Would like to pay off debt faster, but USAA denied my personal loan application

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So yes, I do have a just barely sub-600 credit score currently.  However, I have never missed a single payment on any of my credit cards.  I do have two collection accounts, which I have already been making monthly payments on.

 

The reason why I applied for the personal loan is because I have some loans that are charging between 20-29.99% interest rate.  If I could get a personal loan of say $5000-$10000 at lets say 12%-15%, then I could pay off my debt a little quicker. 

 

Now add to that that as of two weeks ago, my department is understaffed due to an employee being fired for not getting to work on time, so my boss and I will be getting substantial overtime for at least the next month, if not longer until another person can be hired and trained.  So I'll have additional income that I can put towards paying off my debt.

 

I would so love to consolidate the credit card debt and just never use those cards ever again.  Only reason I did in the first place was because I got hurt at a previous job and the company broke the law by never filing the paperwork with workman comp and after they were forced to file by the lawyer I had, the workman comp company tried to weasel their way out of paying (not that that surprised me at all).

 

So 3 years later I ended up getting an offer for a settlement from them for my injury costs and lost wages.  Not that it came anywhere close to the compounded amount from interest on my two main cards which I had to max out to pay my bills.

 

So USAA, do you think you can work with me here?  By the way, my USAA credit card has a 16% interest rate which is a lot higher than my Citibank Rewards credit card that has a 9.24% interest rate and $1300 more limit than the USAA card.

7 REPLIES

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Thanks for writing. Unfortunately, here in the community is not where we will be able to help you. 

As such, we ask that you please click here to provide us with additional detail and your member information. You can also reach a service specialist at 1-800-531-8722.

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Or you could have one of the USAA Financial Advisors call me on my cell phone like they do every time I browse to the life insurance/home insurance pages to compare rates.

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Hi SteveW, just would ike to know who long you had your cards? Reason for asking is my score is pretty similar to yours but the rates i'v been getting are horrific.  I wish you luck, and pray that you are feeling better and are on your way back to obtaining your debt free status.  God Bless

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I got my first card just under 8 years ago.  As far as paying off my debt, I may be approved to have $40,000 of my college debt forgiven.  Plus I'll have one of my store credit cards payed off this month.  And it's looking like I'll have another one payed off in about 3-4 months.  So I'm making progress despite USAA not being very receptive to assisting me with consolidating my debt on a lower interest loan.

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If you don't mind. What program did you find for student loan forgiveness?

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All I had to do was request loan repayment and forgiveness information from Sallie Mae at the time.  The paperwork they send you tells you all of the options.

 

Regarding paying off my debt, I really wish USAA would:

 

A. Reduce the interest rate on my USAA credit card to 12% like my Capital One card.

B. Either approve me for a $10k personal loan at 12% or let me balance transfer (increase limit) to my USAA card.

 

This would allow me to dramatically increase how fast I pay off all my debt, which I payed off about $2000 just this year alone.

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Hi SteveW! I certainly understand that you like to reduce your debt and want to help. Regrettably, we're unable to discuss payment arrangements or credit assistance through this channel. To best assist you, please call our Member Debt Solutions department for your personalized solution at 1-800-531-0533, Monday through Thursday from 8 a.m. to 5:30 p.m. or Friday from 8 a.m. to Noon CT. ~ Stacy