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It took some time, and eventually yelling at a banker, before they finally told me why we get declined for these things... and it has less to do with the amount of time you've had credit than you'd think.
You probably went in the same way I did initially. You know you can afford to make the payments, and you know you're going to use the debt to pay off other debts, thus making your life easier. You go in expecting that they won't have any trouble giving you the money, because you're already paying it, right?
The bank is looking at it another way. They don't know that you're going to apply the loan to your debt. There's no guarantee. Just because it's called debt consolidation doesn't mean that you'll actually use it that way, and they know it. Furthermore, even if you did apply the loan entirely to paying off credit cards, there's no guarantee that you won't then use those credit cards again and have the loan payments as well. The bank assumes the worst, and has to look at the loan not as a replacement for your existing debt, but as a potential additional debt on top of what you already have.
Take that into consideration, and while we certainly don't like it, it makes a little more sense why they'd be hesitant to throw five grand at a twenty-something who's already got a credit burden. I wanted to strangle the guy when he told me, but at least I knew.
I eventually signed up with Profina (now "In-Charge debt management" or somesuch) and am getting rid of my debt that way. After a year anna half unemployed, it was that, or bankruptcy. I've been super happy with it so far.
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crushed
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