Comments on: Debt consolidation loan for military with bad credit?

By: KIMBERLY M

KIMBERLY M — Mon, 01 Dec 2008 01:42:59 +0000

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.

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By: doreen k

doreen k — Mon, 01 Dec 2008 01:30:59 +0000

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/

By: Chandra157

Chandra157 — Mon, 01 Dec 2008 01:25:59 +0000

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.
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By: T. M

T. M — Mon, 01 Dec 2008 01:06:59 +0000

Better talk to a JAG as soon as possible.
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