Subscribe to our mailing list

X

Credit Cards Maxed Out. I Can’t Get a Debt Consolidation Loan. – Manuel

By on October 7, 2009
Credit Cards Maxed Out. I Can’t Get a Debt Consolidation Loan. – Manuel

“Dear Steve,

Hi. I currently have 1 credit card just about maxed out at $10,600, another one maxed out at $5,300. I also have a debt consolidation loan from Banknorth for $11,000 (although I paid around $3,500 so I only have $7500 remaining to pay.) I gross about $2240/mo. I was laid off last year so had to use my cards to pay for everything.

I ran my credit report and have no late payments at all, the problem is that I’m only paying the minumum payment on my credit cards. I just tried to get another debt consolidation loan from Banknorth for 22k, so atleast I would be paying off the balance, not wasting money just paying the minimum. But they denied me.

Do you think it was because I already had a loan with them? Should I try the credit union at my job? Or is asking for 22k too much? Thanks.

Manuel”

Dear Manuel,

My best guess is they denied you because your credit score isn’t beautiful and after one consolidation loan you are maxed out again.

The underlying issue here is why you got so heavily in debt again after you already consolidated previously.

If I was a lender and you have a previous debt consolidation loan and now you are maxed out again, I’d run away from the deal. The odds are that people in similar situations will repeat and default.

If you have not ordered your credit score, use the link, do it now. If your score is over 660 then consider LendingClub.com as a source to get funds to consolidate. The credit union is also a good place to try.

But, the first step is to get that credit score and find out exactly where you stand. After you get your credit score, let me know what it is by posting it in the comments section below.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

READ  Is There a Place I Can Get a Debt Consolidation Loan? - Kerri
morehelp1

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

Choice1 Choice2 Choice3 Big Hug!
Get Out of Debt Guy - Twitter , G+ , Facebook
If you have a credit or debt question you'd like to ask just use the online form .

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s Privacy Policy and Terms of Use and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Share a Comment / Leave a Reply

%d bloggers like this: