- Centurion Member
- Posts: 322
- Joined: Tue Oct 16, 2012 11:20 pm
- Location: Miami, Cuba
cards25 wrote:I own my home. It's paid off and valued at 225,000. I have 30,000 in cc debt and 13,000 among three personal loans. My credit score is drastically dropping fast due to my high balance to limit ratio, it's currently around 650. Among the loans and the cc payments I'm paying 1400 a month. My cc have high aprs so I'm barely making a dent in the balances. I'm drowning and never have any extra money once I've paid my payments and my other living expenses and bills. I am thinking of taking a home equity loan of about 65000 to consolidate all my cards and loans and also remodel my house a bit. Also by the end of the year I will need to finance a new car, so I need my credit score to improve so I can be approved for a car loan. What is the process and honestly what are ur thoughts? Advice? I am just now at the point of self realization, I am ready to stop using the cc and maintain a life within my means. It's taken me a long time to get here, obviously. Please help.
Get a Home Equity Line of Credit, not a Home Equity Loan.
Blue Cash Preferred ($24K), Costco TrueEarnings ($8K), Better Balance Rewards ($6K), CashForward ($15K), Sallie Mae Rewards ($10K), Quicksilver ($17K), AARP Rewards ($15K), Freedom ($15K), Double Cash ($16.5K), It ($28.5K), Fidelity Investment Rewards ($18K), Cash+ ($11K)