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Will getting a Loan to pay off CC debt?

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3 replies to this topic

#1 bad credit man

bad credit man
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Posted 07 May 2017 - 02:34 PM

Will getting a Loan to pay off cc debt will it stop me from getting mortgage?I have about 6 grand in cc debt. 20k in student loan debt that been deferment. I have no late payments on cc.

Edited by bad credit man, 07 May 2017 - 02:59 PM.

#2 LendMeYourEar

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Posted 17 May 2017 - 09:32 PM

I think the important thing to remember here is that your eligibility for a mortgage is dependant on a number of factors, one of which is your credit history / score. Your credit score can be affected by your current debts, and in turn affect your ability to get a mortgage or personal loan (or, at the very least, the rate you get on that loan - outbound link denied I'm. You do mention, though, that you haven't missed any payments etc, so you're probably in a fairly good standing to get the loan for the CC. Whether this affects your future mortgage, however, comes down to how well you spend the loan, whether you're able to pay off those debts, and whether you keep up with the repayments on your loan.
Hopefully this clears things up a bit for you! :)  

Edited by MarvBear, 17 May 2017 - 10:03 PM.
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#3 lpavelchak

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Posted 30 May 2017 - 01:12 PM

I have that same question. Not sure previous poster answered it. I've got $7K in CC debt over 4 cards, all current never late, and a FAKO of 708. After a clean up a while back. I want a consolidation loan to get a better rate and a single payment. I too will be looking to buy a house before the end of the year and would like to know if I should go ahead and consolidate or hold off until after I'm in the home.

#4 bansu

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Posted 05 June 2017 - 08:35 PM

i have chosen to get two balance transfer cards with 0% for 12 mos and 15 mos and a personal line of credit, some four months ago and takeup any extra work i can specifically to pay this debt, whatever i collect in extra money is deposited in savings account until a cc balance can be paid in full.

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