So, I went into the bank yesterday to speak to a rep about the possibility of a consolidation loan (one that is not at 29.9%!!!) We went over everything, he told me how much interest (10% fixed for 5 years) and the payments ($203 bi-weekly) and the insurance, etc then he sent it through and it came back . . . declined! All that work for declined? Seems really strange to me. I had applied for a consolidation loan with another bank 6 months ago and they declined me right away. We didn't go through all the paperwork and hoopla wasting my time and the reps just to be declined. Anyways, the reason I put a question mark at the end of declined, is that the rep thought that I should have been approved (apparently my debt service ratio just squeaked in under 40%) so he's going to send a note to the underwriters and see if that helps. He said he'd give me a call in the next two business days to tell me either way.
If I'm not approved, I'll just keep going the way that I have and try again in 6 months. By then I hope to have both the citi and mastercard down quite a bit and my credit score should improve. The rep yesterday said that my credit score was pretty good, so it seems that it has improved since I had checked it in January and it was pretty low - although he did say to call and get my student loan to show as paid in full and closed because its not showing that way on my credit report. So, I may even be able to get a better interest rate than 10% from the bank in 6 months, BUT I will still be paying the exhorbitant rate at citi for the next 6 months.
Please keep your fingers crossed for me! TTFN, Morgaine.