What are my chances for a debt consolidation loan?
I’m thinking about requesting a debt consolidation loan to pay off my credit card debt.
Amount Requesting - $16,000
Credit Score - 635/645 (Credit Karma)
Navy Member - Since Jan 2006
Direct Deposits Started around $3,000 to $3,500 a month in March.
Checking Account currently has a balance of $8,000+ currently.
Navy Federal Credit Card. $1,500 limit. Paid off every month.
I have 2 auto loans:
Car 1 is in my name and I pay for.
Car 2 is in my name and my son pays for it.
According to Credit Karma I have a 58% credit utilization and I want to get that down quick as possible.
One reason I think it jumped so high is my discover card went from $15k to 6k when capital one took over.
Also a lot of my debt was because of a health reason. Before the emergency I paid everything off.
Thanks for any feedback.