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Forum
-> Household Management
-> Finances
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amother
OP
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 Yesterday at 6:00 pm
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We want to pay off our credit cards using our home equity but we were denied because of all our credit card debt. Any way to get them to take into account that we'll be using this money to pay off our debt and not to add to it? Any other advice?
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amother
Lotus
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Yesterday at 6:06 pm
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We were able to do that through citizens recently. They were the only ones willing to do it.
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agreer
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Yesterday at 6:06 pm
You can try writing a letter of explanation to the bank.
The problem is that you can say you'll do that and then once you get the money, buy a boat instead. How do they know you'll actually do that?
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amother
Nutmeg
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Yesterday at 6:14 pm
I would explain the purpose of the loan and maybe suggest that they send the money directly to the credit card issuers themselves, so they know where the money is going and can guarantee it’s serving it’s purpose
But they might still deny it. Especially because that debt will still exist (to them instead of credit card) and now all your cards are free to spend on and rack up more debt if you choose to
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amother
Kiwi
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Yesterday at 6:34 pm
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A traditional mortgage allows you to do exactly that, if thats an option for you. Helocs are trickier with qualification. Would you have someone that could lend you the money to pay down the cc debt allowing you to qualify?
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