Expert: Joe Montgomery - 6/12/2007

Question
I am looking to pay off credit card debt which I acquired during my college years.  I have a total of about $4,600 in credit card debt, all with very high APRs.  I have been working as an RN for 1 year now and make about $50,000/yr.  My credit score is only 608... is there a chance I will qualify for a personal loan to pay off these credit cards??

Answer
Hello Linds,

Your credit score is right at the lower end for qualifying purposes, so getting a $5,000 personal loan may be tough.  Your income and job stability may help, so I would say you could give it a try.  If that doesn't work, I would recommend trying to combine your cards onto one card with the lowest rate, and even try to negotiate a lower rate with that card.
If you have a local bank you've been banking with for a while try them, as they will know your income, and banking habits, and see that you have managed your debt, and have an ability to repay them.
Good luck, and I hope one of these options works for you!