cbp1946 asked:
I want to pay off my credit cards in order to raise my credit rating score. We own a nice mobile home with all new attachments, ( home is a 1971) additions are new, completely paid off. I can’t find a lender to give us a loan using our home as collateral. How can I lower my interest rates?
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Very few lenders will take trailers as colatteral, as for reducing interest rate, card surf.
Take out one with a set 0% limit on transfers, put everything on that, pay of what you can afford, when the 0% time limit is ending switch to another 0% offer and transfer again.
It takes a bit of effort but you can plan it so that you keep transfering them all to new ones with intrest free for the first 6-12 months. Then pay off the one which runs out first, remembering to transfer each one when the 0% interest runs out. Essentially there’s no reason you should ever pay any interest at all it’s just making the effort to keep changing all the time. As a bonus each lender recognises you as a good payer and this ups your credit rating. At least, this is the way it works in England.
Take the time to read “The Total Money Makeover” by Dave Ramsey. This is the best advise I can give to anyone.
You won’t find a lender to give you a loan on your 1971 mobile home, unless you own the land it sits on. It’s a motor vehicle, as far as the bank is concerned, and a 35 year old vehicle at that.
Try to pay off one card at a time, while still paying at least the minimum payment on each of your cards. If possible, pay off higher-rate cards first, then work your way down.
Most important of all? Leave your credit cards at home when you go out. If you can’t pay cash for something, you don’t really need it and you certainly cannot afford it.
Just stop using them and pau them off.
Very unlikely you will find any loan unit to give you anything on your home. too old for one thing.
Start by paying off the one with the highest amount owed, then the next one etc.
Pay MORE than the monthly minimums on each card, then you might be able to negotiate a lower rate. If you have been faithful in making payments you can try calling a particular card(s) service department and asking for a lower rate.
The best way to get LOWER interest rates is to have NO MORE than 2 credit cards and keep the outstanding charges BELOW 1/3 of your credit limit and make 2-3 times the amount of your monthly payment EVERY month. Don’t be bouncing around getting these lower introductory rates on new cards as this type of action WILL ONLY further lower your credit score. It doesn’t matter if you use a new credit card account or not once it is opened it is seen as available credit to you and that can be bad if you are already over extended. Long term use of 1-2 credit cards, (many years) and a consistent payment record on time will do more for your score than anything else.
Forget the mobile home as collateral. TOO OLD.
The key to higher credit scores is a STEADY lifestyle, meaning long term employment with the same employer, long term at the same physical address, not borrowing more than 1/3 of your available credit on any single credit card, and getting your house payment in the 25-30% range of your monthly income. I kept mine at the 25% range and it worked fine. Be CONSISTENT. Pay all bills of any kind on time every time. Pay extra on loans of any kind as often as possible, especially credit cards since they are more liquid than a contract loan of X amount of months.
Thats probably because mobile homes do not appreciate in value and it is very hard to sell a used mobile home