We are in the process of deciding whether or not to sell our house and use our equity to pay off our debt problems.
We are in a financial bind, so besides working something out with a debt collection agency, or even filing bankruptcy, this would be our only option.
Now, if we would do this, and pay most of our revolving debt down, would it help our fico score quick enough to go rent a place? You know how they all check credit scores now!!
Is there anything specific I should do for the one or two that have been turned over to a collection agency?
I have been paying my bills on time, or at least no late payments for many years now, so this is something that just came up within the past 3 months or so.
Can anyone advise me quickly on this??? I'm so worried about what to do!!
Thank you all so much!
TnT (Tina)