Would it be better for my credit score to get a home equity loan and pay off all other credit card debts?
458920
I agree with above.  As far as your credit score, your points goes down with the amount of open accounts you have because you have the potential to fall under hard times and max out everything without paying it off. You would not only have to consolidate everything to your home equity but send a note with all final payments that you want the accounts closed completely.  Within 30 days it will begin to raise your credit score.  \n\nThe inquiry into your credit for your equity loan will make your score go down 3 points and if you have more than 3 inquires a yr into credit you're looking at 5 points per inquiry.\n\nThe interest you pay on your home equity is tax deductible and credit cards are not.
1060639
What do you consider really bad? I'm a loan officer and I see people with credit in the high 500s get approved on loans for homes. if it is below about 620 or so you will probably have to come up with a 20%+ down payment though. There are a lot of companys that can help you improve your credit scores DRASTICLY in about 6mo to a year. It costs a little though. Also be very careful of "consumer debt counseling" they help you pay off all your debt faster by getting the companies you owe money to to settle on a lower amount, or "charge off" the balance. a charge off is what happens when a collector just says screw it we're never getting paid. Consumer debt counseling gets rid of your bills, but damages your credit worse than a Bankruptcy because it takes longer to repair the damage. I would contact a local Mortgage broker and see if they can prequalify you for a home. If they can't, ask for a recomendation for a good credit repair agency in your area. good luck!
493147
once the paper work is started I don't think so\n\nAlso depends on amount of equity credit score alot of variables\n\nof course timing is important also it takes a while for that info to get out If your loan closes first hey your in there\n\nDo you have any other equity\n \nAlot to this
268012
take the time to find out what loan or debt has the most interest. pay that off first. then go in decending order from there. if you have a house try and equity loan you'll have just one bill and it'll be lower interest than all the other loans.  pay off the loans with the most interest. make sure when you pay over the minimum balance that you write the rest tword principle. othewise they will put that money tword finance charges..and that wont help you at all
1013583
your debt to income and debt to asset ratios are going to be quite high and as such, the pricing you would get on a loan would be higher than you would like to pay. best thing is to pay off the 20% and build equity in your house that you can either leverage or use to buy into another property. also, your LTV on an investment prop would be about 75%, which means that you need to come to the table with at least 25% of the purchase price plus CC.
360316
The above answers are wrong.  Please take the time to go to http://www.myfico.com\nThis is the home site for the people that developed the credit  card scoring system used by the agencies.  \n\nPart of your score involves credit history and your "debt to credit" ratio.  \n\nIf you cancel your credit card, it will have a negative effect on your score.  However, it's also not good to have a card that charges you annual fees, especially when you don't use it.  The drop in your score will be temporary, and should be restored in a few months.  I suggest getting whatever credit you need first, then cancel the card.\n\nYour relationship with the bank isn't monitored by the credit bureau unless you have taken out loans.  The loan info will be on your history and will not be removed when you switch banks.  So you are safe there.  My experience with credit unions is they have better interest rates on both savings and loans.  Isn't there a way that you can somehow maintain your relationship with them?
1025127
A home equity loan or home equity line of credit is really your best bet.  Interest payments can usually be used as a tax write-off.  Check with RegionalMortgages.com
792880
A 683 score is pretty good. If all of her cards are always paid on time and not maxed out, then it would be a good thing for you to go on as an Co-Applicant, not authorized user. Her good credit will help improve your credit. It is a good way to raise your credit score. As far as paying them off, that is fine, but I wouldn't close them out. Also, you should keep some accounts open so you can keep a ongoing payment history showing. Paying off cards and closing the accounts isn't as good for your credit as you might think. Creditors like to see recent credit history. Just keep  a couple of credit cards at around half of the high credit limit and pay them on time every month and that will keep your credit looking good.
125681
If you are over the age of 62, and have equity in your home you could benefit.  This type of loan is best if you intend to live in your home as long as possible.  \nIt allows you to use the equity in your home, maintain title, and never make a payment as long as a borrower lives in the home.\nGet some information based on borrower(s)'s age(s), location, home value, and how much you owe. Then decide if it is right for you.  Best of luck -\n\ncheck out www.reversemortgagefinance.com
616285
With your score you may be able to do a cash out refinance, but not a home equity line of credit or second mortgage.  Why not work on raising your credit score before you do anything?  A year of paying all your mortgage payments on time will help you considerably.  If you're in Ohio, I'd be happy to go over your specific scenario with you.
472509
All loans are based on Credit, Capacity to repay, and the collateral. Even a reverse mortgage the was mentioned in a previous answer. Home equity lines are adjustable to an index that the lender uses. Usually it is the prime rate. The higher your scores the closer you get to prime. You can also get a fixed rate on a second deed of trust in the conforming market. If you have credit problems the you will end up in the sub-prime market with higher rates. These loans will usually be a closed in loan with a fixed rate. Be careful as many of these are Balloon notes and have Call Provisions. When they call the note you have to pay the outstanding balance at that time.  You still have to qualify for the loan in any case.Hope this helps you out!\nGood Luck.
498933
If you have other debt, take a home equity loan, and pay off the other debt.  Payments on non-home loans are not tax deductible ... payments on home loans are tax deductible.  Also, the interest rate on a home equity loans probably would be lower than credit card debt, or a car loan.\n\nDepending upon what your tax bracket is, you may want to try to earn income in the form of dividends (not interest payments) ... dividend payments are taxed at a lower rate than regular interest.\n\nFinally, also dependent on what your tax bracket is, maybe you should invest in muni-bond fund, which pays income tax-free investment revenue.  The interest rates are lower than taxable bonds, but if you are in one of the higher tax brackets, your net after tax will be larger.
78130
It all depends on what your credit is.  First thing, I would go to your local bank.  Wells Fargo has REALLY good home equity lines of credit (HELOC).  Now, if they decline you, you still have a chance.  Find a local mortgage broker who has access to a lot of banks.  Depending on what your credit is and how much you owe on your house, and what your house is worth... they should be able to find you something.  If you want to ask more specific questions, feel free to email me at matt@eastbaylending.com
1177350
In regards to Revolving Credit (Credit cards, etc.):\nPay down the balances to within 20-30% of your total credit limit. This should help to boost your scores. If you do not have the money to pay this down, call your credit card companies up and ask for a limit increase.. this will automatically allow your debt to limit percentage to lower.\n\nIn regards to Installment Loans: If you have ANY loans with high risk lenders (i.e. American General Finance, Well Fargo Finance or any other company with "Finance" in their name) pay them off quickly, or borrow from your local bank / credit union to pay them off if possible. Due to the risky nature of these lenders, the fact that you have this type of loan will hurt your scores. Paying them off will boost your scores.\n\nIn regards to credit mix:\nMake sure you have a balanced mix of types of credit... in other words, you should have 1-2 credit cards, 1-2 loans and possibly a mortgage. This shows good balance in credit and a healthy score should be given.\n\nOne last tip: Although they claim it does nothing to improve your score, mortgage lenders across the US have found that by requesting to Opt Out of the credit bureaus mailing lists (that they sell!) you may see a boost in scores in about 10 days... usually small, but it might push you over the goal you need. See the resources for the link.\n\nGood luck!
42941
you could try closing all your credit cards now (unless youre getting good rates and deals) and opening 1 single new credit card, and buying stuf on it and paying it all off COMPLETELY. and it will raise your credit rating. pretty risky though.
931562
yes, there are a few options you have with a credit score like that.  Also, depending on the price of the house you would like to buy, the interest rates can be fair, in the range of 6.25%~7.5% if you decided to go with an FHA loan.  If your debt is high, then you might be looking at a sub-prime loan where the interest rates begin in at about 8.5%+. any questions, you can email me
1134338
You don't need to go into debt to build a better credit score.  Establish a checking/savings account and pay off all your utility bills on time and you'll have a great start.