my limit and want to consolidate. Had to use credit card with layoff and even paid when layed for entire year. Now trying to catch up on bills. Need $16,000 to cover all bills. Paying nearly $800 a month. Is there someone out there that can help me soon? I just want to lower my payment and have 1 bill. They automatically deduct from bank or payroll does not matter just need to start saving for emergencies as to what lead to debt.
Both Prosper.com and LendingClub.com as well as other legitimate lenders will base their lending decision off your credit score. You are smart to not fall for the advanced fee loan scam.
Your credit score issue may be that you simply have insufficient good credit. It’s easy to rebuild your credit but I’m not sure if this is the time to spend six months doing that. Your situation may be more immediate.
If you want to check your credit score for free, use the link. You can also model what changes you would need to make to improve your score. But by now I bet you have a number of hard inquiries that might be driving the score down as well.
Can you please go to Credit Karma and check to see what your credit score and what it says is dragging your score down and report back in the comments? I’d like a better idea of what we are dealing with here.
Please post your responses and follow-up messages to me on this in the comments section below.