Is it possible these days....

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iVillage Member
Registered: 03-25-2003
Is it possible these days....
2
Sat, 10-11-2008 - 10:06am
To get a loan with less than perfect credit? I heard this morning that credit unions are good places to get loans these days and I'm thinking it might not be a bad idea to consolidate our debt (and cut up the credit cards). Through our credit union if we qualify we can get an unsecured loan at a 9.99% fixed rate, which sure beats the 28% our CCs are charging. I don't think our credit is terrible. It's just not perfect. Any thoughts?


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iVillage Member
Registered: 11-17-2007
Sat, 10-11-2008 - 11:06am

both what you are paying and the credit union interest ae

iVillage Member
Registered: 01-25-2006
Sat, 10-11-2008 - 10:23pm

Credit unions are generally pretty member focused so yes, I think it is probably worth taking a look at. What I might do is if you haven't used all your free credit reports in the last year, pull one of those and carry it in and see if someone would be willing to give you a sense of if you would qualify or not. The downside of applying for additional credit is the inquiry on your credit report so if you could get a sense if you would be successful or not before they did that, it would be helpful.

The 9.9% rate is not a bad rate w/o perfect credit. I agree that I can generally do better than that also but that is with pristine credit. With the lending pressures right now combined with the credit issues, you'd be doing well to knock them down that much.

That being said, chop those plastic suckers up or you're likely to find yourself back in the same boat with the addition of the credit union loan as a giant hole in the bottom. This is always the danger of consolidating the balances. Don't tell yourself you are 'paying them off' in any way shape or form. Dangerous mindset. You're transferring the debt, not paying it off. Repeat after me! LOL :)

Peg