How to improve FICO score and repair credit
I would like to fix my credit and improve my FICO score so I can purchase a home of my own. I currently have a lot of debt but I really need to get my life back on track. Would it be better to file bankruptcy and start over or would I be better off paying on my debts to clear them up?
Also, once I settle my debts, how do I improve my FICO score?
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Not enough debt for debt consolidation?
I have about $6,500 worth of debt, my income after taxes is about 21,000 a year. Most of my creditors have closed my accounts (all of my credit is maxed out). I recently got my FICO score and it is 529 (very, very poor). I have called some companies that specialize in debt consolidation and I have been told that I do not have “enough debt”. I talked to a professional about bankruptcy and was advised against filing because I do not have “enough debt”. I am a renter, and do not have any assets that could be held for collateral. With my credit score being the way it is, and closed accounts on my credit record… what are my options?
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What can I do to consolidate all of my debts?
I recently purchased a home (3 months ago) and financed 100% of the home. At this point I do not have any equity in the home. I am currently looking for a way to consolidate some of my debt to lower my rate, lower my payment, and ultimately pay off the debt sooner. I have 1 car loan, 1 personal loan, and 5 credit/store cards that I would like to consolidate. My FICO score is currently 686, and I am on time every month with all of my bills. I have paid all bills on time (most of the time more than the minimum) for more than 3 years straight. My problem is that my Debt to Income ratio is probably too high for most lenders to consider me for a consolidation loan. What can I do to consolidate ALL of my debt? Any feedback would be appreciated.
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