• Last Updated:
  • Jun 26th, 2005 12:35 pm
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[OP]
Newbie
Jun 22, 2005
12 posts

Need Credit Help!!!

I am currently in about $6000 debt(which is in collections due to student loan) and want a line of credit consolidation. I have been working full time for the past year and i do have a steady income. I am unable to get any line of credit from virtually all financial institutions. If anyone could suggest a solution or could find any brokers even at a higher interest rate, that would be great. However, my beacon score is about 640-650. Please reply back if you have any suggestions, it is GREATLY appreciated

Win
14 replies
Deal Addict
Dec 4, 2004
1982 posts
7 upvotes
Kingston
The problem I had when trying to do this a few years ago is that they wont give you money to pay off OSAP. simple as that. They outright told me this was a policy. wtf!?!
Deal Guru
Aug 2, 2001
13965 posts
4493 upvotes
dolphie wrote:The problem I had when trying to do this a few years ago is that they wont give you money to pay off OSAP. simple as that. They outright told me this was a policy. wtf!?!
If I recall, when you declare bankruptcy you still need to pay back your student loans.

Which means that if you got your student loan converted to a conventional line of credit you could then declare bankruptcy and not pay it off...
Deal Addict
Dec 4, 2004
1982 posts
7 upvotes
Kingston
Which means that if you got your student loan converted to a conventional line of credit you could then declare bankruptcy and not pay it off.

ahhh, that makes total sense.
Jr. Member
Apr 25, 2005
100 posts
bankruptcy... stays for 7 years and marks you forever!
I know, I work @ a bank.
[OP]
Newbie
Jun 22, 2005
12 posts
Thanks for all the replies. I have attempted to apply for citibank and even have been declined from them. It is the student loan that isn't allowing me to be approved from any major banks. It is an account that is outstanding debt, but i still have a score of 641 on my credit report. A small amount of $6000 really isn't worth going through bankruptcy and staying on your record for 7 years.
Newbie
Apr 2, 2005
37 posts
GTA
have you tried MBNA?

also keep in mind, the more you apply and the more you get declined, will make it even harder to get it from the next institution you apply too... cause on your credit report they can see that you applied for credit, but didnt get it. That also hurts ur ability to get a line of credit or a loan from another insitution. ex, if these banks didnt give you the loan, there obviously was a reason and neither should we

Have you looked at getting a co-signer? if you can get a co-signer with really good credit, GO TO YOUR HOME BANK. dont go anywhere else. if your home bank turns you down so will pretty much everyone else.
[OP]
Newbie
Jun 22, 2005
12 posts
Right now at this point, i'm just looking for a high interest rate lender. It's a debt that do need to clear up. Anyone have any experiences with brokers?
Banned
Dec 26, 2004
2987 posts
6 upvotes
Mississauga!
i'd go to Home TRust and get a secured VISA with $2000.

Then once you get that, use it for EVERYTHING and pay it off weekly.

In ~ 1 year go to a company like ING Direct and get their low-rate credit account (uses interac instead of VISA or MC)
I have Vitiligo, it is there, but it is white (it = my eyebrow)

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Jr. Member
Apr 25, 2005
100 posts
Winston81 wrote:Thanks for all the replies. I have attempted to apply for citibank and even have been declined from them. It is the student loan that isn't allowing me to be approved from any major banks. It is an account that is outstanding debt, but i still have a score of 641 on my credit report. A small amount of $6000 really isn't worth going through bankruptcy and staying on your record for 7 years.
Applying after declining.. reduces your score..

no bankruptcy = SMART choice
Deal Fanatic
User avatar
Aug 30, 2004
7352 posts
BRAMPTON
Winston81 wrote:Right now at this point, i'm just looking for a high interest rate lender. It's a debt that do need to clear up. Anyone have any experiences with brokers?
I know these people are really good. Rates suck but you will be approved.

http://www.prudentfinancial.net/
Live in Welland but work in Mississauga M-T 7-2pm
[OP]
Newbie
Jun 22, 2005
12 posts
Thanks for the info! Do you know if they offer line of credit or just personal loans?

Win
Deal Fanatic
User avatar
Aug 30, 2004
7352 posts
BRAMPTON
Winston81 wrote:Thanks for the info! Do you know if they offer line of credit or just personal loans?

Win
Just believe only auto and personal loans.
Live in Welland but work in Mississauga M-T 7-2pm
Newbie
Apr 2, 2005
37 posts
GTA
I just want to know if this kinda stuff actually exists or is it all just in movies...

loan sharks... really? do they exist in toronto and where to find them??

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