My theory is that OP is just trolling this sub. Couldn’t imagine worse answers to every question.

The answer is no. Plain and simple. Let me explain. Credit Karma uses the Vantage scoring model whereas most lenders use one (or more) of the FICO models. They also only get data from 2 of the 3 credit trackers (experian and transunion). Credit Karma is great for gauging progress if you're trying to build credit but it means nothing to lenders. Your score in reality is likely 30-40 points lower in all major scoring models. In addition, different lenders use different FICO scoring models (FICO 8 vs 9 (some even use as early as 5), then there's auto, mortgage, etc). This makes it even more complicated for someone with a poor score to navigate. The bottom line is with a 655 Vantage Score, if you can get approved for a personal loan at all, your rate will be north of 30%.

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What is the interest in this personal loan because with your credit score and current market conditions I don’t see how you’re going to qualify for anything better. Better than a credit card, maybe.

I'll just add to the chorus: you should sell all your investments and pay off your CC debt. Don't fool yourself thinking that you can sustain 26% post-tax returns, not even Wall Street pros can claim that. Maybe you were able to double your money over the past 3 years with some risky bets, but you likely won't keep it up. It's like going to a casino and betting on black, winning, and then thinking that you should just keep doing it.

Don't get a loan to pay off your cards. Try using either the Avalanche or the Snowball method to bring down your debt. There are YouTube videos that have extensive information on these two methods. Prep your own meals and refrain from going out to eat. Pause all investments including IRAs. Just invest enough of your salary to receive your company's matching contribution for your 401 K. Once you have ended your debt your options will open up immediately to save and invest more aggressively for a down payment. This will allow you to obtain a favorable mortgage rate from your lender in the future and frees up more cash for your monthly budget.

What my old college professor taught us was if you are going to make extra payment on a loan, then that extra should go towards the principle.

What my parents taught me was to not borrow money and save up when we needed to buy some thing.

Look up Dave Ramsey and team for some old fashion advice.

We did borrow money for our house and some investment properties, then paid them off as soon as possible.

None of this is a good idea. Pay off all your debt. Get an emergency fund of six months or so. Get some sort of down payment and get your credit score for both of you up to 720 ish or higher. And then you’ll be ready

If you’re seeing 655 scores on credit karma your mortgage score are most likely anywhere from 40-60 points lower.

The bureaus use a different scoring model for consumer scores (what credit karma is showing) vs mortgage scores.

Please, before you undertake any of this speak with a good lender who understands credit repair. There are things that help and things that harm. I’m an agent with no special knowledge of credit repair, but a big part of credit scoring is age of accounts. I’m afraid a new loan would work against you and you would be better off paying your existing cards down. Please get informed advice before doing anything. Good luck! 🍀

At least sell some of the investment savings to pay off the personal loan... Jesus this is scary.

How the hell do you have an almost 10% car loan?!

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28% per year, right... Not 28% total, right?

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Holy heck. You need that personal loan and credit card balance gone. Like, now.

Rice and beans, cut every subscription, find things to sell. You need to act like your hair is on fire, cuz it is.

Edit: and that car loan is atrocious too. Yikes.

I will suggest you aggressively pay off or pay down your credit card debt or pay off your personal loans. Register with the three credit bureau to see your actual credit scores, credit karma is not a reliable source for an accurate credit check. After registering with the credit bureau, freeze your credit profile so no one has access to your credit profiles without authorization. DO NOT take out another loan. Best wishes.

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Yeah, and we’re telling you it’s a dumb idea and that you should pay off your high interest rate debt with your current savings. It’s not investment advice. You’re straight up ignoring good advice and only want to hear what you want to hear.

Agreed with others here that your best move is to get the credit card and personal loan debt paid off as soon as possible without taking out an additional loan.

I see you mentioned 9k in investments. Regardless of past performance, I would absolutely recommend liquidating your positions and putting that immediately towards your existing debts.

You don’t need another loan. Stop buying things you don’t need and just throw your extra income at your debts. You have less than 15k of debt. I don’t know what your new income is but if it is as good as you say you should be able to get rid this whole debt is less than a year.

Nice! Congrats! Banks look at monthly minimum payment on debt you are paying on when it comes to figuring out your loan amount. The lower your minimum payments are, the more mortgage you can afford in their eyes. I would suggest going the route that will save interest and lower your total minimum monthly payout. Also, ask about the possibility of paying points to help lower your rate when you look into securing a loan.

Take home for me is $4,120 and for the wife is 2-3k (she is a server) we are putting an extra 1200 or so each month toward the debt.

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Focus on a budget instead. With $100k (pre tax) income, you should be able to knock these down fast with a tight budget. It might suck for a few months, but you can do this without taking a loan. Time is what kills, if it took you a couple years to pay it off, then yes, saving even 5% interest might add up, but if we're taking a year or less and on those amounts, the savings is probably in the hundred of dollars at most, if you're serious and pay it off fast.

Trust me, it'll feel good even if it's a hard few months. Make an aim that you guys hunker down from now until maybe end of July on just being really focused. Cut some streaming plans, cut the eating out, ditch a gym membership or whatever if you can and just go for runs outside etc. This is doable based on your income and willpower.

There’s literally no possible way. The best performing fund last year went up 6% and the top performing fund on a 3 year average went up 16% on average.

Liquidate your investments, pay your credit card debt.