Loan Consolidation?
Posted by admin
Mica asked:
Hello,
I am seriously considering applying for a bill consolidation. I have a credit card with an extremely high interest rate 31% and need to shift the balance to an account with a lower interest rate. My credit rating is so-so…and I have only been approved for other accounts with half (if that) of what I owe. I don’t want to hurt my credit score any further by applying for more and more accounts. I would like to know if you may have any idea about what type of collateral a bank would accept on a loan totaling $4,000. I am leasing my car & have no property in my name.
Making Friends
Hello,
I am seriously considering applying for a bill consolidation. I have a credit card with an extremely high interest rate 31% and need to shift the balance to an account with a lower interest rate. My credit rating is so-so…and I have only been approved for other accounts with half (if that) of what I owe. I don’t want to hurt my credit score any further by applying for more and more accounts. I would like to know if you may have any idea about what type of collateral a bank would accept on a loan totaling $4,000. I am leasing my car & have no property in my name.
Making Friends
July 25th, 2010 at 2:48 am
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July 27th, 2010 at 7:31 pm
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Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
July 28th, 2010 at 3:49 am
Conceiving Baby
Try this first:
The first thing you will need to do is call the three major credit reporting agencies and request a free copy of your credit report.
Then once you get those in the mail (7-10 days) there will be a dispute form attached to the reports. Fill those out for every negative account on your report regardless. Fax, mail go online whatever it takes to get those submitted as quickly as possible. Then those companies must answer your dispute within 30 days or it is removed from your credit report completely. So that will eliminate some things, hopefully.
Then make sure you pay all your revolving accounts to below 50% of your credit limits.
Make sure that you make all your payments no more than 20 days from the date it is due.
Good Luck!