I am making an attempt to get a mortgage for debt consolidation (to settle 19k in cc debt), however I used to be denied for all of them.
To offer a little bit context to my story: in March, I purchased a home utilizing the FHA program. A month later, all my bank card accounts (5) with Synchrony Financial institution had been closed. I had round $25,000 in credit score limits and about $2,000 used throughout the playing cards. I known as Synchrony to know why, they usually stated my debt-to-income ratio was excessive. Due to this, my credit score utilization jumped to 92% (it was round 45% earlier than Synchrony closed my accounts). I have not missed any funds within the final seven years in my credit score historical past.
Easy Path Monetary is providing a non-credit-based consolidation possibility. It is a straight consolidation underneath Federal Commerce Fee (FTC) guidelines, the place they defined they negotiate instantly with the banks, and I gained’t be capable to use the bank cards.
What’s your opinion on this?
Are there different choices I ought to contemplate?
