Private College Student Loan

How does student loan consolidation affect your credit rating? I'm almost positive I am going to consolidate my student loans from college because the repayment starts soon, and it seems like my best option. I've heard that it's also supposed to raise your credit score immediately. Is this true? How much of an impact does it really make? Thanks!

Why does Sallie Mae require a cosigner for private student loan consolidation even with good credit? It absolutely makes no sense. Even with superior credit you are still paying through the roof! "If you have a superior credit history and a cosigner on your Private Consolidation Loan (or a cosigner with a superior credit history), your interest rate could be as low as Prime – 0.50% (6.75% APR) with no origination or disbursement fees. If you have fair credit history and no cosigner, your Private Consolidation Loan interest rate could be Prime + 6.5% (13.75% APR)." I worked so hard to build up a good FICO score and need a good consolidation rate. My parents have awful FICO scores. What should I do?

what is the best loan consolidation company for low rates? i am 30. Earn £27,000 a year and would like to consolidate all of my student credit card debt and loan into one monthly payment. I have only just lefy Uni for the 2 nd time around and have only 1 months work in my new job. I would like to pay it off in about 7 years terms. which is the best company? my credit rating is ok, no missed payments

What questions do I need to ask to get the best rates and terms on a Federal Student Loan consolidation? Interest rates (Sallie Mae) will most likely be going up on July 1. I have received many, many offers in the mail to consolidate my school loans (these are similar to credit card offers). I do want to lock in at a fixed lower rate before rates increase. Currently, rates vary from 2.75% to 4.75%. What do I need to know to not get screwed? Are some companies more reputable than others? How would I find out? Are there hidden fees to be worried about? I graduate this June.

What short term effect would the refinancing of a defaulted student loan have on my credit rating? I recently consolidated a defaulted student loan and need to purchase a new vehicle. Approximately how much of an impact on my credit score will the consolidation have the day after it hits my credit report? I'm just curious if anyone could ballpark the number of points it could jump, with no other factors considered.

Private student loan consolidation? My husband and I have a sizable amount of student loans (almost $100,000 combined) that are in private loans through Sallie Mae. My interest rates are outrageous, some are 7% to as high as 15%. Are there any good options for private student loan consolidation? If not, what other options are there to refinance these loans (would a home equity line of credit be better)? We are both looking to lower the payments and get a fixed interest rate while the prime is low. Thank you in advance for your advice and assistance.

I need a fixed rate private student loan consolidation company ...? I know this topic has been beaten to death, but I can't really find the best answer. I have about $65K in private student loans from Sallie Mae. I am looking to consolidate them in a fixed rate. I am getting concerned that rates will soon be on the rise and into double digits to curb the coming inflation. My credit score is around 780. I do not own a home so I can not use a home equity line to pay them off. Any suggestions or does anyone know of a bank or other financial institution that offers fixed consolidation? Thanks in advance!

Student loan consolidation question...? I have a government loan (the Ford Subsidized Loan) and a private loan (the SELF loan). I was told that I couldn't consolidate with a federal and a private loan. Is this true? Can anyone give me any insight to student loan consolidation? My loan payments will be starting in early December for the Ford loan, so I would like to figure it out ASAP. I have an excellent credit rating and I have always made my loan interest payments on time. I don't know if that helps or makes a difference. Thanks!!

Could I please have your private student consolidation loan expertise? I have two private student loans that I start paying on in July. One is 13% $12700 and the other is 12% $12280. I am closing on a condo so I need to get these in order so I can budget accordingly. Are there many good fixed-rate private consolidation loans? Personal experience please? Also, I have a really high credit score...I don't see why my interest was so high in the 1st place. My home loan is super low. What type of payment could I expect if I do not consolidate?

My student loan interest rates are killing me! Are there any options to lower my interest rate? After college I decided I wanted to have all my loans in my name only (ie. not tied to my parents anymore) so I took out two consolidation loans from Sallie Mae, one for my federal loans and one for my private. Unfortunately, I did this at the exact wrong time and my federal loans are locked in at an interest rate of 6.65%! And without my parents' credit history, the best interest rate I qualified for on the private consolidation loan was 9.75%! Do I have any options for lowering the rate on either loan?

Private Student Loan Consolidation? I have about $100,000 in private student loans at a variable interest rate. I was unable to consolidate them at a fixed rate due to the credit crisis.(Sallie Mae stopped making these "private" student loan consolidations). Does anyone know of a lender that is back in this market and making these kinds of loans?

When do i need a co-signer for private student loan consolidation? I have around $30K in private student loans that I had my brother co-sign with me on. I am paying Prime + 0% which is really nice, but I wanted to consolidate and use the LIBOR rate(which is lower then prime, I would save over 2K in 10 yrs by dropping just 1% point). I have what I think is a very good credit score (~760) and wanted to get the best rate and try to avoid asking my brother to co-sign again. Is my score high enough to go in alone without and co-signer and get the best rate? Thanks in advance.

My credit card companies refuse to raise my limit or lower my interest rates...loan options? I have three credit cards with low limits ($300-$350 each) and the balances are pretty much at the max. I haven't been late with any of them in over a year, and I make more than my minimum payments, but with the monthly fees and annual fees and interest, I can't seem to get the balance down. I haven't used the cards for any purchases in 6-9 months at all. I called each CC company today to see about lowering the interest or raising the balance and they all refused. I'm now looking for other loan options to consolidate these. I filed a BK7 in 2007 and opened these cards to help improve my credit, and now my credit scores are 534, 591, 648. All I want to do is pay off these cards so I can put the money into my savings, but these companies are making it difficult, and between my own bills and my savings I can't afford more than what I pay. Anyone have any experience or ideas? I did a "bad credit credit card consolidation" google search and just got Pay Day loans - NO way. I can take out extra money from my student loan, but I don't start until September, and I'm trying NOT to be repaying so much money per month when I'm going to school, too. I live in Las Vegas, NV, if that gives anyone any local company considerations. These are my cards and rates as of now. Capital One: $300 limit, $251 balance, 17% interest, no annual/monthly fee, $25/month payment Orchard Bank: $300 limit, $231 balance, 20% interest, no annual/monthly fee, $25/month payment First Premier: $350 limit, $350 balance, 20% interest, $7 month/$48 annual free, $32/month payment First Premier: $300 limit, $278 balance, 20% interest, $7 month/$48 annual free, $32/month payment I have a very tight budget already, and REALLY don't want to dip into my savings. I just need to figure out how to get out of this debt (albiet small, but it's still driving me NUTS) so I can start saving more money. :-) I've now realized that this was a REALLY bad question to post - I never thought I would get so many Nigerian scams from it...ugh!

Where can I get a $30000 debt consolidation loan even though my credit is poor and my home is in foreclosure? I owe about $12,500 in taxes and the IRS is growing impatient waiting for payment in full. So much so that I have received notices of pending lien against our home and levies on our accounts. They may be willing to work out a (huge) monthly payment arrangement but have said that their interest rate will be much stiffer than would be a debt consolidation lenders interest rate. Also my old student loan has come back to haunt at the worst possible time ($6500) and they want payment in full right away. I also have another personal debt that I am paying on monthly that I would like to include in the consolidation. I am so desperate to save my home and get all these other debts satisfied. And I'm in a real hurry. I am dredging through the loan modification process with my mortgage lender in an attempt to keep our home, with my fingers crossed... But all the rest of this is seeming impossible to resolve. Please somebody give me hope, tell me there's a lender who will help... Thank you.

Where can I find debt consolidation for "private" student loans? I am a young professional that is over my head in private student loan debt and credit card debt. I have found several companies willing to help me with my credit card debt but no luck with the private student loan debt because it is not considered "secured" debt. My interest rates on these loans are over 20% making my monthly payments total $700. Because I have credit problems in the past I am considered a "high risk" thus unable to get the banks to reduce my interest rate. Does anyone know of an agency that is willing to help people with "private" student loan debt? I am looking for some type of debt consolidation that would reduce my interest rate and lower my monthly payment. Please keep in mind these are private student loans not government loans. Thanks in advance!

Student loan consolidation? I applied for rates with 3 banks to get the best offer for student loan consolidation. About 60 days passed and I received a payment booklet from BofA. They had paid my student loans and began charging me at a higher rate than I had before. I never agreed nor signed a promise to pay or anything - just filled out an online application. What do I do now? They are on my credit report, they are charging me, I have not paid them anything. I don't want to as Chase offered me a better deal. I asked BofA to provide me proof that I owe this debt yet they have not. Its for over $30k. Since I never signed anything (just did the online application) do I really owe them anything?

How many times can you consolidation Private student loans? Does anybody know how many times you can consolidate private student loans? Right now I have approx $26K in student loans consolidated with Sallie Mae at about 10% interest rate. I would like to get a better one, but have already consolidated. If I can only do it once, do loan companies actually lower the rate based on credit and payment history?

Student Loan Consolidation? I have almost 9k more in student loans and I'm paying almost 100 a month. This isn't a lot compared to some peoples loans, but when you pay 1k for rent and utilities then an extra 100 hurts the team. Anyways, my question is when you consolidate student loans does this affect your credit score? I have over a 700 rating and if this does affect the rating I'd rather stick to paying 100. Worked too hard to get my credit up and rather not take any unneccessary hits on it. Thanks in advance.

Is Fynanz (custudentloans.org) private student loan consolidation program legitimate? I've been looking around forever for companies that offer private student loan consolidation. I could never get approved before, because I didn't have a cosigner. I finally have a cosigner with a high credit score and high income. I also have a credit score in the mid 700s. I've never heard of Fynanz and I'm just now reading up on p2p lending institutions. It is a new concept to me. I can't find a single review of their program. Does anyone have any information on them? The terms they list are ridiculously good compared to any previous options and especially compared to the only other current option Wells Fargo. Interest rate between 4.75 and 7.25 percent and cosigner is released after 12 months of on-time payments. My loan balance is $34,000 and the interest rate is a whopping 14 percent.

Student loan advice / consolidation? I am in grace period from my recent graduation from school. I have two private school loans and one federal loan. SalieMae - $18,500 Wells Fargo - $25,500 Direct Loans (federal) - $9,700 I'm having trouble trying to figure out options to put the loans together and lock in a low interest rate. I have a credit score of 802 and scored a job with a salary of $32,000 My interest rates are variable in the 13% range and monthly payments will be around $770 per month for 15 years starting in January!! Do I have options? Has anybody had success consolidating lately? Thank you in advance!

Paying off federal student loans with credit cards thereby taking the gov't out of the picture if charged off? If one pays off federal student loans with a credit card, and then is delinquent on the card and the creditor charges it off..... May the card issuer get the IRS to pursue the debt on its behalf as this debt was originally a federal student loan? OR Does the fact that they were federal loans not matter since the loans were paid off through the card and the lender of the loans, its gaurantor and the IRS are now OUT of the picture, as it became a regular credit card debt, in which case one would ONLY have to deal with the card issuer (and its collectors) as any other credit card debt? I know that crad rates are higher and that consolidation of loans is good. I have already done that. I am NOT interested in all that. I only want to know what may happen once the card that was used to pay off federal student loans is charged off? Is it like any other card charge off or not. Does someone have EXPERIENCE with this?

What is the best bank/financial institution for student loan consolidation ...and should I wait? I'm looking to consolidate my student loans. All my loans right now are NJ CLASS loans and are at around 6.1% ...which is low, but in this climate I'm certain I'll be able to find lower than 5%. I'm interested to know what are the best banks/financial institutions to work with (from your experience and knowledge), and should I wait for rates to go lower? I know rates are going down, and fast... how long do you guys feel I should hold-out for? I'm pretty sure credit scores factor in, but in any case I'm certain it's "good" to "excellent" (I haven't actually checked but I have no outstanding credit card debt and I'm 99.999% on time/early with payments on all my credit lines).

Is it possible to get Private student loans with poor credit? I have some credit card debt and a personal loan that I really want to consolidate with a private student loan b/c the interest rates are better. But of course I dnt have good enough credit to get one without a cosigner. I have no one who can do that for me......any suggestions? And I know about "debt consolidation loans". I refuse to do that b/c I dont want to default on them seeing as how this wrecks your credit. I just want to get better interest rates!

Student Loan Repayment and Consolidation? Hello everyone! I just graduated and have about $100,000.00 in total student loans including Govt. subsidized / unsubsidized Stafford Loans and Private loans. About $50,000 is in Stafford loans with an interest rate of 6.8% and $50,000 in "Signature Private Loans" at about 10%. They are all with Sallie Mae. I'm in the 6 month "grace period" now. I'll be going to graduate school starting this spring (in seven months) Any advice on if/how/with who I should consolidate my loans with and how do my interest rates look. Any ways to get them lower? I have great credit, a co-signer with great credit and a full time job. Any help on figuring out the best way to pay this stuff back/make my payments lower, would be great. Any other advice is also welcome /and/or personal stories from those who have gone through this process. Thanks!

Nextstudent gave me a different interest rate on student loan than I was quoted!? I consolidated my loans with Nextstudent on 03/21/06 before I graduated on 05/01/06. I'm supposed to get a .6% reduction on my interest rate for consolidating before the end of my grace period. Well, apparently, my loan consolidation just went through and my payments are $21 higher than I was orginally quoted. I was first told I would have payment of $257 per month, and an interest rate of 4.5% but when I got my repayment schedule, my payments are $278 a month and the interest rate 6.5%!!!! I don't think nextstudent takes credit scores into account, but my credit score is 793 and I would have thought they could have given me a better interest rate. Plus, my intention was to consolidate before the 07/01/06 deadline when interest rates could no longer be locked in after that date. Nextstudent isn't open until tomorrow and I just want to what my options are. I'm supposed to make my first payment by 10/14/06 (even though the disbursement didn't happen until 09/20 and I'm not even g This is a consolidation loan and the purpose of signing and completing a consolidation loan was to lock in my interest rate and not have a variable interest rate. I believe nextstudent duped me by having the sign the application again after the 07/01/06 deadline; had I realized what was going on, I never would have signed the application a second time. (So much for being financially savvy.) I think I am pretty much screwed.

How do you get a consolidation in Canada if your credit is bad and you don't own a house? I'm in Ontario, and our bills are pretty high (newly married) and my $8,000 student loan is in collection along with a bunch of other stuff...if we could only consolidate it all we'd be able to make one payment on all of it and get it paid down. We have no co-signer and DO NOT want to claim bankruptcy...how can we do this, our credit is bad so I can't see how we could apply for a loan without a house? Any ideas? I want to pay my creditors, just need the payments put together somehow to be managable...we will never be able to get our credit rating back at the rate we are going....

if i am in collections and have a really bad credit rate, can i still get a student loan in BC? i'm in the process of getting help from a consolidation company, and i owe about $9,800... im planning to go to school in september and was wondering if i will be denied for a student loan if i dont pay off ALL my collection debts? No, i dont have a co-signer.... i have no family to help me either. I have contacted a consolidator to help me with my debts,,, we are hoping to clear it off within a year....

Companies that still do federal consolidation loans? I've heard that one of the things in the stimulus plan allowed for recent college graduates who are still in the grace period of their student loans (like me) to consolidate at a rate of 2%. I've tried to look into this more, but I can't even find a bank that still does federal loan consolidation. Do you know of any banks that still do this type of loan? I have good credit scores (756-789) if it helps/matters. Thanks.

Credit Unions - I need a loan, but want some advice!? I want to take out a consolidation loan to pay off the remaining balance on my student loans and so that I only have to make one payment. The company I work for has a credit union and bank right in the building, but I have some questions. 1) Do you need to have good credit to join a credit union? My credit is ok, but not great. I'm assuming it still impacts the kind of interest rates I get? 2) Can you join a credit union for the expressed purpose of taking out a loan? Or do you need to do general banking with them as well before they'll consider lending? My concern is that I go to them and say that I wish to open an account, they ask why, I state that I want to take out a consolidation loan, and then they turn me away. 3) A friend told me that credit unions are far-and-away the best option for taking out a loan like this. Several of my student loans are from private lenders and the interest rates are astronomical, and one late payment is hellacious on my credit. I don't *plan* to pay late, but what is everyone's general experience with credit unions in terms of interest rates and policies? Anything unique or unusual? Thank you!

Do you think debt consolidation would help save me money and not adversely effect my credit? I have over 21,000 in a student loan,( The interest rate is 8%), over 3200 on another credit card (The interest rate is 29.24%),400 on another credit card (The interest rate is 21.99%), and over 4200 in overdraft protection (The interest rate is 20.25%)? I am not sure I completely understand how debt consolidation works. If debt consolidation is not something that you would recommend, do you have at least one or 2 recommendations. My current credit rating is 777. I would like to get my own place in 6 months to 1 year. That is my ultimate goal.

Questions on Loan Consolidation? I am new to all of this because fortunately between my parents and scholarships my undergrad degree was paid in full. Yesterday Igraduated with my Masters and I have a TON of student loans to repay. The program itself was very expensive. My job does give me some reimbursement for that ($4,000 every fiscal year, as long as I still work there and until the tuition cost is paid off) but the interest that collects in the mean time is all on me and it is a lot. That said, I need to call and get my loans consolidated but I do not know the first thing about doing this. Do I call the company I have my loans through? (mostly FAFSA sponsored) Do I call a bank? What kind of information do I need to have ready to speak to them? Any tips on getting lower percentage rates? If I have a credit card with less APR than my loans would be it be wise to pay some with that because its less money or a bad idea because student loans are "acceptable debt" versus a credit card? Any advice that anyone has on how to go about this, good or bad company's, things to look out for, etc. are much appreciated!

Debt consolidation and student loans question? I'm trying to repay my debt but I am having a very hard time. I have about 40k in debt including interest I've accumulated (over estimate, to be safe) most of which is 1 private and 1 federal student loan (probably 35k worth) and the rest are utility bills that are years past due. I'm in my twenties, not a home owner, and currently not a student. Most all of, if not all of, these debts have already gone to collections. I work a job with unsteady hours so I'm never sure how much my pay check will actually be for, this makes it very difficult to budget. Not to mention, I simply don't make much money. I've been actively looking for a higher paying and steadier job but haven't had luck, yet. I was wondering if debt consolidation would be a good option for me. I'm wary because so many other people here on yahoo answers have said that they are scams that ruin your credit rating and leave you owing more than you originally did. Is this true? If so, are there other ways to consolidate your debt that are safer? I'm told bankruptcy isn't an option for me because it will not cover student loans, the vast majority of my debt. Is this true? My biggest worry is my student loans, I feel confident that I could pay off my past due utility bills. So my main question here is, what is the best option for an impoverished twenty something to pay off crippling student loan debt? I really want to go back to school and finish my degree, but I don't know how I could possible afford going back to school when I'm drowning in so much debt from past student loans.

Can you help me with my student loan payments? I seem to have 3 payments coming up Jan 22 Feb 14 April 04 Now I dnt mind paying them back , But the interest rates are way High . I dn't know what was going on , because i don't know how to put this , but I was going thru a rough time during college. I had no friends , no social life and isolated. I was going through depression . Good thing I found out a year ago what had happened to me , So now I am trying to get my life straight starting with my credit/a job/ moving out and finally being debt free and following my intuitions. The student loan thing doesn't seem to be helping much in my "being free" idea , because I called every one of these corporations ( Citi bank , Sallie Mae , and my federal loan consolidation company ) On average I would have to pay for 15-25 years before all this debt is being paid off. Do you have a similar situation or is mine really unique . I am trying to get a clearer picture because most of my papers and applications were filled out by my parents_ and brother , which I hated , because they controlled my life , I was clueless of what was going on which now I am trying to get out of..

Balance Transfer onto a Credit Card? I am a little over $8000 in debt with small finance companies I would like to transfer them all over to a credit card and pay one monthly payment. Is there any credit cards that would help me with these finance companies? I have tried to get a debt consolidation loan but with my bad credit and having no collateral I keep getting turned down. I have seen people transfer personal student loans to credit cards with lower interest rates and was hoping to find a credit card company that would take over my small finance loans. I have a good paying job now but I just can't seem to get ahead. Also please don't refer me to debt consolidation agencies I have heard some very scary stories about them and don't really trust them. Thank you.

Consolidating private student loans? I graduate December 2010. So in 1 1/2 years. I'm praying & hoping that things get better, so my student loan repayment options are better. I will have $30k in federal & another $30k in private loans. I checked my credit & all accounts are in good standing (not sure of my score). I have a great co-signer (750 credit score & $90k income). This has helped me fall in the middle category in interest rates of private loans. I want to be able to consolidate my loans after graduation. Still a while away, but better to plan right? I'm consolidating them separately. I was wondering for the private student loan consolidation, with my co-signer, would it be hard to get qualified? Anyone have experiences they want to share? Right now I think only Wells Fargo & Chase are offering private student loan consolidations. Let me know please :) I hope more banks will be able to offer this program again as time goes on.

Question about consolidating student loans? I have several student loans which total about $35,000. Would it be better to consolidate these loans into one or pay on each separately? Right now, my credit report looks like there are several smaller loans in good standing. Consolidation would look like one larger loan if I understand correctly. I want to know what effect if any it would have on my credit score or rating. What would be best, consolidate or leave them as they are?

Overwhelming credit card debt, but never late yet, what to do? I have about $71,000 in credit card debt. It's a combination of lotsa medical debt and rolling over lots of other stuff. Don't judge, I already know I'm in trouble. I have NEVER been late on a payment (on anything, ever). The debt is spread over 5 cards and ALL BALANCES are at 3% interest or lower. The balances are such $32,000, $14,000, $10,000, $10,000 and $5,000. On these I pay $470, $300, $200, $150, and $150 per month. I also have 2 other cards available with $30k limits each - in case balance transfer is suggested by someone. With the housing market as it is, I cannot get a home equity loan to consolidate debt. I also have $20k in student loans. My monthly bills are making it so I CANNOT make ends meet. Rather than have any missed payments or late payments, I put groceries and gas back on the credit card I've just paid on time. This is NOT RIGHT, but I don't know how to stop this evil cycle I've gotten myself into. I buy generic, cut coupons, conserve electric and water, and penny pinch like crazy. I pay extra on bills when I can, but that bites me in the ass when auto insurance or HOA dues come around and I don't have any money saved and just end up putting those on the credit card again. Any suggestions? - I've always had a great credit rating, despite my credit card debt. I'm not sure if a consolidation loan or trying to settle on a few cards would be the best bet. I have no collateral to offer for a consolidation loan. I've already ebay-ed everything I can for some living expenses cash. And IF I could get a credit card to settle (which I doubt they would because I've never made a late payment), I have absolutely no cash lying around to pay the settlement amount...so prior to trying to settle, I'd probably want to get that cash from a totally different credit card and have it ready to pay the settlement amount. ACK! What has happened to me?? Please help with good suggestions and not yell at me for falling into this mess - my stress level and health has already suffered due to this mess. Thank you.

Education loan AFTER graduation? Education loan for debt consolidation? I'm graduating at the end of the semester. I've worked my entire way through school. My wife and I have one son and another on the way. We're finding it hard to make ends meet and I'm pretty sure my degree won't get me a better job after graduation. I plan on getting into grad school, but it is so expensive to apply everywhere and I don't have the $1,000 or more I will need to apply to the various schools I chose. I hear of many college students getting large loans to cover all of their debt to consolidate everything they owe. They pay off credit cards, cars, etc. I know it's only a temporary fix as you still have to pay everything off, but is it a good idea? Plus, is there even any way I can get an education loan AFTER I graduate? Is there such thing as a good, low rate education loan to help you get into grad school?

Have you ever heard of debt management (not debt consolidation) and if so, do you think it is beneficial? Why? I make about $55,000/year and I currently owe approx. $34,000 in credit debt alone. That's not including my car and student loans plus I still have rent to pay etc. I do not want to file bankruptcy if I don't have to. I also would like to stay away from consolidation. My credit is average considering I have a high debt to income ratio, but I pay my bills on time. Today, I was told by a company that they have something called debt management. I've never heard of that, but they said unlike debt consolidation where they lower both your interest rate AND balance, all debt management does is get the creditor to lower the interest rate. I would pay a monthly payment to the company and a monthly fee and they would make my payment for me. At this point, I can only make minimum payments and my balance is going nowhere...Should I give debt management a try? What are your thoughts and please state why or why not. They said this will not negatively affect my credit score.

I Have $18,000 in credit card debt & APR is high - Use IRA $$ to pay off? I am 30 years old and I have $18,000 or so in credit card debt. I started a small law practice a year ago and it's going well, but I am scraping by. One major reason I am scraping by is because the interest rates on the $18,000 in debt went from 0% (when times were great) to now between 15% and 25%. My student loans total $145,000 and are eligible for a long-term, fairly low interest-rate payment plan. Only 1 group is currently in repayment and the remaining groups will be in repayment starting 12/15/09. HOWEVER, I also have $35,000 in a Roth IRA (down from only $40,000.00 at its peak). I am told I can take a distribution up to the total amount of principal without paying a tax on it and without a penalty. The principal amount is $23,000.00. My questions are 1) should I withdrawal enough funds to pay off my credit card debt from the Roth IRA? and 2) if I get into trouble paying off the student loan next spring, shoud I dip into the Roth IRA for that too? My thinking is that I'm paying OUT way more in interest on the debt I'm carrying than I'm MAKING on the money in my Roth IRA, I'm young and have plenty of time to rebuilt it prior to retirement, and the lack of debt will improve my credit score and thus my ability to obtain mroe favorable car loan terms, student loan consolidation terms, mortgage, etc. Please HELP me decide what to do here. Thanks

Denied for credit card...what does it mean? I checked my credit report last week on equifax and saw that my score was 739. Last month I consolidated a $16,000 loan at a rate of 29% into a $20,000 loan at a rate of 11.5%(payment is $518). I also have a student line of credit (now inactive) for $12,000 with a balance of $7,500 (rate is 5.75, min payment is $75). I have a mastercard with limit of $2500 and a balance of $4. I have another inactive visa on my report with a balance of -$23. I was looking to get a new visa in order to benefit from the air miles, insurance, and other benefits that my active mastercard does not have. The adviser at the bank figured that I would be ok to apply since I make $75,000 and have no current mortgage or rent payment (I don't own a house though or other assets though). She put the application in on Friday and it came back declined today. The stated reason was that "client has a new consolidation loan, and trades are high. Client also is without savings". that's the extent of what it said. My adviser was a little surprised but told me that she could check with her manager as sometimes they can vouch for a clients low risk status. I told her that I just wanted to know what I should do to improve my credit worthiness. She's checking with the manager and will get back to me in a few days. I'm in need of a new car. Does this mean that I would not qualify for an auto loan at this point? What is my best course of action to improve my situation? Thanks. Mike

What happens when you stop paying your credit cards? So I've done some research and I know all of the consequences of walking away from credit card debt. But I am not sure what I should do. I know many people have asked this same question and were told to get credit counseling. I've also looked into that and most places charge a fee which I can't afford to pay. I've also looked into debt consolidation loans, which I am not eligible for. I've even called my credit card companies and asked for a lower interest rate and was denied. I can't afford to get an attorney. This is my situation. I was young and dumb got a bunch of credit cards. I think I have about $4,500 in credit card debt. I try to pay more then the minimum payment monthly but my interest rates have increased & I cannot afford the monthly payments. I also have student loans & a bank loan that I pay on as well. Those loans are obviously more important then my credit cards. I pay on these cards and the balance never goes down. I don't even use the cards anymore, it doesn't make a difference. Any HELPFUL suggestions or advice from personal experience is appreciated.

Where do I start? Deep in debt and terrible credit, I finally have a new good paying job but is it too late? I just finished college and I'm about $8000 in the hole with credit cards. about $3000 of it is in collections...but it's not a third party collections company if that matters, it's still within the credit card company. My grace period for my student loans ($28000) just finished and now requires payement. my credit score is in the 500s. Since I have graduated I have finally been able to make decent on time payements, but my interests rates are ridiculous and my payments aren't doing much of a dent, I'm paying about $700 on my cards a month which half of it almost goes to interest. i can't qualify for anything financial like consolidation loans...what do I do? im desperate and want to fix it...who do I go to? should I get someone to come in a straighten it out, or can I should I take care of it myself? my budget is tight with my other bills since i live alone and have to take care of rent, insurance, student loan payements, etc. on my own. I tried to call one of my credit card companies to lower the interest but they said I had to go through a debt consolidation company in order for them to lower it. is it best to go to someone?

How can I get a loan with Social Security, Disability, and self employment as my only income? I am a single mother of two who owns her own business. I am currently also a full time college student working toward a degree and am disabled and receive social security and disability. I currently have about $30,000 in secured and unsecured debt and could really use about $5000 to really get my business on its feet. I would like to find a loan to consolidate all of this debt into one payment. I don't really care about interest rates, I just want my credit paid off and I want it all in my name so as not to burden my parents any further. My problem is this, all debt consolidation companies I find require you to have more than $7500 in unsecured debt, and I cant seem to get a loan with my credit (or apparent lack thereof) and financial situation, being on social security and not having been in business long enough to establish a decent earnings report. Are there grants for disabled mothers or some type of repayable federal aid?

Predatory Lending or Standard Policy? Is there anything I can do if I feel im the victim of predatory lending? I signed for a car loan that I knew was a bit too steep of a payment for me even at the time (I was "gainfully employed"). I was very surprised when I was approved. I paid my car note faithfully until I ran into trouble in December. The problem is, I also took out a consolidation loan to payoff some credit cards (& close them), and opened up another card within the same lending institution, giving me a total of (3) three loans with the same bank. I have enough cash to pay my car loan up to date so my car is not repossessed, however, the bank is saying if I dont pay ALL THREE loans up to date, they will still reposess my car!!! In other words, they are treating all three "loans" (one is a credit card mind you) as if they were one big loan. I have every intention of bringing all three loans current just as soon as feasibly possible. Ive been hitting the pavement HARD since I was laid off in July of last year. I just cant find a job. I even started night school and took out student loans to supplement my unemployment to keep the lights on ya know. This is frustrating beyond belief because ive worked my a$$ off since I was 15 and value my credit rating very much. I just think that budling these three loans is predatory and a little shady. Does anyone have any advise?

Debt consolidation with mortgage? We have a mortgage for 146,000. Value according to mortage holders is around 205,000. We have a fixed 6.65% rate and have 26 yrs left on mortgage. Current holder could roll all of our debt into home loan and reduce our rate by .25%. Bringing our payment with escrow, insurance, taxes, etc.. from 1460.00 to 1750. Our debt includes 14,000 in student loans, 14000 in credit cards, 15,000 in vechiles as well as 10,000 on HELOC. The question is this almost taps out the entire equity in our home and we would also have a thirty year loan again. Would this be a wise move? Thanks. BTW both of our middle credit scores are mid 720. We make about 110,000 a year.

Help with debt consolidation? Hi, I checked my credit score and I'm currently at 529 average rating, which is pretty bad. No one ever taught me about money, but now that I'm 29 with 1 reposession, 34,000 in student loans and growing with grad school, and major delinquencies over 180 days past due - I was wondering what can I do to fix my credit score, considering I never had any major credit cards (just like macy's, or express at low amounts) but other then that, all the debt is non-credit. How do I fix my score? How can I get a debt consolidation loan, or have an accountant or someone go over my reports with me and make a payment plan. Can someone help me with that without charging alot? I'd like to improve my score. Thanks in advance.

Balance Transfer Credit Cards for Fair/Poor Credit.... I have about 3,000 in debt from credit cards and medical bills and and each card has a high APR and interest rates. I've been ha ving trouble making on time payments. I was thinking about transferring all the debt into one card so I can make one large monthly payment without so much interest. Is this a good idea. What is a good card or company to go with or should I talk to those debt consolidation people. I had my time of plastic crazy and want to get my credit rating back to were it was. I also have student loans to apply for soon and was going to start paying the interest on those right away to save money in the long run. What should I do? Thanks so much! I work full time for a huge global company and live on my own and am 19 am starting school soon. So of course money is going to be tight.

strategy for getting out of debt? please no judgement, just effective strategies. I have 70k in private student loans with a variable student interest rate of 6-12% (private student loan consolidation is no longer an option). I have 120k in federal student loans with 4-6% interest rates. 5000 on a 19% credit card 5000 on a 0% credit card (for twelve more months) and 4,000 on a 23% credit card. I finally secured a government job, I bring home 2,600 for 26 paychecks a year and next year i'll bring home 3,000 for 26 pay checks a year. I have my monthly house hold bills under 1000 and contribute 5% of my salary to a TSP (gov ret program).

debt consolidation for a student...? I want to consolidate all my debt into one big package and then slowly pay that off rather then having all these credit cards it totals to about 15,000ish and i wanted to consolidate it into one loan, anywhere i can go and get a decent rate? i have fairly decent credit and everything some of these bills are tuition charged on credit and stuff but nothing really is a student loan some were medical bills anybody know about a services that helps students with debt i am ok with paying just dont like my credit cards companies much....

I am about to max out my credit card, my interest rate is ridiculus and im a broke college student! help!!? So I only have 80 dollars left on this card. I have or well had a 4100 dollar limit and througout the years thathas dissapeared. Now my minimum payment each month is 300 dollars and there is NO WAY i can pay that!! I live in an extremely expensive town and that on top of everything else i have to pay is nearly impossible. I have no idea what to do. Take out a loan?? What do i do?? Someone please please hep me!! My others cards have no where near that amount to do a balance transfer and the interest is eating me alive. Can I get some kind of loan to pay this and then have lower interest on that? Or cant you do a consolidation loan and pull them all into one payment? If so how do i do that? I am not $10.000 in debt of credit card bills like a lot of them say you have to be...so im stuck.And i already caled my credit card company to try and get my interest rate lowered again and i cant so im just screwed! SOMEONE PLEASE PLEASE HELP ME!

Where should I go to refinance a student loan consolidation? I have $35,000 student consolidation loan which I have been paying off for the last two years with a 7.25% fixed rate. I've been paying double the monthly payment, but it's been depressing seeing the interest eat up most of that. At this rate I'll be paying it well into my 30s. Where should I go about refiancing? I have excellent credit, a well paying job, and interest lates are low now, so I figured it might be a good time to refinance. Is that a fair assessment? If so, where should I start?

Can you help me with my student loan payments? I seem to have 3 payments coming up Jan 22 Feb 14 April 04 Now I dnt mind paying them back , But the interest rates are way High . I dn't know what was going on , because i don't know how to put this , but I was going thru a rough time during college. I had no friends , no social life and isolated. I was going through depression . Good thing I found out a year ago what had happened to me , So now I am trying to get my life straight starting with my credit/a job/ moving out and finally being debt free and following my intuitions. The student loan thing doesn't seem to be helping much in my "being free" idea , because I called every one of these corporations ( Citi bank , Sallie Mae , and my federal loan consolidation company ) On average I would have to pay for 15-25 years before all this debt is being paid off. Do you have a similar situation or is mine really unique . I am trying to get a clearer picture because most of my papers and applications were filled out by my parents_ and brother , which I hated , because they controlled my life , I was clueless of what was going on which now I am trying to get out of..

Credit History/Loans? I raked credit card bills when I was a student and my credit history is worsend. I currently have astedy job, work as an env engineer, and intend to pay it all and get back on track on credit., I plan to settle down by end of this year or so, I was hoping when I pay using debt consolidation or on my won , it gonna take long time to ay (atleast 5 yrs) and also the report stays on for atleast 7 yrs. Is there a way to get a loan to pay the whgole debt in full even if the interest rate would be high?? I dont have any collateral (property or so) , so please tell me if there is anyway to get a loan or clear it out?

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Help in Refinancing Private Student Loans!? I have four private student loans that have an unsatisfactory interest rate. Can anyone relate any experiences or advice with consolidation of private student loans that would help me in the search to lower my payment and get a satisfactory interest rate? What to stay away from, a company that is particularly helpful, anything! My credit score and future need you!

Mortgage consolidation.? We have a mortgage for 146,000. Value according to mortage holders is around 205,000. We have a fixed 6.65% rate and have 26 yrs left on mortgage. Current holder could roll all of our debt into home loan and reduce our rate by .25%. Bringing our payment with escrow, insurance, taxes, etc.. from 1460.00 to 1750. Our debt includes 14,000 in student loans, 14000 in credit cards, 15,000 in vechiles as well as 10,000 on HELOC. The question is this almost taps out the entire equity in our home and we would also have a thirty year loan again. Would this be a wise move? Thanks. BTW both of our middle credit scores are mid 720. We make about 110,000 a year.

anyone know of any good debt consolidation programs? I have mounting debt mainly due to student loans (whihc I would liek to pay seperate) but everythign else from credit cards and phone bills etc is very hihg close to 15,000. I want to consolidate so ic an make monthly payments to all of them and try to save my credit. any good place u can recomment that will no charge me a high interest rate or take too much profits away?

Should I refinance my car? My mom financed a car for me last year. She is the primary person on the account, and I was a co-signer, because I had just graduated from college and didn't have a good job yet. Now I am finacially settled, have good credit, and have paid all but $3,200 of the $7,000 loan back. The monthly payment is $140.00, but I have been paying at least twice that every month since I have been working because there is no early repayment penalty and the car loan has the highest interest rate of all my debt at 6.0%. She wants to sell the home I grew up in to buy an empty nesters townhome for herself. She wants to take out a mortgage for this, and I am worried that the loan she took out for me will affect her ability to get a good mortgage rate. Should I refinance my car so that it is in my name? Should I roll it in to a debt consolidation loan with my student loans (only other debt)? Is $3,200 at $140.00/ mo too small of an amount to affect the mortgage rate that she will qualify for?

Can bad credit and low income= housing? My husband and I have been married almost 2 years. We make just under $50,000 a year combined. I have approximatly $30,000 in student loans that I cannot repay (they are asking over $1000.00 a month and are unwilling to accept lower payments and we are now in a court battle). Our total debts (even with consolidations and payment programs) are more than 75% of our monthly income. We are trying to find an affordable apartment in our area but are unable. We make too much for "Affordable Housing Programs" and not enough for the regular rent. We are stuck. My credit is terrible, but my husband's is ok. We were told by a friend at work that we can buy a house in the area for less than what these places are asking in rent. I looked into the properties and he's right. Even with no money down and the interest rates... it is still cheaper than the snooty apartments. I am NOT looking for someone to tell me to "pay off my debts and stop living beyond my means"... I'M NOT! I am paying off my debts and I don't do any spending that isn't groceries, gas, and utilities. I want to know if anyone has done the "No money down, bad credit" style mortgages and what the pros and cons are???? (And FYI to the asshole who is probably going to leave me one of those "this is why the ecomonic base in this country fell off...subprimes...yada yada yada"... I don't want to hear it. There are a multitude of factors of why the economy sucks and I am sure you were doing to something to help it along too. Stop judging other people!)

help in consolidation.? i have student loan 8000 at 5.3% car payment 8050 at 5.9 % another car 6000 at 4.3 % can i take out home equity loan and pay it? does it save me interest rate? i have a house 225000 and the remaining balance is 178000 at 6.3 % in 30 years fixed please i need your help to reduce my payment. my morgage payment is 1440/month no major credit card debt exept rooms to go card 1500 only thanks

debt consolidation? we have about 12000 in credit card debt, on one card, and about 21000 in student loans. we want out of debt. where should we consolidate our loans (at which bank) and what is a good interest rate. i don't want to accept one that sounds good but it turns out to be higher than necessary. i want a fixed rate. thank you for your answers.

Have you ever heard of debt management (not debt consolidation) and if so, do you think it is beneficial? Why? I make about $55,000/year and I currently owe approx. $34,000 in credit debt alone. That's not including my car and student loans plus I still have rent to pay etc. I do not want to file bankruptcy if I don't have to. I also would like to stay away from consolidation. My credit is average considering I have a high debt to income ratio, but I pay my bills on time. Today, I was told by a company that they have something called debt management. I've never heard of that, but they said unlike debt consolidation where they lower both your interest rate AND balance, all debt management does is get the creditor to lower the interest rate. I would pay a monthly payment to the company and a monthly fee and they would make my payment for me. At this point, I can only make minimum payments and my balance is going nowhere...Should I give debt management a try? What are your thoughts and please state why or why not. They said this will not negatively affect my credit score.

Debt consilidation advice? I have a small car loan (about $5300) and student loans (totalling about $10,000). I know I am going to have trouble paying both. Is it a good idea to dip into a debt consolidation loan, or whatever it is? All I know is that these businesses pay off your "bills" like these (credit cards and whatnot, your debt), and you pay them in one easy payment, but with inflated interest rates. For a person who makes a maximum of $250 a week, would you recommend this as an option?

How will applying for private student loan consolidation affect my credit score? My girlfriend has two private student loans with 2 different companies with different rates. She wants to consolidate for a lower monthly payment. When she applies for the loan consolidation at a few different companies, how does this affect her credit score? Does each application she completes lower her credit score and then the next company she applies with now sees that she is loan shopping? If this is a confusing question, let me know and I'll try to clarify. Thanks. Ok, that first answer doesn't help and isn't relevant to the question. Anyone else have any input? And now spam!??! Can someone please just answer my question?

My GF used her moms credit card to pay for a new furnace when old one broke. Now we cant afford payments.? Basically, it was the middle of winter in Minnesota and with 5$ to our name, the furnace broke. We applied for a few government sponsored loans (SEMCAC I believe was one) and were rejected from each. Her mom then said my GF had to buy central air and consolidate her other CC's on a single card if she was to borrow the money, so she did (against my urgings). So here we are a year later, saddled with a 500$ min payment on a CC that was 4% but is now 25% because the introductory rate ended right around the time the company decided to hike most rates across the board. Between student loans, mortgage (we are trying to sell the house, but it's been up for almost 10 months and won't sell), credit card, and cost of living we are BEYOND our limit. We cannot take the debt from her mom back onto ourselves to enter into some sort of debt management program, because of all the aforementioned issues. Beyond this, she has racked up quite a debt herself, some $50k or so. She is at the end of her line as well. She will not try for some sort of consolidation or bankruptcy options. Any ideas on what to do? Wanted to add a few things. 1. GF is making almost all of the payments since I am currently in college. 2. Can't file for bankruptcy when the card is in her moms name not hers.

What short term effect would the refinancing of a defaulted student loan have on my credit rating? I recently consolidated a defaulted student loan and need to purchase a new vehicle. Approximately how much of an impact on my credit score will the consolidation have the day after it hits my credit report? I'm just curious if anyone could ballpark the number of points it could jump, with no other factors considered.