{"id":1341,"date":"2018-12-13T16:53:45","date_gmt":"2018-12-13T22:53:45","guid":{"rendered":"https:\/\/joshromine.wordpress.com\/?p=1341"},"modified":"2019-08-17T02:34:09","modified_gmt":"2019-08-17T02:34:09","slug":"credit-201-debt-consolidation-part-2-strategy","status":"publish","type":"post","link":"https:\/\/mrbusinesscasual.com\/index.php\/2018\/12\/13\/credit-201-debt-consolidation-part-2-strategy\/","title":{"rendered":"Credit 201: “Debt Consolidation – Part 2 – Strategy”"},"content":{"rendered":"\n

If you haven’t read Part 1 yet CLICK HERE now!<\/a><\/i><\/b><\/p>\n\n\n\n

Let’s Talk Strategy:<\/strong><\/p>\n\n\n\n

I have used many strategies to help individuals increase their credit score and lower their DTI<\/a> into qualifiable ranges, but what I’ve found is that no two situations are the same. Each person has such different amounts of income as well as debt. Their loan types and overall credit history are varying so widely. I almost always have to tailor the strategy to the person and what they have on their particular plate. That said, there are still some core principles and key steps I believe can help no matter the ranging differences.<\/p>\n\n\n\n

The Emergency Fund:<\/strong><\/p>\n\n\n\n

There is a common misconception on the topic of credit building with credit cards in which someone is told to use a card for gas and pay it right back. I tackled this credit myth in my article Credit 101: The 5 Credit Factors<\/a><\/strong>. My point is that credit cards actually are a great tool for completely unexpected emergencies. However, what is not completely unexpected is that emergencies do happen and will happen. I hate to get all Murphy’s Law on the subject but inevitably something unfortunate will happen to you financially, most likely at the most inopportune time. What you can do about it is save now so you won’t have to use your cards later. Then, if you’ve wiped out your savings (for good reason, not down payments on a new truck or to Black Friday shop) and an emergency occurs, you can swipe without remorse and put the remainder on a credit card. If more of the people I helped had emergency funds saved up, they would not find themselves racking up Credit Card debt in the first place, and would therefore not require my services.<\/p>\n\n\n\n

Believe it or not, the first step to consolidating debt, is building up a proper emergency fund. Without this little first step, a person will find themselves right back in the hole they were trying to climb out of. Many wise folks over the years have suggested saving 3-6 month worth of expenses; Dave Ramsey<\/a> suggests at least $1,000 and I think that’s a great place to start. With that method, if you find yourself in need and end up using your emergency fund, put the breaks on paying down your debts and go back to square one. Make minimum payments on the debt, and rebuild the emergency fund back up; then you can move on to throwing money at debt without the fear of ‘what-if’.<\/p>\n\n\n\n

Balance-to-Limit Ratio:<\/strong><\/p>\n\n\n\n

I’ve gone into length before about this crucial credit factor and it’s such necessary knowledge for those who are struggling to tackle credit card debt. Frequently a person will apply for a loan and be declined because their score is too low for the amount needed to payoff their card balances in full.  Since a lot of lenders have guidelines set in stone as to which scores qualify for different amounts, this person may only need to climb one or two credit tiers to get the amount required for full payoff. That person can also add a cosigner with for the sake of a higher score or increased income but I’m trying to sketch out the strategy that someone with no cosigner would need to take. What they would need to do in this scenario is tweak their Credit Limit Utilization Percentage (aka: Balance-to-Limit Ratio<\/a><\/strong>). <\/p>\n\n\n\n

This can be accomplished in one of two ways: Either by reducing their total balances by paying them off so that their ratio drops, or by increasing their overall credit limits across the board, which would also cause that ratio to drop. For the latter, if you are going down the route of requesting limit increases you should do so through online banking if at all possible since most large financial institutions use automated underwriting systems for simple limit increase requests. Most times they will not repull credit but will simply as what your annual income is. ***If this is the method you chose, there is an old school rule of thumb I live by… <\/p>\n\n\n\n

Do not let your total credit limits on revolving tradelines exceed more than 25% of your annual income. <\/p>Ex: If you make $36,000 per year, you should not have more than $9,000 in total credit limits. <\/cite><\/blockquote>\n\n\n\n

If you want a deeper understanding of this EXTREMELY IMPORTANT credit factor, read my other article Credit 101: Limit Utilization Percentage.<\/a><\/strong> <\/p>\n\n\n\n

Prioritize Payment Size Over Interest Rate:<\/strong><\/p>\n\n\n\n

The majority of folks tackling the weight of multiple high interest rate cards and installment loans may find that their efforts seem wasted because of the interest building the balance back after payments. The common temptation is to either try to payoff one or two of your highest rate accounts by either balance transferring them to low-interest\/no-interest credit cards, paying them off with a personal loan, or throwing excess funds at them to try and pay them off quicker. The issue here in each of theses methods is:<\/p>\n\n\n\n

A.  Balance transfers are simply delaying the inevitable. Eventually the zero percent offers will stop being offered and the introductory rate will expire. When this occurs the cycle begins again and you’re stuck in the same situation. (If all you have is one card that your passing around the balance for, then you aren’t the person I’m coaching here. This concept is for those trying to juggle multiple separate cards with balances).<\/p>\n\n\n\n

B. Paying them off with a personal loan first requires getting approved for a loan, and if they can’t approve that because the score is too low for the amount needed you may find yourself being a a situation where you’re only able to payoff a portion of the overall total or not getting approved at all. If you do get approved the best method is to swallow up as many payments as possible rather than only paying off one or two of the higher interest rates. (That would be ideal if all you have are those one or two accounts, and if the remaining accounts are petty amounts that would be easy to payoff on your own.)<\/p>\n\n\n\n

C. Throwing excess at these higher interest accounts may be the exact opposite of what needs to happen. Instead, try paying the minimum on all of your accounts accept the one with the smallest balance. Then throw your excess toward the smallest, easiest to payoff balance one after another from smallest to largest. This will free up more of your funds faster, allowing you to focus more and more dollars on paying off each subsequent account until either none remain or until your score increases enough to consolidate the rest. <\/p>\n\n\n\n

What Should Be Paid Off First?:<\/strong><\/p>\n\n\n\n

Let’s say you get approved for that high limit Home Equity Line of Credit or big Personal Loan. If you can minimize your monthly debt obligations by paying off the higher quantity of accounts that would make far more of a difference in your ability to pay down what remains. In the circumstance of that couple with 27 different loans, I was able to get them approved for a HELOC with high enough of a limit to consolidate more than half of their outstanding accounts. So what about the remainder? The strategy was, that by us knocking out as many accounts as we could, not necessarily the largest or the highest interest rated ones, we were able to free up their monthly income by $1900. That become $1900 a month that they were then able to apply toward the remaining accounts one-by-one from smallest to largest until all that remained was the HELOC.<\/p>\n\n\n\n

You see each separate tradeline had its own minimum payment obligation each month, one that if it wasn’t paid, would negatively impact their credit. So by reducing that number first, they ultimately could do more with the same dollars they were already bringing in. Some of their accounts were personal loans\/installment loans that they had already paid down tremendously, but because the payment was fixed, they were still under the gun to come up with that plus all the other newer debt they had accrued ($1700 balance with a $240 minimum payment). Ultimately this reduces the person’s Debt-to-Income ratio<\/a> faster than any other method, since HELOCs and Personal Loans balances are not currently a factor in someone’s Balance-to-Limit ratio, their credit score would also skyrocket. <\/p>\n\n\n\n

At the end of it all, a truth about Debt Consolidation remains, if you’re borrowing to payoff what’s borrowed only so you can borrow again, then you really are just ‘robbing Peter to pay Paul’<\/i> and will be right back in the same shape before long. Most of you who’ve read this far have done so because you are fed up with Debt and ready to be free of it. The methods I’ve outlined above are for those of you who are truly ready to pay it all off and begin to live in a new way. Debt Free. <\/p>\n\n\n\n

Your friendly neighborhood banker, <\/p>\n\n\n\n

Josh Romine<\/p>\n","protected":false},"excerpt":{"rendered":"

Each person has such different amounts of income as well as debt. Their loan types and overall credit history are varying so widely. I almost always have to tailor the strategy to the person and what they have on their particular plate. 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