Al asked in Business & FinanceCredit · 1 month ago

can I get a debt consolidation loan with a 580 credit score?

Update:

my credit cards are around 24%APR. I'm thinking if I can get a debt consolidation loan for lower interest, I can pay off my debt quicker, pay less interest, and increase my credit score faster 

10 Answers

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  • 1 month ago

    Why do people hate payday loans??

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  • 1 month ago

    Not with particularly good terms.

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  • 1 month ago

    I really doubt it. a 580 kinda sucks

    EDIT-

    No chance is hell if you wanna know the truth. probably nothing unless you have like a 700 or higher.

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  • Judy
    Lv 7
    1 month ago

    VERY unlikely...............

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  • Anonymous
    1 month ago

    of course not, you are a bad credit risk.

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  • Anonymous
    1 month ago

    No is the short answer.  Why?  You're a lousy credit risk which is why your credit score is 580.

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  • 1 month ago

    i would ask your bank about it

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  • 1 month ago

    No.

    It would need to be about 200 points higher.A debt consolidation loan is just a personal loan and personal loans are very tough to get without a 780-820 credit score.

    • John1 month agoReport

      Never say never.  I happen to know of a local credit union in my neighborhood that would very likely approve such a loan.  It's a community development credit union.  Designed for specifically that purpose.  You may find one in your neighborhood too.

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  • Anonymous
    1 month ago

    Unlikely.

    Stop using the cards.

    Pay as much as possible each month to each card.

    Consider getting a second job to help increase your income to pay them off faster.

    Also, taking out a new loan will lower your credit score before it ever begins to improve it.

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  • 1 month ago

    Bad idea, credit cards will often cancel interest or lower it if you tell them, ask to pay less. They will stop the cards but isn't that a blessing in disguise? Don't kick debt into the future.

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