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 am interested in getting a personal loan for about $2,000. I want to pay off some debt, and only be paying that one payment.. however, I am only 19 and my credit score used to be a 640 however I think it may be in the high 500's right now... :( what is a good way to do this.. I applied with my bank and they denied. Is there maybe a place online or something I can try.. I am unsure of who to trust. thank you.
Answer Hi Jacqueline,
The goal you listed above is a common one, and unfortunately the problem you listed is just as common. Everyone wants to combine their credit card debt, but the problem is usually that unless you have a very solid and established credit history, most lenders don't want to make personal loans for more than $1,000. If your bank turned you down, you will most likely be turned down elsewhere, and if you go to a finance company, they MAY make you the loan, but your rate will be 14% or higher.
I will recommend to you what I tell everyone in your situation; try to get all your credit debt onto one card that has the lowest rate. Call the company with which you've had your credit with the longest, tell them what you are looking to do, and see if they can offer to "roll" the other balances onto that credit line, and possibly give you a lower rate. If no, you may need to wait a few more months and try to get your credit score up.
One other thing, you didn't mention why your bank turned you down-- ask them, and see if there is something you can do to improve your chances the next time.
