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Last updated July 2019

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She just left her husband due to his violent temper. She was raising her two kids aged 2 and 5. At the time of her application she was at the lowest point in her life.

She was thankful to have a steady income of around $40,000 per year as a lab tech. But this is the money she owed at the time. These are the debts she wanted to consolidate.

$25K for a car loan
$15K credit card dent
$20K in medical debt
$5000 personal loan left

The car loan was at an interest rate of 8.33%. Credit cards averaged 19.12%, medical treatment debt rate unknown, and $5000 left of a personal loan with a 12.43% rate.

She desperately wanted to get one lower rate for all of these balances and she started with her local bank. Her bank branch wasn't happy about having to decline her request for credit, but they had no choice within the boundaries of their lending policies and procedures manual.

The she made the mistake of applying a few local Chula Vista banks (which we won't mention the names of) and she was declined there to.

This is the classic mistake. If a lender turns you down you need to find the exact reason why, and then look into your credit rating. The lender will be able to tell you your score and they can advise you on how to clean up your credit.

You would be surprised how many loan officers love to help applicants with advice. They will even turn you on to professional help if you're interested.

Ultimately, Belinda did get approved for a consolidation loan. Here is the math on that loan.

• Debt Consolidation Amount = $65000
• Interest Rate = 8.67%
• Term Length = 7
• Monthly Payment = $1034.94
• Total Paid Back = $86,934.7
• Total Interest = $21,934.7

Take special note of her interest rate at 8.67%. See how it's actually higher than her first original car loan rate at 8.33%. She agreed to this rate because the consolidation lender wanted her car as collateral on the note.

But even so, Belinda was way ahead on interest over what she was originally paying. Even better, she only had to concern herself with paying one creditor each month. In her case she chose to pay biweekly, which cut down on the over all APR of loan.

Here is a list of the offers the got emailed to her.

Nation wide lender @ 10.09%
CA State lender #1 @ 8.67%
CA State lender #2 @ 8.99%
Chula Vista local lender @ 9.70%

It's clear that she had to choose the deal for 8.67% from the lender that services all of California. Not only was the rate the best, this private lender offered more flexible payment plans.

This is a very common lender used by people who live in New York and find themselves unable to get approved for a loan with a commercial bank branch or credit union.

Do you live in Chula Vista and need a bad credit loan? I hope our website can help you in some way to find a decent interest rate even if you have a bad credit score.

Sincerely, 

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• Bad credit scores below FICO 650
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