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Got a 5k loan...


Ravenous Wolf
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Just snagged myself another loan.

The big problem I had was that I ran out of credit unions in town that solely use TU.

One credit union told me that they use TU and EX but I couldn't take the chance. I only have two inquiries on EX and both of those are more than a year old so I wanted to save that.

I originally wanted a 10k loan. I wanted to use 9k of it to close out two installment loans and a line of credit. And then use the remaining 1k for my personal use.

I scoured a few directories for credit unions in Texas but most of them frowned up memberships outside their county or city.

One bank in which I just paid off two loans, the first one for $1600 and the second one for 5k, had told me that they do loans for up to 7k and up to 48 months. That was a big relief to me because almost every bank would only do 34 months and would not even consider past 4k without collateral. And you had to have a long history with them in the first place.

Unlike credit unions in which you can walk off the street and join that day, get a big 13k loan for 48 months.

However, after a bit of wrangling, that bank ended up offering me only a 5k loan.

Of course I accepted it.

However instead of closing out two loans that totaled up to 5k, I decided on a new strategy. A little bit of debt management.

My truck loan is almost paid off. Like two more payments of $450 and it is completely mine. Instead, I am going to use 1k to pay off the note so the car will be completely mine. That frees up a bit of cash for two months. That is instead of coming up with $450 each money, my new loan is only $170 a month.

And then pay off like 2k of my 3k line of credit. I would like to have wanted to pay it off completely but still keep it open. However, at this point, I am going to use the remaining amount to lower two line of credits and two credit cards. And get caught up in some bills. In the long run, this works to my advantage because I no longer late in some of my bills, thus I am not getting hit with big late fees and other fees.

And now with my car paid off, I will actually have money in my pocket to start paying down more stuff next month instead of always being broke.

Not the ideal situation but I am making the most out of it.

I still have two installment loans I wanted to consolidate but I will wait for a while before I can find an outfit for one more final loan to combine the two.

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