Debt Consolidation right for me?
13000 ... with min payments 300
4000 ... with min payments 80
___________________________
17000 of debt
I need to get out of debt ... my credit score is alittle above 700 ... Will this hinder my credit rating? almost will this hurt my chance in buying a place?
John
a little more info will be helpful
Hi John,
Welcome to the forums, you did not mention the type of loan you have, is it secured or unsecured?
Secured Loans are almost impossible to negotiate as there is a collateral attachment to it. On the other hand unsecured loans can be reduced to a significant amount. Your monthly payment suggests that it will be difficult to negotiate as the monthly payments are very minimal.
Quote:
I need to get out of debt ... my credit score is little above 700 ... Will this hinder my credit rating? Almost will this hurt my chance in buying a place? |
There are many ways of getting out of debt, like
[list=1]
For more details have a look at http://www.debtconsolidationcare.com/debt-solution.html
Thanks
Vikas
Re: Debt Consolidation right for me?
[quote=ssee_kim]I owe:
13000 ... with min payments 300
4000 ... with min payments 80
___________________________
17000 of debt
I need to get out of debt ... my credit score is alittle above 700 ... Will this hinder my credit rating? almost will this hurt my chance in buying a place?
John[/quote]
Having credit payments will not disqualify you from buying a place. If you have a long track record of paying on time, there are some credit companies that will cut you some slack. It is a buyers market for mortgages so you should still be able to get a good deal.
However, if you have a poor repayment history and you are only paying minimum payments on all of your debts, it will make things more difficult for you to get a good deal. I would suggest paying above the minimum payment for at least one of your bills. that would give the credit companies more confidence in your ability to handle large debts.