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Advice or suggestions please!

Anonymous
Posted by Anonymous
  • 18 Replies
I'm not looking to be bashed or called any names for our decisions but....

DH and I had to take to our credit cards to help get food in our home, secure bills and fix our car. We are in a lot of debt. We have about $4k to pay off. We hit a financial downfall with employment and struggled for 2 months and now back to struggling again. But this time we need to move. Our credit scores are both low. Roughly 520ish. And we want to get are loan to pay off our cards.

Is there anyplace who'd loan to us with bad credit? Loan about $5k so I can pay my medical debtw that's on my credit score as well?
Posted by Anonymous on Dec. 13, 2016 at 9:28 AM
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Replies (1-10):
Melissa_4
by Navy Mom on Dec. 13, 2016 at 9:31 AM

Contact the creditor, and make a payment plan that you can afford on a monthly basis.  Even if you take a loan out to pay it off (not a wise idea, btw), it is still going to be on your credit report for the next seven years AND your credit would go down further due to the loan.  Making a payment plan with the creditor is the better way to go.

Mama-Bear87
by Member on Dec. 13, 2016 at 9:33 AM
More than likely not. Just being honest. Most places want your score to be at least a 600 to get a loan. I mean it really doesn't hurt to try though,worse they can say is no.
Anonymous
by Anonymous 1 - Original Poster on Dec. 13, 2016 at 9:33 AM
The thing is, we don't have it to spare. At all :/ we are struggling extremely bad with the lack of income. We want to move to a different state with more jobs but can't without the money or history to back us up.

Quoting Melissa_4:

Contact the creditor, and make a payment plan that you can afford on a monthly basis.  Even if you take a loan out to pay it off (not a wise idea, btw), it is still going to be on your credit report for the next seven years AND your credit would go down further due to the loan.  Making a payment plan with the creditor is the better way to go.

Anonymous
by Anonymous 2 on Dec. 13, 2016 at 9:33 AM
Why do you think a loan is the way to go versus just passing on the cards?
Anonymous
by Anonymous 3 on Dec. 13, 2016 at 9:35 AM
How do you plan to pay the loan payment then???

Quoting Anonymous 1: The thing is, we don't have it to spare. At all :/ we are struggling extremely bad with the lack of income. We want to move to a different state with more jobs but can't without the money or history to back us up.

Quoting Melissa_4:

Contact the creditor, and make a payment plan that you can afford on a monthly basis.  Even if you take a loan out to pay it off (not a wise idea, btw), it is still going to be on your credit report for the next seven years AND your credit would go down further due to the loan.  Making a payment plan with the creditor is the better way to go.

Catherinesmom12
by on Dec. 13, 2016 at 9:40 AM
My credit union would.

Anyone can get a $5,000 holiday loan. You pay back $100 week. Ends up only costing $200.
Catherinesmom12
by on Dec. 13, 2016 at 9:41 AM
Haha yeah. That's a good question.

Quoting Anonymous 3: How do you plan to pay the loan payment then???

Quoting Anonymous 1: The thing is, we don't have it to spare. At all :/ we are struggling extremely bad with the lack of income. We want to move to a different state with more jobs but can't without the money or history to back us up.

Quoting Melissa_4:

Contact the creditor, and make a payment plan that you can afford on a monthly basis.  Even if you take a loan out to pay it off (not a wise idea, btw), it is still going to be on your credit report for the next seven years AND your credit would go down further due to the loan.  Making a payment plan with the creditor is the better way to go.

Anonymous
by Anonymous 3 on Dec. 13, 2016 at 9:42 AM
Lol. Maybe she doesn't plan to pay it. Just pay off the credit cArds and charge them back up again. I've seen it happen.

Quoting Catherinesmom12: Haha yeah. That's a good question.

Quoting Anonymous 3: How do you plan to pay the loan payment then???

Quoting Anonymous 1: The thing is, we don't have it to spare. At all :/ we are struggling extremely bad with the lack of income. We want to move to a different state with more jobs but can't without the money or history to back us up.

Quoting Melissa_4:

Contact the creditor, and make a payment plan that you can afford on a monthly basis.  Even if you take a loan out to pay it off (not a wise idea, btw), it is still going to be on your credit report for the next seven years AND your credit would go down further due to the loan.  Making a payment plan with the creditor is the better way to go.

Anonymous
by Anonymous 4 on Dec. 13, 2016 at 9:44 AM
I bet you're right.

Quoting Anonymous 3: Lol. Maybe she doesn't plan to pay it. Just pay off the credit cArds and charge them back up again. I've seen it happen.

Quoting Catherinesmom12: Haha yeah. That's a good question.

Quoting Anonymous 3: How do you plan to pay the loan payment then???

Quoting Anonymous 1: The thing is, we don't have it to spare. At all :/ we are struggling extremely bad with the lack of income. We want to move to a different state with more jobs but can't without the money or history to back us up.

Quoting Melissa_4:

Contact the creditor, and make a payment plan that you can afford on a monthly basis.  Even if you take a loan out to pay it off (not a wise idea, btw), it is still going to be on your credit report for the next seven years AND your credit would go down further due to the loan.  Making a payment plan with the creditor is the better way to go.

AvantGardener
by on Dec. 13, 2016 at 9:46 AM

Why do you want another loan?

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