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bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 3359
Experience:  IRS Enrolled Agent, 18+ years of experience in tax preparation with associated finance experience.
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I was looking for someone to help me with my finances and

Customer Question

I was looking for someone to help me with my finances and how will what I am doing affect my credit
Submitted: 6 months ago.
Category: Finance
Expert:  bkb1956 replied 6 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Can you provide more specific information about what you are doing that may have an affect on your credit?

Thank you.


Customer: replied 6 months ago.
Well i had just got pre qualified for a mortagage and now i was looking to do a debt consolidation program but its one of those programs where they deposit the funds into your account and I decide what to pay, the mortgage would be buying my parwnts bouse to help them out financially but can i do the debt consolidation and still be able to get the mortgage? Essentially i would be paying off 3 credit cards totalling 27,000 and be picking up a loan for 32,000 so on my credit does these two things pretty much even out?
Expert:  bkb1956 replied 6 months ago.

Even though a debt consolidation program affects your credit in a positive way, it may make it harder to get a mortgage. Some lenders view the debt consolidation program as a negative. It will depend on the lender.

Customer: replied 6 months ago.
Im not sure how to get out of this mess and help my parents as well
Expert:  bkb1956 replied 6 months ago.

My best advice would be to get the mortgage first. Then decide if you want/need the debt consolidation program.

Do you have the income to pay the mortgage and credit card payments?

Customer: replied 6 months ago.
Expert:  bkb1956 replied 6 months ago.

If you want to help your parents, get the mortgage first since you are pre-qualified. Then address the credit card issue.

Expert:  bkb1956 replied 6 months ago.

Just following up with you to see if you have any other questions. If so, please let me know so I can further assist you.

Thank you.