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Can you get a debt consolidation loan with a 620 credit score?
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Over the past few years, inflation has driven up the cost of everything from housing to groceries, leading credit card usage to become an even more integral part of many Americans’ financial lives. With the higher costs of consumer goods stretching people’s budgets thin, many have turned to their credit cards as a way to cover the costs of essentials that they couldn’t otherwise afford.
That type of financial strategy may buy you some wiggle room in your budget, but it comes at a steep price, especially in today’s high-rate environment. Right now, the average credit card rate is sitting at a record high of nearly 23% and many cardholders have even heftier rates tied to their cards. In turn, it’s easy to accumulate substantial credit card debt if you aren’t paying off what you owe each month.
When you’re dealing with a serious financial issue like mounting credit card debt, it’s important to be proactive about the situation. One way to do that is to pursue debt consolidation, which involves combining multiple debts into a single loan, ideally with a lower interest rate. But for those with less-than-stellar credit scores, such as those with a 620 FICO score, a common question arises: Is debt consolidation still a viable option?
Find out what credit card debt relief options are available to you here.
Can you get a debt consolidation loan with a 620 credit score?
The short answer is yes, it is possible to obtain a debt consolidation loan with a credit score of 620. However, it’s important to understand that this score falls within the “fair” credit range, which may impact the terms and conditions of the loan you’re offered — and could limit the options available to you.
One issue is that a 620 credit score is generally considered to be on the lower end of what many lenders will accept for a debt consolidation loan. While you may be approved, you’re unlikely to qualify for the best interest rates or most favorable terms. That’s because lenders view applicants with lower credit scores as higher-risk borrowers and they tend to offset this perceived risk by charging higher interest rates or imposing stricter repayment terms.
That said, even if the interest rate on a debt consolidation loan is higher than what you might hope for, it could still be significantly lower than the rates on your existing credit card debt. Remember, with credit card interest rates averaging 23%, even a consolidation loan with a 15% APR could represent substantial savings.
Don’t wait any longer to tackle your credit card debt. Compare the debt relief options available to you now.
Other debt consolidation options with a low credit score
While it might be challenging to obtain a traditional debt consolidation loan with a credit score of 620, there are alternative options to consider, including:
Debt consolidation programs
Debt consolidation programs are generally offered by debt relief companies. Like traditional debt consolidation, these programs allow you to roll all of your credit card debts into one lump-sum loan, but the loan is typically issued by a partner lender of the debt relief service you’re working with. The primary advantage of this option is that these companies often have relationships with lenders who are more willing to work with borrowers with lower credit scores.
The rate you get through this type of consolidation program likely wouldn’t be as low as you would get if your credit score was higher or you were to be approved for a debt consolidation loan through other means. However, the loans offered by these programs will typically still have a lower interest rate than your credit cards, saving you money over time.
It’s important to note, though, that while these programs can be helpful, they may also have fees attached that make them more expensive than a traditional debt consolidation loan. However, for many people struggling with high-interest credit card debt, the long-term benefits often outweigh these considerations.
Balance transfer credit cards
Some credit card companies offer balance transfer cards with promotional 0% APR periods and this option could be available to those with fair credit. After all, there’s a wide range of card options to choose from, and each lender sets its requirements for approval. That said, the promotional period may be shorter and the transfer fee could be higher than what’s offered to those with excellent credit. However, this route could still provide substantial savings to the right type of borrower.
Debt management plans
Many credit counseling agencies offer debt management plans, which can benefit you by negotiating with your creditors to lower the interest rates and fees attached to your cards. These plans can also consolidate your payments into one monthly payment made to the agency, which then disburses the money to your creditors. Your credit score is typically less of a factor in qualifying for these plans, but you likely won’t get the same types of savings, either, as you’re not using a loan or credit card to lower your rate across the board.
The bottom line
While a 620 credit score may limit your options somewhat, it doesn’t necessarily preclude you from taking advantage of what debt consolidation can offer. The goal is to find a solution that lowers your overall interest rate, simplifies your payments and puts you on a clear path to becoming debt-free. So, by exploring your traditional consolidation options and the alternatives, you may be able to find a way to manage your credit card debt more effectively.
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Whether you’re barreling down a mountainside or taking a leisurely ride along your local trail, a great mountain bike is key. But what exactly does a great mountain bike look like, in terms of features? It depends on the kind of terrain and riding style you do.
The best mountain bike for long, cross-country rides will have very different specs than a downhill bike. Some offer full suspension for a smooth ride on bumpy trails. Some have wider tires that are better at gripping wet or sandy terrain. Some are designed for maximum pedaling efficiency and serious stopping power so you can climb steep mountainsides without wearing yourself out. No matter where you and your new bike are headed this fall, we’ve rounded up the best mountain bikes for every rider and every terrain in 2024. Don’t forget to strap on your bike helmet.
Best mountain bike for beginners: Giant Talon 29 1
Mike’s Bikes
The Giant Talon 29 1 is a solid entry-level mountain bike at a reasonable price point. With its balanced frame geometry and high-traction tires, it’s great for a comfortable, stable ride on most trails. While that means it’s not specialized for uphill climbs or cross-country speed, the balanced design is great for beginners or casual riders who aren’t planning to tackle those more challenging technical trails just yet.
With 80mm to 100mm of suspension travel, this hardtail mountain bike strikes that perfect balance of pedaling efficiency and shock absorption.
Riders can also adjust the suspension within that range by adjusting the air spring and the rebound damping. That gives you improved steering precision and a better ride feel since you can tailor it to your needs. If you’re a beginner, it may take some trial and error to fine-tune those settings, but playing around with them is a great way to learn how suspension impacts your ride.
Get this reliable entry-level mountain bike at Mike’s Bikes for $950.
Top features of the Giant Talon 29 1:
- Grippy tires offer great traction in any trail conditions.
- The balanced frame geometry makes this a comfortable bike for most riders.
- The adjustable suspension fork allows you to fine-tune this mountain bike for your needs.
Best trail bike: Santa Cruz Tallboy C R
Backcountry
A full-suspension mountain bike with 120mm and 130mm suspension travel on the rear and front, respectively, it doesn’t get cushier than the Santa Cruz Tallboy C R (at least, not at this price point). Built for cross-country or trail riding, this bike’s design allows you to glide through rocky terrain almost as if you were just cruising on a paved road. That suspension also helps cushion the impact on pops and short drops so you can build up speed while navigating the trail with confidence.
With that said, it can be a little sluggish on uphill climbs. But if you typically stick to more straightforward trails, you won’t have to deal with that issue. For those just-for-fun weekend trail rides, this is the mountain bike you want.
Get this comfortable, agile trail bike at Backcountry while it’s on sale for $3,849 (reduced from $4,799).
Top features of the Santa Cruz Tallboy C R:
- Boasting full suspension, this mountain bike is a comfy ride no matter how bumpy the terrain.
- The carbon C frame is both lightweight and stiff for better control and improved agility.
- The four-piston brakes offer excellent stopping power.
Best fat tire mountain bike: State 6061 Trail+
State Bicycle Co.
For wet or sandy trails, traction is everything, which means you need a fat tire bike like the State 6061 Trail+. With 4.5-inch wide tires that can handle running even at low PSI, this mountain bike can grip the trail no matter how loose or slippery.
Whether you want to cruise along sandy beaches or power through snowy mountain trails, the stability of this fat tire bike is the key to doing so safely and confidently. You won’t be building up much speed, but you’ll have a lot of fun plowing through trails that a standard trail bike couldn’t even touch.
Get this fat tire bike directly from State Bicycle Co. for $1,000.
Top features of the State 6061 Trail+:
- Thick 4.5-inch tires provide extra grip for wet or loose terrain like snow, sand and mud.
- With low PSI capabilities, you can lower the tire pressure to widen the surface area even further to maximize your grip on soft, slippery trails.
- The alloy frame is stiff and strong without adding any more bulk than necessary.
Best mountain bike under $500: Huffy Stone Mountain
Amazon
The Huffy Stone Mountain is a hardtail mountain bike that is lightweight and offers good traction for navigating trails. The budget-friendly bike is missing a lot of the features you’ll find on the more advanced mountain bikes listed above. However, if you’re just starting out and just want to get out on a trail to see if you like mountain biking, this is a good bike to start with.
While you can’t take it on any serious trails, it’s got the basics you need for easy local bike trails. Use it to get a feel for the sport and then upgrade to a mountain bike better suited to the kind of trails you want to tackle. Then, pass this Huffy Stone Mountain on to a friend or teen who’s curious about mountain biking.
A bestseller on Amazon, this budget mountain bike is available for as low as $200.
Top features of the Huffy Stone Mountain:
- This budget entry-level bike is great for casual rides on easy bike trails.
- A wide variety of frame and wheel sizes allows you to get the right fit for your height.
- The lightweight, high-traction design is just enough to let you get a feel for mountain biking before committing to a higher-priced mountain bike with more advanced features and customizability.
Shop more top-rated mountain bikes:
What type of mountain bike should a beginner get?
The best mountain bike for a beginner is a balanced, versatile one. Since you’re probably not tackling steep inclines and declines yet, opt for a trail bike that offers great traction, strong brakes and easy maneuverability along bumpy, muddy trails. That means grippy tires and responsive steering so you can confidently control your bike over tree roots, up hills and on descents.
If the trails you’re eager to go on are largely uphill, look for a bike that’s lightweight with a firmer pedaling platform. Those two features will improve climb efficiency so you’re not wearing yourself out on those uphill stretches.
Do I need a full-suspension mountain bike?
You don’t need a full-suspension mountain bike, but they are nice to have. Unlike hardtail mountain bikes, which only have suspension in the front, full-suspension mountain bikes have suspension in both the front and rear. That extra suspension helps absorb shock, cushioning the impact as you hop over bumps or navigate downhill jumps and drops.
That cushier feel can be nice even on milder trail rides, but they tend to be significantly more expensive and require more maintenance than a hardtail mountain bike. So it might not be worth the extra expense and care if you don’t usually do technical trails or downhill riding.
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