Sunday, November 30th, 2008

Debt consolidation loan for military with bad credit?

Joined the Navy this year and I am an E-4 in the Nuke program. I need to get a consolidation loan or some type of something to clear my credit up. It’s in the 400s. I know, that’s extremely bad. I didn’t incur the debt though. My mother took out about 6-8 credit cards and one loan in my name. It’s in my name so I need to take care of it. (No I’m not going to prosecute my mother and no she doesn’t have the financial obligations to help me pay them off.) I need to know what my options are in clearing this up. Navy Fed won’t even give me a loan (my bank). I would like to have a lump sum and pay everyone off. Most of them said they would back track on my credit so the missed payments and what not do not show on my credit report. That would be great, but I don’t know anywhere to go to get $12000-13000. You would think being in the military things would be much easier in accomplishing, but no. If there is anyone out there who has some useful information, please help. Thanks

Stay away from any firm that says it can repair or back track your credit report. These are scams.

You may not be able to get a debt consolidation loan with a credit score in the 400s. However, you can qualify for relief under the Soldiers and Sailors Civil Relief Act. It covers debt accumulated prior to your enlistment and it will lower your interest rate to 6% and spread out your obligations. It also stops most civil action (such as collection action) against your accounts while you are on active duty.

And, I agree it would be best to talk this over with a JAG. They can help you.

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4 Responses to “Debt consolidation loan for military with bad credit?”

T. M Says:
November 30th, 2008 at 8:06 pm

Better talk to a JAG as soon as possible.
References :

Chandra157 Says:
November 30th, 2008 at 8:25 pm

I am a loan officer, this is what I do for a living. There a lot of programs available that will allow you to fix your credit within 30 to 60 days. The programs work with the credit reporting agencies to remove bad credit hits from your credit report, they can investigate to find out what’s yours and what’s not. They usually cost between $150-$500 and are well worth the cost. People have been known to raise their credit 100+ points in a very short time. (You have to have at least a 580 score to receive a government funded loan.) If you don’t know of any in your area I would suggest going to a financial institution outside the Naval credit union and see what programs are available. Best of luck to you!

P.S. Try to stay away from programs offered on the internet, they are not effective and many prove to be fraudulant.
References :

doreen k Says:
November 30th, 2008 at 8:30 pm

Stay away from any firm that says it can repair or back track your credit report. These are scams.

You may not be able to get a debt consolidation loan with a credit score in the 400s. However, you can qualify for relief under the Soldiers and Sailors Civil Relief Act. It covers debt accumulated prior to your enlistment and it will lower your interest rate to 6% and spread out your obligations. It also stops most civil action (such as collection action) against your accounts while you are on active duty.

And, I agree it would be best to talk this over with a JAG. They can help you.
References :
http://www.defenselink.mil/specials/Relief_Act_Revision/

KIMBERLY M Says:
November 30th, 2008 at 8:42 pm

Common situation you met like many other people,be patient,and check the resource here http://www.DebtFreetips.info/debt-free.htm i found useful.

References :

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