Credit9 Credit Score Requirements

Did you get a mailer from Americor, Credit9, TriPoint lending or see the ad stating you have been pre-approved for a “consolidation” that will drastically reduce your monthly payment? Are you surprised that you’re “pre-approved” due to your credit score? What are the credit score requirements for these companies? Are they all connected?

Also, if you are considering Americor, we just shot a YouTube video explaining how Americor works.

It is hard to find information about credit score requirements to be approved for a loan with Credit9. In order to receive any information about your loan, you have to fill out a form on their website and insert your personal information. After doing some digging online, Crixeo mentioned that you would not be approved if your score is below 650, you will not be approved for a Credit9 Loan, but that is not confirmed on the Credit9 website.

If it's similar to other lenders, you would probably need a score of around 600 as a minimum credit score, but again, that is just a hypothesis.

If you are looking for a debt consolidation with a minimum credit score of 300, we partner with one lender who set that low of a minimum credit score. That said, we do not know how many individuals get loans with lower credit scores. Thankfully, each of the 3 loan option we vetted only do a soft credit pull, which means that you can check your rate without any credit score impact. Each of these options also do not charge prepayment penalties.

Let's next dig into what exactly Credit9 may offer.

From my research, it appears that Credit9 may offer debt consolidation loans as it does maintain lending licenses in different states. If you do not qualify for a Credit9 loan, then it may refer you to a debt settlement company such as Americor or another entity.

Debt settlement is the process in which a third party negotiates with your creditor on your behalf. The goal of a debt settlement firm is to find a lower payment that will fully satisfy the debt that you owe.  I was the previous CEO of a debt settlement company, and I know that debt settlement may be a good option, but it also may not be compared to other options.Now, if you are struggling with debt and wondering what to do next, we built a free, unbiased debt options comparison calculator (not even an email address is required) that provides a wide range of debt options that may be able to fit your budget. The data is personalized to your income and expenses, so you can get accurate costs, pros and cons, and options.

Debt settlement can be much less expensive than your current obligations, but it is a debt relief option, meaning that there are debt settlement pros and cons associated with it. For example, while debt consolidation loans can help increase your credit score, debt settlement can hurt your credit score. 

You may be confused, wondering what the difference is between a debt consolidation loan and debt consolidation program? 

Loan: You consolidate your credit cards into one payment, your credit score may go up if paid on time, you receive the funds into your account generally and payoff creditors, you would make the one payment to the creditor each time.

Program: You can save money but the debt consolidation company negotiates when accounts are behind. Your credit score may be negatively impacted, your debt goes past due, you MAY be sued for the unpaid debt, and you may get collection calls.

If you can’t get a consolidation loan from Credit9 Lending, Americor, TriPoint Lending or other companies, what are your options?  Are you putting more on your cards each month than reducing them? Do you have a high debt to income ratio?

The challenge is that you may qualify for a debt consolidation loan, but the interest rate could be 29.99% or the loan won't consolidate all of your debt. 

As stated above, if you have debt that is unaffordable, we built the free free debt options and costs calculator below that allows you to compare options such as non-profit credit counseling, debt settlement and debt payoff planning. If you are already in financial hardship, the calculator also allows you to understand bankruptcy. No email address is required unless you'd like some additional free assistance.