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Advice For Getting Loan Consolidation Loan


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Hi there,

 

I am going to try and get approved for credit card transfer with my banks new year offer of zero interest for 12 months  but I also want to have a back up plan.  

 

I have a good credit, a score of 662, never been late,  just bought a house, the thing brings it down is i am about maxed out with $14k of credit card debt.  2 years ago,i had my score in 720 range when i was paying down debt but some medical bills increased it.

 

these are higher interest credit cards and i want to move these over to either new offer or a debt consolidation loan so i can have my $500 in monthly payments i pay with them actually make a dent in my debt

 

I know Lending Tree is a popular place but seeing if that's my best bet to go or if there is another better option out there to try and get a consolidation loan.

 

Thanks
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You might try one of your local credit unions...

 

Or use the "snowball method" for paying off the credit cards.   Depending on how its spread outt, and assuming its multiple cards,  pick either the lowest balance or highest rate card, and double up on the payments.  When that's paid off, apply the extra money to the next one.

 

Takes a little squeezing to come up with the extra cash, but, you may not qualify for a consolidaytion loan.

 

(Incidently, IMHO Lending Tree is a little iffy.  From what I've seen, their service is sort of the shotgun approach and you may wind up with too many inquiries on your reports).

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(Incidently, IMHO Lending Tree is a little iffy.  From what I've seen, their service is sort of the shotgun approach and you may wind up with too many inquiries on your reports).

 

Thanks, thats what i dont want to happen. Though, I thought lending tree was they pulled your credit report and then that allowed the others to view it so you arent getting multiple inquiries on it. I ll def. double check there or wherever I decide to go on that issue.

 

thanks

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unfortunately, i dont think i can do that since i just bought a house.  I did find on their site that mortgage and auto loan inquiries are counted as one if done in a 30 day period but didnt see anything in regard to debt consolidation. they do have a quick match service that matches you with lenders and then you talk directly with them and only give certain ones permission to pull your credit and that might be a better way for me to go and not have 10 companies pulling my credit.  

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  • 2 weeks later...

unfortunately, i dont think i can do that since i just bought a house.  I did find on their site that mortgage and auto loan inquiries are counted as one if done in a 30 day period but didnt see anything in regard to debt consolidation. they do have a quick match service that matches you with lenders and then you talk directly with them and only give certain ones permission to pull your credit and that might be a better way for me to go and not have 10 companies pulling my credit.  

Why are you so concerned with a slightly lower credit score due to inquiries? Are you planning on getting additional loans, credit cards, etc. in the next 6 months - 1 year?

 

You can also do soft pulls to bump those hard inquiries off, sign up for a 3-in-1 credit report service and do daily pulls, I think it takes about 30 pulls per CRA to bump them off.

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