How are we supposed to do this?

[Anonymous]

I have a question?  How are we supposed to qualify for personal loans, lines of credit, Helocs or any of that to consolidate debt if we are told that our DTI is too high and our cc utilization is too high, that is why I am asking for help through the loan?  And you are correct, we will take a ding for applying in the first place only to be told that there is nothing they can do.  I am confused on that one.  How can there be so many loan products out there and companies advertising them and even telling you about them and saying hey we have products for people with good, bad or worse credit and when you apply they can never seem to find a program to put you in?  What is up with that?  Sorry, I am kind of mad, here.  Not at you guys..  Pray for me.

Posted this also on the Loan Issues in response to someone else's post.  Forgive me...

[Anonymous]

Start "Snowballing" your payments to CCs and your FICOs will move north faster than a polar bear in the Florida.

Myhearts, it is a catch 22, but if you focus your efforts on paying down revolving debt you will be happy to find out that you qualify for mor and more of the loan products you have referenced above.

Snowballing is a metod of paying TLs to $0 by paying minimum monthly payments on all account EXCEPT for the smallest one... Add as much disposable income to the minimum payment as is humanly possible. It will be paid off sooner than later. When it is, continue to pay the same minimum payments on all other TLs EXCEPT for the smallest remaining one... Take ALL of the payments you were making to the last one you paid off and add that amount to the payments you are making to the now smallest TL. Do this over and over, and your FICO will reach its peak sooner than you thought was possible.

Don't start calling me a Dave Ramsey fan either!!!! This is the ONLY piece of sound advice the guy has ever given. IMHO.

I'll give credit where credit is due... But I still think he's a nutcase.

Rob

[MercyMe]

That I do ...  almost constantly ... pray.

[MercyMe]

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FICO_Focused wrote:

Start "Snowballing" your payments to CCs and your FICOs will move north faster than a polar bear in the Florida.

Myhearts, it is a catch 22, but if you focus your efforts on paying down revolving debt you will be happy to find out that you qualify for mor and more of the loan products you have referenced above.

Snowballing is a metod of paying TLs to $0 by paying minimum monthly payments on all account EXCEPT for the smallest one... Add as much disposable income to the minimum payment as is humanly possible. It will be paid off sooner than later. When it is, continue to pay the same minimum payments on all other TLs EXCEPT for the smallest remaining one... Take ALL of the payments you were making to the last one you paid off and add that amount to the payments you are making to the now smallest TL. Do this over and over, and your FICO will reach its peak sooner than you thought was possible.

Don't start calling me a Dave Ramsey fan either!!!! This is the ONLY piece of sound advice the guy has ever given. IMHO.

I'll give credit where credit is due... But I still think he's a nutcase.

Rob

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This is the only way I was able to pay off all of the past debt -- one at a time.  It's sound advice, Rob.

[Anonymous]

That's so true, thanks!!!.    

I was kinda mad, though!!!