topic Re: cash out loan 600 fico in Mortgage Loans

cash out loan 600 fico

Anonymous — Mon, 02 Apr 2012 23:37:40 GMT

Hi, I own a condo outright, no loan and I would like to pull cash out to buy a car instead of getting a car loan because I ineed the tax write off. My ficos are 601, 603, and 604. They are down about 40 points because my credit card balance posted at 4600 on a 5000 credit limit but that has been paid off already, though not showing on CR yet. Any chance I can get a loan? I would rather not wait a month because my car is dying. Thanks.

Re: cash out loan 600 fico

Anonymous — Tue, 03 Apr 2012 00:10:39 GMT

The tax write-off is just the interest, correct? What kind if cash are you needing? Would the interest be more than the standard deduction?

I would consider using the new available credit from the paid off card towards repairs... Simpler and arguably the most economically prudent choice, but of course, the least amount of fun.

Re: cash out loan 600 fico

Booner72 — Tue, 03 Apr 2012 00:12:55 GMT

I would not put my house on the line for a car.

Re: cash out loan 600 fico

Anonymous — Thu, 05 Apr 2012 18:36:16 GMT

@Booner72 wrote:
I would not put my house on the line for a car.

Re: cash out loan 600 fico

Anonymous — Thu, 05 Apr 2012 18:38:23 GMT

As the others said, I'd much rather put the car on my credit card than put my house on the line like that.

Much cheaper too.