Jan
03
Where can I consolidate to one loan payment with high debt to income ratio?
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I have good credit in the 600′s, I just have a high debt to income ratio. I have about 4 personal loans I want to consolidate. One is already with Prosper, so that is out. I just want to have one payment. My debt for these loans is about $20,000. I am not a homeowner either.
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2 Comments
April 24th, 2009 at 5:54 am
just take out an unsecured loan of $20000 from a bank and pay off those other loans. you’re going to need some kind of collateral though to save money in interest
April 26th, 2009 at 7:17 am
Actually good credit is high 600′s and above. Anything under 660 and you will not be able to get an unsecured loan through a bank. When you combine your twenty thousand dollars into one, the resulting payment needs to bring you under the qualifying bank/finance companies guidelines for debt to income. If so, then your debt to income will not matter. If not, then you have a problem because not many organizations will be willing to take that big of risk. Good luck. Without a house, it will be hard.