Aghhhh I am so annoyed with myself. I made another appointment to try and get a consolidation loan with the local credit union. WHAT AM I CRAZY? Apparently I like punishment.
The incredibly chirpy lending officer told us at the end of an HOUR long session describing each of our debts in detail that they don't give unsecured loans to anyone with a negative net worth. Uh yeah lady, I am so fricken organized with my finances I could have saved us all an HOUR of time if she had told us this from the start.
And then she had the gall to suggest that we might want to start paying down our loans one at a time, making as much extra payment on each loan as we can. That way we might eventually have a positive net worth. No kidding? (I want to swear but am refraining, and since you don't know me, read everything with lots of sarcasm- in fact that probably applies to most of my posts hahahaha).
So just another episode of my demoralizing debt life (she proclaimed that we have 'lots of potential!!' me internally: 'oh bite me').
On the plus side apparently I am a mere 8 points from having excellent credit. Mr Wooly a mere 7 points, he was pleased he won. That was my good news of the day (ok that part wasn't sarcastic, I really was pleased).
Mike
I'd be upfront with future meetings and say to the person at the start "we have a negative networth, will you be able to do anything for us?") and save yourself the time and aggravation.
And don't take it personally. TD and BMO have both turned me down for a second line of credit. I have excellent credit, good networth and good income, but I'm self-employed, so I don't fit their screening process (a mortgage broker basically said she could loan me as much as I wanted to buy property).