This is a loan application that came in from Galveston, TX. This wife and mother of 5 desires to clean up their family credit card debt all together. This is technically a debt consolidation loan but our applicant(s) is calling it a “credit card debt loan”. The credit card debt all in total for the family (her and her hubby) is actually not as bad as many people in Texas, and around the continental USA.
Their total exposure to debt to their creditors (in this case Visa, Mastercard, Amex, and Discover) is not so far out of the stratosphere that it puts them in risk of bankruptcy. Total CC debt comes to between 13k$ and 14K$. To some families this is a huge amount of high interest debt, but these days it’s not as much in comparison. Does not mean they are NOT over their heads in CC debt – surely they are getting out of control – it’s just that the average American consumer these days is tittering on the edge of personal bankruptcy.
Credit Card Debt Loan – Galveston, Santa Fe, Texas City, Hitchcock
So for this borrower the application fell on deaf ears, and was declined based on monthly income, past loan defaults, and current outstanding debts to different creditors. For instance, in her application she failed to disclose that she is carrying $1500 in department store debt at Pier 1 Imports. She has a total debt on her Pier 1 Imports Rewards Credit Card, and that makes this really hard for any lender to approve, based on the fact that she was not completely forthright in her disclosure agreement as part of the customer/borrower application form.
This something that all borrowers should be aware of when they are applying for credit with any lender. The lender WILL find your outstanding debts and credit lines (without a doubt) unless it’s a cash debt, which is rare. Unless of course you have taken out a credit line with some kind of actual loan shark – God forbid.
$10000 – $15000 Credit Card Debt Loan – Loan Description
Private Loan Description :: Installment loan that we pay back over 36 month as monthly payments. We have tried applying for qualification in our local area of Galveston Cty, and this includes applying with lenders in Galveston, Santa Fe, Texas City, and Hitchcock Tx……no joy at all from any of the local banks, credit unions and private lenders. We have looked at perhaps trying a payday lender but we know that cash advance method of borrowing is really bad – please help avoid that pitfall. We have not bothered with going as far North to Houston for a loan, because we figure that if we can’t get approved close to home here in Galveston, then we are not likely to get approved anywhere else in the State either.
Why do you need a loan? :: To pay off bills and consolidate our family debt. My husband Ralph and I have 7 credit cards between both us consisting of Mastercard, American Express, Discover, and Visa. The total owing on all of the cards is $1348.93 and we would like a little bit extra to get us through December and the News Years.
How Much Do You Want To Borrow? :: Over $10000 dollars up to $15000
Length of Employment :: 6 yrs.
Time at Address :: 12 yrs.
Age :: 31
$10000 – $15000 Credit Card Debt Loan – Approval
Anything else you can tell us to speed up approval? :: We have some collateral in our Ford truck if you need that to get this loan approved. We were hoping that our credit rating, marital, and employment history would be enough to qualify for the loan.
Sex :: Female last time I looked.
Marital Status :: Married for 10 years.
Ever Claimed Personal Bankruptcy? :: No
What City/Town, County, and State is your primary address in? :: Galveston, Texas (County by same name – Galveston)
Zip: 77551
Have you checked your credit report lately? :: Yes and my FICO score is 610. My husband Ralph’s credit score is below 600. This is why I am applying for the loan today.
Would you consider your credit rating to be? :: Bad credit rating compared to others we know.
Collateral? :: 2006 Ford Truck (model is F250)
Down Payment? :: No down payment on this application.
If down payment, how much? Explain please. :: No down on this app.
Do you a have co-signer or co-borrower? :: No – we are on our own for this application.
Employment Background :: I work in the grocery area of a Wal-Mart.
Loan Officer Conclusion(s) :: This applicant could not qualify for the loan due to a severely damaged credit rating. Furthermore, the applicant failed to fully disclose her exposure to debtors in Galveston. Pier 1 Imports has a credit record with her for the sum of $1500 (rounded up). We may have worked with this applicant if she had been 100% completely honest about her current debts.
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