ADVICE PLEASE!! Using my home to pay down debt??

[frogfan12]

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@SoulMaster wrote:

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@Anonymous wrote:

I have $15K In CC debt...  I purchased my home a year ago and I have instant equity in the home.  I want to do some home repairs (remodel and expand the kitchen and get new flooring put in)  however I have maxed out all my cards given some bad spending habits and no self control,  my score has suffered and now im at a 643 EQ | 690 TU | 638 EX |       Whats the  chances I can get approved and which product would be best if I want to consolidate all my credit cards into the loan and have the money to use to remodel?   ALSO, is there banks that strictly use Transunions score, (since thats my best one?)..  thanks for all responses.

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1. Buy a copy of Total Money Makeover by Dave Ramsey.
2. Read it.
3. Stop thinking: "If I tweak Dave's plan just a little, I could make it work for me!".
4. Read it again.
5. Live it.
6. ???
7. Profit!

Those are the seven pre-steps to his 7 Baby Steps.  As for #3: Literally millions of people have followed his plan without modification and are now happily debt free.  It doesn't need "adjusting".

-SM

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I'm not a big Dave Ramsey fan. Some of his advice is just unrealistic. 

[boomhower]

Replacing unsecured debt with secured debt is almost always a bad idea, and certainly is in this case.  Pay off the cards the old fashion way and fix your speding issues before doing anything else.

[LS2982]

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@webhopper wrote:

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@Anonymous wrote:

I have $15K In CC debt...  I purchased my home a year ago and I have instant equity in the home.  I want to do some home repairs (remodel and expand the kitchen and get new flooring put in)  however I have maxed out all my cards given some bad spending habits and no self control,  my score has suffered and now im at a 643 EQ | 690 TU | 638 EX |       Whats the  chances I can get approved and which product would be best if I want to consolidate all my credit cards into the loan and have the money to use to remodel?   ALSO, is there banks that strictly use Transunions score, (since thats my best one?)..  thanks for all responses.

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I would totally put off remodeling until you've paid down your CC debt... You can't borrow your way out of a mess. Going through the pain of paying it off will seriously curb your impulse... No pain, no gain.     Of course, that's my opinion, and some may advise you otherwise  

Either way, you'll probably need to look at the mortgage forum for advice on refinancing, or HELOC loans.  

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