Did you get a mailer from Americor, Credit9, or 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 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.

My name is Ben, and I have spent the last five years helping people understand the differences in options to help them eliminate debt cheaper, easier, and faster. I have also uncovered debt consolidation scams. I was also one of the first to write an article covering the unfortunate Litigation Practice Group bankruptcy and have spoken with countless people negatively affected by it.

I created “Your Debt Relief Pal” to help protect you from debt companies that may use deceptive marketing and provide you with realistic estimates of your options for debt freedom.

Credit Score Requirements

It is hard to find information about credit score requirements to be approved for a loan with Credit9. To receive any information about your loan, you must fill out a form on their website and insert your personal information. After 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, which is not confirmed on the Credit9 website.

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

If you are looking for debt consolidation with a minimum credit score of 300, we partner with one lender who sets 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 options we vetted only does a soft credit pull, which means that you can check your rate without any impact on your credit score. Each of these options also does not charge prepayment penalties.

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

What is Credit9?

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

Debt settlement is when a third party negotiates with your creditor. 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 for accurate costs, debt relief 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.

What is the Difference Between a Loan and Program?

You may be confused and wondering what the difference is between a debt consolidation loan and a 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 pay off creditors. You would make 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 may go past due, you may be sued for the unpaid debt, and you may get collection calls.

What Happens if You Don’t Qualify?

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%, and the loan will not consolidate all of your debt.

As stated above, if you have unaffordable debt, we built the free debt options and costs calculator below. It 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 helps you understand bankruptcy. No email address is required unless you’d like some additional free assistance.