Thanks for sharing
@WyomingJonMadeIt wrote:I wanted to share my situation for anyone who might be in the same situation.
I recently was approved for a discover home equity loan. I had been denied by us bank, penfed, rocket mortgage. A local credit union wanted to work with me but charge $4k in fees.
I have a 680 credit score. No negatives. Paid two cars off early. I have 2 mortgages. One is $250k. One is $10k. Both on same house. $35k in credit card debt. $11k left on a penfed unsecured loan I previously used to consolidate debt. Total monthly payments aside from mortgages, $1,600.
In 2020 I moved and bought a house. I went from making $120k a year to $75k a year. By 2021 I was making $35k a year.
2024 I am back on track. $6k+ a month income. Really high credit card payments. House is stable. No vehicle loans.
I applied for discover home equity loan february 28th at 7:30pm eastern. $55k loan. Will pay off all credit card debt, penfoad loan, and current second mortgage. I will have two monthly mortgage payments and no other debt. The loan was officially approved 10 am eastern on march 8. 3 day waiting period. Signed for loan. 3 day waiting period, loan will fund monday. I will be free of all non house debt by friday next week.
680 credit score
$55k loan
11% interest
No loan fees, no repayment fees
$1,600 month payments now= $500 month payment
In a year I will have a higher credit score and refinance this loan to a low rate.
I hope this is an inspiration to someone else in the same situation I was in a month ago.
Congratulations on making this move to reorganize the debt into a less onerous proposition.
