We currently have three auto loans and three credit card, making six payments going out each month. The average APR on all come to 11%. Some of the autos were used so the APR was not so great and the CC are from ages ago when our FICO wasn’t that great either.
Our FICO is in the high 700’s so getting approved for a HELOC or an unsecured personal loan wasn’t a problem.
The reason we don’t want the HELOC is that the houseing market isn’t that hot right now and we don’t want to max out our home loan.
So the other day we were approved for the full amount that we asked for but will end up using 92% of the amount we asked for.
The main reason is that I would like one payment for everything. That way I’m not shuffeling things around just to make the min. payment on things etc. And when the housing market pics up we could revisit the HELOC.
What do you think?
As far as the HELOC, we didn’t have enough in the house to take care of all the loans so it wasn’t going to work right now.
that’s good to know that you’ve done it before. I like the idea of the single payment. We just had another baby, that makes three kids under 4yrs. old and I’m responsible for paying the bills and I don’t want to screw up our FICO by missing or making late payments. We will most likely do a HELOC when the appraisal of our property goes up. Twelve months ago it was worth 30K more then today, crazy.
we aren’t trying to borrow our way out of debt just trying to keep our great FICO score. A few times in the past a last and miss payment is what damaged our FICO more then anything. So with ONE auto payment to the bank that will keep our score great.
Being a SAHM isn’t easy but it can be a little hectic during Summer break, KWIM?