Home loan??

Discussion in 'Growing and Managing a Business' started by petmeadow, May 2, 2011.

  1. petmeadow

    petmeadow
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    my house is worth about $550k.. My credit score is 559 right now, due to my excessive credit card and student loan debt.. nothing has ever been late, it's just that i have excessive amounts of these debts.. i make about $2,600 dollars a month, and i'm wondering if i will be able to get a home loan for about $100k so that i can pay everything off.. (my house is 100% paid off).. will i have a problem getting this home equity loan?? should i even both applying or should i just wait until i pay down my credit cards more?? advice anyone?
     
  2. Fergal

    Fergal
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    petmeadow, this is the third question you've asked regarding securing a loan. Each of your questions suggests that your financial situation is very different, is there a reason for that?
     
  3. creditreport

    creditreport
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    Having so many cards has affected your credit score. Your score is not good. For a favorable interest rate on the home loan, you should have credit score higher than 720. With your credit score, you might get home loan with interest rates 3-4% higher than rates given to a person with a score of 720 or higher. Know more at http://www.creditreport.com/creditscores/creditratings/what-is-credit-score.aspx.
     

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