can you get a debt consolidation loan with bad credit? my credit score is like 400.?
what are the requirements because im 24 i dont have a house or anything like that.
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HINT: You’re not so good with credit. You should simply pay off your debts and pay cash. You can’t ‘borrow’ your way out of your poor behavior, and bad credit is a symptom of your problematic bad behavior.
With a 400 and no house you’re pretty much SOL. Your best bet is to pay off your debts as you can. Call up your creditors and ask for a easier payment plan. Tell them if they don’t help you then you will declare bankruptcy. Given the choice of helping you or getting nothing, they will help you. Don’t take no for an answer, if you need help look for a local FREE credit counselor, don’t use a paid service they are a ripoff.
You should look into a consumer credit counseling service. I have atrocious credit and there was no way I was getting out of it without some help. I’ve only been in the program for seven months, but I’ve paid off considerably more on my credit card debt than I would have if I had been paying them on my own. I use Money Management International, they were able to negotiate lower interest rates and payments for my $11k+ in credit card debt. I pay one payment to them a month and they distribute it to my creditors. At the start of the program, all my credit cards were deactivated, and at the end of the program, my cards will all be cancelled. I’ll be all paid off in a few years instead of 10+ years, and I’ll save over $15k in interest payments.
It depends everyone is diffrent, to do that though you would need to have some assets or CD’s.
What I would suggest is to start by trying to boost your score.
Your Fico score is based by percentages.
35% Payments OnTime
(Thats why even if you pay the MINNIUM , do it ontime)
30% debt balance vs. available credit
(Important to lower ammount of debt, but thats tricky. Some accounts that are old and havent reported back to the credit agencies since 2003 , LEAVE THEM ALONE! Look for ones that have reported this year , pay those first) Also when a collection agency buys old debts … its usually 10Cents on the dollar.. so if you owed $967.00 they bought it for 96.70 … so you can talk down the ammount , if you can pay it in full.
15% Credit History.
Old credit lines can help you in that way , even if they report negative… it is establishing how long you have been offered and have had credit
10% New accounts and recent inquiried
* shop around with some companies and see which Credit agency that they use.. open accounts with the scores that you need to increase.
10% The mix of charge cards, loans, and department store cards.
You have 3 FICO scores , not just one.
The best thing you can do for this year is try to reduce current debts, pay your bills on time, and if you do have any credit cards… donot go over half of the limit.
I wouldnt suggest get a loan now… even if you got approved you would pay so much in intrest charges .. it would probalby cripple you finacinally… and you dont have a good standing with paying back a loan… so you might not even get one.
Bad credit debt consolidation help permits a person with poor credit rating, to obtain bad credit debt consolidation loan so that monthly installments can be reduced. What a person has to do is ask for a
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