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I wanted to share my situation for anyone who might be in the same situation.
I recently was approved for a discover home equity loan. I had been denied by us bank, penfed, rocket mortgage. A local credit union wanted to work with me but charge $4k in fees.
I have a 680 credit score. No negatives. Paid two cars off early. I have 2 mortgages. One is $250k. One is $10k. Both on same house. $35k in credit card debt. $11k left on a penfed unsecured loan I previously used to consolidate debt. Total monthly payments aside from mortgages, $1,600.
In 2020 I moved and bought a house. I went from making $120k a year to $75k a year. By 2021 I was making $35k a year.
2024 I am back on track. $6k+ a month income. Really high credit card payments. House is stable. No vehicle loans.
I applied for discover home equity loan february 28th at 7:30pm eastern. $55k loan. Will pay off all credit card debt, penfoad loan, and current second mortgage. I will have two monthly mortgage payments and no other debt. The loan was officially approved 10 am eastern on march 8. 3 day waiting period. Signed for loan. 3 day waiting period, loan will fund monday. I will be free of all non house debt by friday next week.
680 credit score
$55k loan
11% interest
No loan fees, no repayment fees
$1,600 month payments now= $500 month payment
In a year I will have a higher credit score and refinance this loan to a low rate.
I hope this is an inspiration to someone else in the same situation I was in a month ago.
Congratulations on your loan! Thank you for sharing your story!!
Thanks for sharing
@WyomingJonMadeIt wrote:I wanted to share my situation for anyone who might be in the same situation.
I recently was approved for a discover home equity loan. I had been denied by us bank, penfed, rocket mortgage. A local credit union wanted to work with me but charge $4k in fees.
I have a 680 credit score. No negatives. Paid two cars off early. I have 2 mortgages. One is $250k. One is $10k. Both on same house. $35k in credit card debt. $11k left on a penfed unsecured loan I previously used to consolidate debt. Total monthly payments aside from mortgages, $1,600.
In 2020 I moved and bought a house. I went from making $120k a year to $75k a year. By 2021 I was making $35k a year.
2024 I am back on track. $6k+ a month income. Really high credit card payments. House is stable. No vehicle loans.
I applied for discover home equity loan february 28th at 7:30pm eastern. $55k loan. Will pay off all credit card debt, penfoad loan, and current second mortgage. I will have two monthly mortgage payments and no other debt. The loan was officially approved 10 am eastern on march 8. 3 day waiting period. Signed for loan. 3 day waiting period, loan will fund monday. I will be free of all non house debt by friday next week.
680 credit score
$55k loan
11% interest
No loan fees, no repayment fees
$1,600 month payments now= $500 month payment
In a year I will have a higher credit score and refinance this loan to a low rate.
I hope this is an inspiration to someone else in the same situation I was in a month ago.
Congratulations on making this move to reorganize the debt into a less onerous proposition.
Took couple cycles for the loans to start showing paid off. Today amex updated my fico to 790. Still have two loans that havent reported the payoff yet, so im optimistic i will hit 800 once they do. I did not expect my credit score to rebound this fast.
Wow, congratulations on the loan as fantastic score improvement!