I would just check around.
Your rate won't be great, but better than you debt rates, I assume.
I would try for HELOC.
Most are adjustable rates.
No chance getting any 0% cards or offers?
GL!.
@Mortgage-Specialist wrote:I'm seeing a 660 score minimum. If anyone else has seen lower please chime in. Thank you
Unify Financial CU said 630 middle (Tri-merged)
Discover advertises 620 for their Home Equity Loan not sure which score they use
I'm sure there are others out there that may go to a lower score, I think the OP would just need to make some calls and ask. Keep in mind they may use one bureau and usually not Mortgage scores. So just need to start making calls and find out.
@Coolriver wrote:My score is around 620, mainly due to maxed out credit cards because of family illness and having to move. I know the score is poor. But on the plus side, my CLTV will be less than 80%, and my DTI is under 43%. The purpose of the loan is debt consolidation, so the loan will not increase my DTI. Are there any lenders out there that will take me? And I'm wondering is it best to apply for a HE loan, or apply for a line of credit and then fix the rate? Or does it matter? I appreciate anyone who has guidance to share. Thank you!
Home Equity Loan would certainly work for you! They are not looking for how much you owe as long as you have paid your mortgage on time in the past. If you have the equity, then you should be good.
Also how much are you looking for?
CU are best for this to my experience and they don't charge you fees as much. Service CU was great for me, also Pendef. DCU is also good but their DTI is high for underwriting, I used them for refinancing afterward.
EDIT: I would not try to app for other credit cards to use BT. With your score and UTI, even if you get approve, most likely it'll be toy limit that has no value to you and you'll be classified as credit seeker.
@Coolriver wrote:My score is around 620, mainly due to maxed out credit cards because of family illness and having to move. I know the score is poor. But on the plus side, my CLTV will be less than 80%, and my DTI is under 43%. The purpose of the loan is debt consolidation, so the loan will not increase my DTI. Are there any lenders out there that will take me? And I'm wondering is it best to apply for a HE loan, or apply for a line of credit and then fix the rate? Or does it matter? I appreciate anyone who has guidance to share. Thank you!
If you decide to go the route of a debt consolidation loan and need a personal loan with your score, I would look into LendingClub, LendingTree or One Main Financial to name a few. They all offer a unsecured personal loan and you usually get the money within 48 hrs. As previous poster mentioned, it's best to have an installment account over high debt on revolving accounts. The rate will not be pretty but i'm sure neither is the rate on those credit cards either. Hope this helps.
