January 11, 2009
How do I eliminate my debt w/o destroying my good credit score/history?
Alejo asked:
Eliminating all my $60K credit card debt ASAP. Reducing most of my debt just enough to buy a home. My main priority/goal is to purchase a home around $200K. I’ve been online seeking all kinds of cards with 0% APR on balance transfers of atleast 12 months and with $0 Fee to initiate the balance transfer… and I’m ready to start submitting applications as soon as you’re finished reading this message. I have had my first credit card since Feb-1996. I have never defaulted not even once. My income is about $38K/yr and my debt started growing from $0 to $60K about 5 years ago. My debts are: one Citibank VISA card $14K about 18% interest (CREDIT LIMIT $15K), one American Express $14K about 15% interest (CREDIT LIMIT $15K), one Discover Card debt of $6K about 18% interest (it was $18K but I was able to transfer most of it to my Mom’s Capitol One), Dicover Card immediately reduced my credit limit to about $6K… continued…
Eliminating all my $60K credit card debt ASAP. Reducing most of my debt just enough to buy a home. My main priority/goal is to purchase a home around $200K. I’ve been online seeking all kinds of cards with 0% APR on balance transfers of atleast 12 months and with $0 Fee to initiate the balance transfer… and I’m ready to start submitting applications as soon as you’re finished reading this message. I have had my first credit card since Feb-1996. I have never defaulted not even once. My income is about $38K/yr and my debt started growing from $0 to $60K about 5 years ago. My debts are: one Citibank VISA card $14K about 18% interest (CREDIT LIMIT $15K), one American Express $14K about 15% interest (CREDIT LIMIT $15K), one Discover Card debt of $6K about 18% interest (it was $18K but I was able to transfer most of it to my Mom’s Capitol One), Dicover Card immediately reduced my credit limit to about $6K… continued…
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Comments on How do I eliminate my debt w/o destroying my good credit score/history? »
hate to av to tell you this but with the sorta debt you got you ant got a good credit rating.run back to mummy and transfer the rest of it to her.
As a mortgage lender, we deal with this everyday.
Each situation is unique and has to be handled differently.
Offhand, I would think ONE loan to a credit union would do the trick..your rate on your current unsecured debt would go down as well as your payments.
There may be better ways.
I recommend you contact a firm called LoanPro. At no charge they will give you options for your individual situation.
1 800 LOANPRO
They have a program on real estate financing on radio, and a lot of printed material to learn and master the financing industry
Pay your debts as early as possible…..
You wanna buy a $200K house and have $60K in credit card debt? Ain’t gonna happen. Get a second job and start paying off that debt.