Debt Consolidation

5 Comments to “Are banks still so picky about giving out loans for bad credit if the loan is for debt consolidation?”

1. 

   heags

   10:38 am on May 23, 2010

   I know the majority of debt consolidation loans at the bank I work for go to people with very good credit scores.

   You may want to try a service like LendingTree.com, they will shop your information, and give you multiple quotes to choose from.
2. 

   ibu guru

   11:12 am on May 23, 2010

   Banks are becoming pickier, and even those loans (e.g. mortgages) for borrowers with top-notch credit ratings are taking longer to get funded after approval. Your chances of getting a debt consolidation loan, unless you have a solid long-term relationship with your bank, are close to nil.

   The loan sharks who might still give you a loan will eat you, arm & leg. You know what they say — “Out of the frying pan…”

   If your bank cannot/will not help you, stop spending on anything until you pay off those bills. Negotiate a payment schedule with the hospital and stick to it. Did you negotiate a schedule before you left the hospital? If you have been sticking to your repayment arrangement in accordance with a written agreement, they should not be attacking your credit. If they are, despite sticking to a written agreement, you can protest the credit reports, etc.
3. 

   www.californiacreditsolution.com

   11:23 am on May 23, 2010

   There are different routes you can take. Challenge all the debt on your report as innacurate. This will force the creditors to re-verify all those negative accounts, which will result in some coming off without payment! Any debt older than 7 years cannot legally be reported, as well. Call the creditors directly and see if you can defer payment for 60 days without them reporting you as late to the credit bureaus.

   Banks are definetly getting strictor about the types and amounts of loans they are funding. Be proactive about your credit situation and use the dispute system set up by the credit bureaus to alleviate some of that reported debt!

   Also see if any of your creditors with open positive accounts will raise your credit limits, thus lowering your balances.

   Good Luck & Watch Your Budget!
4. 

   Basement Cat

   11:32 am on May 23, 2010

   Catch 22
5. 

   autoprt

   11:53 am on May 23, 2010

   I know of a company that over 60 percent of people who apply are approved. There are no upfront fees involved.

   http://www.jensden.com/g.o/autoprt