Is a debt consolidation loan possible with OUT home equity?
Question:
What alternatives are out there? What do you suggest?
I have great credit, pay on time, not behind. I am wanting to get a home within a year, but will not be able with such a large debt. This monkey on my back is stifiling.
Thank you ahead of time for your suggestions!
081707 10:07
Answer:
If you truly do have great credit (a FICO score over 700), the easiest and best thing to do is find the lowest interest credit card you can apply for (read the fine print to make sure there is no rate bump after a certain period of time) and roll your debt into it and pay it off as quckly as possible. Make sure and cut up all your other credit cards and close open lines of credit. Note: Leave 2 credit card accounts of lines of credit open, just don't use them. Closing all accounts will negativley effect your credit score.
Hi,
It's very much possible since you have a good credit history. You can visit http://www.financialdeals.info for some useful tips on home equity loan and debt consolidation. Good luck
downsize is the only answer == get rid of everything you can not live with for a year -- big difference between want and need-- you do that for 12 months and you should be asking where is a good place to apply for a home loan!
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