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I have applied for a debt consolidation loan from my bank but I was denied because of the credit card debt that I have...which is what the loan was going to be used to consolidate. I don't know what do next..anyone have some advice?

You might try finding a lender who will actually pay off the credit cards with the loan proceeds, instead of giving you the money to pay them off. That way, since the cards will definitely be paid off, the lender doesn't usually count those balances in your debt to income ratio.

Sub: #1 posted on Fri, 07/11/2008 - 08:03

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

Somebody also told me that i could ask them to have it as a condition of the loan that the credit cards are cancelled once i use the loan money to pay them off...this way i they don't worry about me racking up the debt again due to the open credit amount. Do you know if this works?

Sub: #2 posted on Fri, 07/11/2008 - 08:07

jadenyy21 jadenyy21

(Posts: 2 | Credits: 0.6)

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