Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
Notsure14

0 Contributions
0 People Helped
credit consolidation
I want to consolidate all my credit cards together, but when I try lenders tell me my debt to income ratio is to high. Is there another way around it? I know I will end up with a higher interest rate, but just need to be pointed in the right direction. Thanks Credit Karma Community.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
12 Contributions
2 People Helped
Most Helpful Response

A couple of do's and do-nots.

Helpful to 1 out of 1 people

First start by contacting your creditors.  If you have any student loans i would start there.  You may have enough success to combine that with a consolidation loan to get your DTI down.  If that doesnt work, you may need to find additional employment  through the holiday season.  You can get yourself out of this if you choose.   If you have any equity in your vehicle you could possibly refinance it and take out some cash there too.  And now for the DO-NOTS!

Do not hire a credit counseling company.  It is treated as a chapter 13 bankruptcy and you will need written permission from them to obtain future financing.

Do not hire a credit counseling company.  They may collect the  money from you and hold onto the money until you have gone so far behind on your payments that your creditors will negotiate a settlement.  Your credit is destroyed and on top of that you will have to declare the diferrence of the settlement as earned income and you will have to pay taxes on the dollar amount.  

Do not file a Chapter 7 bankruptcy.  For obvious reasons.  

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.