How to improve fico, is $65k debt high and needs reduction?

I have 3 mortgages that total less than $300k, %26amp; owe almost $65K in credit cards and equity line of credit. I have long %26amp; great credit history, many paid off %26amp; on time, very few credit inquiries. I don%26#039;t think I have an excellent credit score, it%26#039;s just good. I wonder why I hardly receive those credit card offers in the mail, I do receive a lot of %26quot;consolidate your bills%26quot; offers. So I am guessing the creditors think I owe too much in revolving. What can I do to get an excellent fico score? I have lots of equity in my properties, but I can%26#039;t sell to pay off my $65k debt due to horrible RE market. Refi isnt a good idea either coz I already have excellent terms, like 15yr fix 5.5%. Right now Im only paying about $210 in interest for owing $65k on temp low APR%26#039;s. This $65k slowly keeps adding coz some months expenses are unexpected. is my debt2income ratio way too high? current condition i can manage paying all these, just need low interest.

How to improve fico, is $65k debt high and needs reduction?sba loans

Ok, before you go into Credit Counseling, which is what you are explaining, realize that a lender will look at that just like a bankruptcy. It is you saying that you are in over your head. If I were you, I would consider reaching your mortgage company and see if you can change terms to 30yr instead of 15. It will raise your rate, but lower your payment. In case you didn%26#039;t know, today the par rate for a 30 yr fixed mortgage is 5.75%. That%26#039;s not to shabby. Also, the offers you recieved for credit cards in the mail my be stopping because it is possible when you applied for your last mortgage that your loan officer may have opted you out to raise your credit score a couple of points. You can check it out at opt-out-prescreen.com Enter in your info and it will tell you if you are in their database.

If you have a line of credit and many credit cards, then it doesn%26#039;t matter what your indivdual rates are. Check into your Household interest rate. If you combine all your rates and the amount of loan you pay on all of them, you will find that it is much higher than 5.5% In this case, you would be better off to refi and consolidate and lower all your rates. If you want me to figure out your Household interest rate, I have the programs to do it. I just need to know how much you owe on your bills and at what interest rate you are paying them off at.

E-mail me if you want more info.

kellilynnmorris@yahoo.com

How to improve fico, is $65k debt high and needs reduction?

loan

The reasons that you are getting the bill consolidation notices

is because credit card companies and consolidators

screen peoples credit files. In you case your income to

debt ratio is to high so no credit card offers and plenty

of offers to consolidate.

The best way to improve your FICO score is to reduce the

amount of your debt, one way is to try to negotiate with

your credit card company to settle your debt for an amount

less than what is owed, you will need cash but can get

our for as little as 15% and this can actually be done with

any unsecured debt.

I do believe that negotiated debt settlement will initially

lower your FICO however it will immediately reduce your

income to debt ratio and the fact that you would still

be making payments on your house and HELOC your

score should recover fairly quickly.

You can also send in extra payments on credit cards and

your HELOC, this will help in paying the debt down faster

and will save you money in interest while at the same time

shorten the total length of the loan

Take a look at the two links and perhaps they will give

you some additional ideas/|||When it comes to the elimination of the credit card debts, various Credit card debt reduction programs can make an ideal choice for you. There are various debt consolidation companies that provide Credit card debt reduction. Some of them even offer free credit card debt consolidation and they work on no profit basis. The process to apply for debt reduction programs is very simple. All you need to do is just to submit some basic documents, specifying all the information associated with your credit card debts that you owe to various credit card companies.

You also have to submit the details of your current financial situation, your credit or FICO score and your short-term and long-term financial goals. These documents are reviewed and assessed, and after that, a credit counselor is assigned to you to help you select a right Credit card debt reduction program, get rid of the nasty debts and regain control over your finances and budget. Read more about it at: http://www.credit-card-gallery.com/artic...