Need ideas for consolidating debt, wife has low income, I have low credit score?

We have been in our home approximately 1.5 years. Home was purchased at $264K w/ down payment of $40K. Mortgage amount was $224K. The homes in our neighborhood are selling between $280K and $320K. I%26#039;ve made several improvements to the home to put the price somewhere in the middle of these ranges. We would like to get $20K to $30K to pay off credit cards and make improvements.

The problem: I have terrible credit but my income is good. Our bank has turned us down for a HELOC because combined, our income is good but our credit is not. They won%26#039;t give it to my wife alone because her credit is great, but her income is not. Do we have any alternatives? Should we try other banks that may be willing to work with our unique situation? Any ideas?

Need ideas for consolidating debt, wife has low income, I have low credit score?

Another bank might offer a no-doc loan based on your wifes credit and you as a co-applicant

Need ideas for consolidating debt, wife has low income, I have low credit score?

I would recommend talking to a few other lenders, just because one says no doesn%26#039;t mean they all will. I work with many loan officers and have noticed a lot of loans with low credit score. One thing I always do see is high rates for lower score. Check out this site http://robertscredit.com/index_files/bad... it shows how much money you will lose because of low credit scores. Have you looked into credit repair? It is a quick fix to getting your life back on track. We have helped many customers most able to purchase/refinance a house in 3-5 months who normally couldn%26#039;t. Please let me know if I was any help of if you had any other questions

Derrick R

answers@robertscredit.com

Need ideas for consolidating debt, wife has low income, I have low credit score?

Yes you have alternatives, cash and pay off your debt. I am not trying to be a smart fill in the blank.

When you get your debt paid off your FICO will go up. If you use cash, you won%26#039;t have to worry about debt. I am glad you didn%26#039;t go with a HELOC because those the bank can call due at anytime and then you would be up a creek without a paddle!

Also, most people that move debt from one place to another and don%26#039;t change their spending habits end up further in debt. We did and it wasn%26#039;t fun. We now have changed our habits and digging out of the stupid debt. The average person will read this and say %26quot;well I have self control.%26quot; If you do have self control, then save the money and pay cash for more improvements and pay off your debt with no help from a bank.

I suggest you and your wife read The Total Money Makeover by Ramsey. Get on the budget and get gazelle intense to get out of debt.