About Joe Montgomery Expertise I can answer most any question in this area, unless they are seeking legal advice.
Experience I have worked in the lending industry for over 15 years, and worked in consumer lending, (Personal loans, and small collateral loans) as well as mortgage lending during the first 6 years of my career
Publications Currently an all experts expert for mortgage loans.
Question I'm trying to get a personal loan through Citibank for $3600 in order to payoff debt on two credit cards which currently calculate finance charges with approx 30% APR each. I'm trying to get the loan in order to consolidate the debt and make the payments on a lower interest account. My VantageScore (from Experian) is 642, but I've been classified risk-grade D mostly because my balance to credit limit is too high. However, that is what I'm trying to correct with this loan. I'm basically just wondering what my chances are of qualifying, what kind of rate I should expect, and if there is a better option for me. Thanks for your help.
Answer I would think your local bank or credit union would be a better option for this loan, as they will offer a lower rate, and with the score you have you shouldn't be considered much of a risk at all. This will also depend on your income and other personal information, but as I said, I would check with your local bank. If Citibank is your local bank, just remember that most of the decisions they make are based on spreadsheets and performance models, and therefore won't have as much flexibility as a local lender.
