Posted on: 01st Feb, 2010 04:56 pm
my credit score is 626. i tried to get a line of credit from citizens bank. i was denied. i have about 30,000 dollars on credit cards that i need to pay off. a couple of these cards are charging me 29% interest. i am debating whether i should go with a debt management program or keep trying to find a lender for a home equity line, loan or refinance. my credit score is based on erroneous information from wachovia. i am in the process of disputing it. i own my own home, and have a rental property. i have about 120,000 equity in my home, and another 140,000 in my rental property. does anyone have reliable advice for me???
With your score you would qualify for a low rate fha mortgage. If you have enough equity in your home to refinance and payoff the debt you would likely save a large sum each month by doing so. Many debt management companies can end up making your credit worse rather than better. you can refinance through fha up to 85% of your homes value in order to payoff debt. I also know some safe debt companies if you need help picking one. Good Luck and let me know if you need any further assistance.
Hi There
i've just joined here and wanted to say hi to all of you!I really hope to give something back to this board...
Cheers
i've just joined here and wanted to say hi to all of you!I really hope to give something back to this board...
Cheers
I would sugguest refinancing whether you go conventional or FHA. It's not easy to find a lender that will offer you a line of credit at that score.
I would advise against working with a debt settlement company. What they offer you can do yourself.