Unsecured loan on bad credit?

[CountZero]

I am interested in paying off all of my credit cards with an unsecured loan (I don't have anything worth using as collateral) but my credit is pretty craptastic. Basically I was jobless for a while and then on minimum wage for even longer. I am doing alright now but all of my cards are at 24% APR and I can't pay the cards down at such a high rate so each month my rate goes higher.

I'd need around $8k, I've seen sites that will give you lists of lenders that specialize in bad credit personal loans, but it seems like a bit of a waste of money if anybody on here has already worked with a particular lender in this situation.

So any suggestions anyone?

Thanks for the help.

 

[conjur]

Write your credit card companies and ask for, say, a 6-month reduction in the interest rate lest you fall behind and get into trouble.

 

[RossMAN]

Get a co-signer otherwise you'll have better luck selling your blood, plasma, sperm and kidney.

 

[HappyPuppy]

Originally posted by: RossMAN
Get a co-signer otherwise you'll have better luck selling your blood, plasma, sperm and kidney.

Damn, the truth can be funny sometimes.

😀

 

[CountZero]

How would this affect a co-signer's credit?

Is it just that the say they will be responsible should I screw up or does it show up on their credit as a loan in their name?

 

[RossMAN]

Originally posted by: HappyPuppy

Originally posted by: RossMAN
Get a co-signer otherwise you'll have better luck selling your blood, plasma, sperm and kidney.

Damn, the truth can be funny sometimes.

😀

I know.

I was sort of in his shoes when I was about 21. I had $1200 in debt and needed $600 or so for car insurance, rent, etc.

My thought was, just apply for a personal unsecured loan and since I'm doing a debt consolidation ... I'll be approved right?

Fat chance.

BOFA declined me within 24 hours for the usual reasons. Of course now that $1200 debt has mushroomed to something much much much larger 🙁

 

[RossMAN]

Originally posted by: CountZero
How would this affect a co-signer's credit?

Is it just that the say they will be responsible should I screw up or does it show up on their credit as a loan in their name?

Both.

It will appear in their credit history and any late payments made will FSCK THEM OVER just like it will you.

I was fortunate that a friend's older brother co-signed for a cell phone and computer for me. This was around 1994 the total was $2,000. I made all the payments on time so it helped his credit and mine as well. After making those payments, I was able to get my own cc's and eventually buy a new car. It was probably stupid of him to co-sign for his younger brothers friend but I was/am very grateful that he did.

 

[Nutdotnet]

Originally posted by: RossMAN

Originally posted by: HappyPuppy

Originally posted by: RossMAN
Get a co-signer otherwise you'll have better luck selling your blood, plasma, sperm and kidney.

Damn, the truth can be funny sometimes.

😀

I know.

I was sort of in his shoes when I was about 21. I had $1200 in debt and needed $600 or so for car insurance, rent, etc.

My thought was, just apply for a personal unsecured loan and since I'm doing a debt consolidation ... I'll be approved right?

Fat chance.

BOFA declined me within 24 hours for the usual reasons. Of course now that $1200 debt has mushroomed to something much much much larger 🙁

Thread-Hijack (sorry..just this once)-

Rossman, I have about $2000 in high-interest debt. I have good credit (scores range between 670 and 720) and am thinking about consolidating my debt and see if I can get my APRs reduced. Your thoughts?

 

[conjur]

Originally posted by: RossMAN

Originally posted by: HappyPuppy

Originally posted by: RossMAN
Get a co-signer otherwise you'll have better luck selling your blood, plasma, sperm and kidney.

Damn, the truth can be funny sometimes.

😀

I know.

I was sort of in his shoes when I was about 21. I had $1200 in debt and needed $600 or so for car insurance, rent, etc.

My thought was, just apply for a personal unsecured loan and since I'm doing a debt consolidation ... I'll be approved right?

Fat chance.

BOFA declined me within 24 hours for the usual reasons. Of course now that $1200 debt has mushroomed to something much much much larger 🙁

At least you can take pics of that big debt with the resultant digicams! 😛

 

[RossMAN]

Originally posted by: Nutdotnet

Originally posted by: RossMAN

Originally posted by: HappyPuppy

Originally posted by: RossMAN
Get a co-signer otherwise you'll have better luck selling your blood, plasma, sperm and kidney.

Damn, the truth can be funny sometimes.

😀

I know.

I was sort of in his shoes when I was about 21. I had $1200 in debt and needed $600 or so for car insurance, rent, etc.

My thought was, just apply for a personal unsecured loan and since I'm doing a debt consolidation ... I'll be approved right?

Fat chance.

BOFA declined me within 24 hours for the usual reasons. Of course now that $1200 debt has mushroomed to something much much much larger 🙁

Thread-Hijack (sorry..just this once)-

Rossman, I have about $2000 in high-interest debt. I have good credit (scores range between 670 and 720) and am thinking about consolidating my debt and see if I can get my APRs reduced. Your thoughts?

Do you have any collateral or know anyone who does (a mortgage or car)?

Probably not.

My advice is apply and cross your fingers 🙂

 

[Nutdotnet]

Originally posted by: RossMAN

Originally posted by: Nutdotnet

Originally posted by: RossMAN

Originally posted by: HappyPuppy

Originally posted by: RossMAN
Get a co-signer otherwise you'll have better luck selling your blood, plasma, sperm and kidney.

Damn, the truth can be funny sometimes.

😀

I know.

I was sort of in his shoes when I was about 21. I had $1200 in debt and needed $600 or so for car insurance, rent, etc.

My thought was, just apply for a personal unsecured loan and since I'm doing a debt consolidation ... I'll be approved right?

Fat chance.

BOFA declined me within 24 hours for the usual reasons. Of course now that $1200 debt has mushroomed to something much much much larger 🙁

Thread-Hijack (sorry..just this once)-

Rossman, I have about $2000 in high-interest debt. I have good credit (scores range between 670 and 720) and am thinking about consolidating my debt and see if I can get my APRs reduced. Your thoughts?

Do you have any collateral or know anyone who does (a mortgage or car)?

Probably not.

My advice is apply and cross your fingers 🙂

Actually, I do have a 20k+ car that is paid off, but I'm not sure I want to use that as collateral.

 

[RossMAN]

Originally posted by: Nutdotnet

Originally posted by: RossMAN

Originally posted by: Nutdotnet

Originally posted by: RossMAN

Originally posted by: HappyPuppy

Originally posted by: RossMAN
Get a co-signer otherwise you'll have better luck selling your blood, plasma, sperm and kidney.

Damn, the truth can be funny sometimes.

😀

I know.

I was sort of in his shoes when I was about 21. I had $1200 in debt and needed $600 or so for car insurance, rent, etc.

My thought was, just apply for a personal unsecured loan and since I'm doing a debt consolidation ... I'll be approved right?

Fat chance.

BOFA declined me within 24 hours for the usual reasons. Of course now that $1200 debt has mushroomed to something much much much larger 🙁

Thread-Hijack (sorry..just this once)-

Rossman, I have about $2000 in high-interest debt. I have good credit (scores range between 670 and 720) and am thinking about consolidating my debt and see if I can get my APRs reduced. Your thoughts?

Do you have any collateral or know anyone who does (a mortgage or car)?

Probably not.

My advice is apply and cross your fingers 🙂

Actually, I do have a 20k+ car that is paid off, but I'm not sure I want to use that as collateral.

Why not?

You have nothing to worry about unless:
1) you plan on selling or changing it's ownership in the near future
2) you're not sure if you can make all your payments on time
3) you don't want full coverage (comp & collision) car insurance which is required on a financed vehicle

Your chances are better at being approved if you use your car as collateral rather than applying for an unsecured installment loan.