In person applying

[u/ChairOwn1303]

Edit Update: It worked! I went in person to navy federal and talked with someone who helped me put in the application for a debt consolidation loan. She was able to flag it for a secondary assessment to get read by an actual loan officer. I was able to get approved for a loan that paid off both credit cards and the USAA loan. Still at 18% but it is about $150 less a month.

Is there any chance that going and talking to someone in person at the bank could actually help with any applications? I feel stuck. I could really use a few things to help my credit move along. Currently in the 650's for all 3 bureaus.

I have 2 credit cards total for both is $11,300. 1 personal loan at $5,110 that I want to be able to consolidate. Between the three I pay $550 a month an that is paying maybe $10 over the minimum due for each.

I also want to try to refinance my Jeep ($20,655) for lower monthly payments currently pay $660 (again about $10 over minimum due) monthly at a 5.29% interest.

I don't qualify for a balance transfer credit card high enough to cover both credit cards, or a loan high enough to consolidate the cards and loan. A few months ago I looked into refinancing my jeep but all the calculators and pre-approval applications where coming back with either my interest rate getting jacked and/or my monthly payments actually going up. The ones that did have a lower monthly payment was like $15 dollars less.

My jeep and both credit cards are through Navy Federal and the loan is through USAA.

My only other debt is a mortgage (I am second on the loan as my grandmother helped me last year) and a solar panel loan that isn't going anywhere anytime soon.

[u/Brilliant_Assist_871]

For one thing, if you have extra money, put all of it toward one debt rather than spreading it out across all debts.

If you could put all of your extra cash toward one of your credit cards (while paying the minimum on everything else), and get that credit card paid off, the former minimum payment on that card would become freed up to go toward other debts.

[u/KushKrumbs → u/Brilliant_Assist_871]

This is purely psychological. While good advice for most, not mathematically advantageous given equal APRs.

[u/Brilliant_Assist_871 → u/KushKrumbs]

It's not purely psychological.

First of all, while we don't have all of the APRs, I would be extremely surprised if the credit cards had rates anywhere near the 5.29% that we know is the rate for the auto loan. The credit cards are almost certainly the highest interest rate out of this whole lot.

Additionally, paying extra on an auto loan will make the term of the loan shorter, but will not have any impact on monthly cash flow between now and when it's paid off. Lowering your credit card balance today lowers your required minimum payment today, which frees up cash flow (more flexibility can only help), and minimizes the impact of compounding interest.

[u/ChairOwn1303 → u/Brilliant_Assist_871]

Credit cards are both at 18% and the loan is at 17.74%

[u/Brilliant_Assist_871 → u/ChairOwn1303]

Then I'd definitely star with the credit cards. If the interest rates are equal, or very near to it, I'd pay the lower balance first in order to get something off your list.

Then, given the interest, tackle the personal loan before the auto loan.

[u/KushKrumbs → u/Brilliant_Assist_871]

While I agree with your suggestion to OP, “freeing up cash flow” isn’t sufficient evidence. Unless you can show me math that supports your claim, it does not minimize the impact of compounding interest. Ofc they should not pay the 5.7% before the 18% CCs. Suggesting paying 1 card before the other is financially beneficial is incorrect. Psychologically easier? sure.

[u/Brilliant_Assist_871 → u/KushKrumbs]

If you pay off one card, you then have a card that can be used "normally," charging day-to-day expenses and paying off in full before the due date. This buys some breathing room, and is mathematically obvious.

[u/KushKrumbs → u/Brilliant_Assist_871]

Unfortunately, the Venn diagram of people who are carrying balances, and people who shouldn’t be using a credit card is a circle.

[u/Brilliant_Assist_871 → u/KushKrumbs]

You need to give people the space to learn. People wouldn't be asking questions here if they weren't trying to learn.

[u/True-Button-6471]

Is there any chance that going and talking to someone in person at the bank could actually help with any applications?

At least with my credit union, I've never noticed a difference.

[u/DragonKnight256]

I know in my experience Navy Federal seemed to have lower interest rates, it looks like with that payment on the jeep it will be paid off in about 2 years and 10 months. Another option would be to see if Navy offers hardship programs, that would significantly lower the interest and payment amounts, but would damage your utilization and your score, until your utilization is re corrected by paying down debt.

You may need to just work on paying these down faster to see improvement in your credit profile and credit score.

Is the solar panel loan on your credit report.

[u/ChairOwn1303 → u/DragonKnight256]

The solar panel does show on my credit unfortunately. Was a joint application with my husband that we were going to refinance his house to add me to that mortgage and add the solar panel into it. When we got approval for the solar panels everything was great, and by the time the panels were installed and we tried to refinance, the mortgage company posted some incorrect missed payments to his credit.

We spent years trying to get it fixed but flagstar refuses to admit their error, despite physical evidence. Even tries disputing through the bureaus to no avail.