Mark England Victory

Type(s) of Victory: Reached a personal goal, Reached a business goal

RE: Home Equity Line of Credit to pay off credit cards Fellow FB students, like many of you, I put my FB tuition on credit cards - the high interest rates are now hitting me hard. I have never gone through a home equity (HELOC) before and initially it sounded scary to me. But after some digging, I am now going through the process and IT'S VERY EASY. It's not a loan per-se. Once you are approved for a certain amount, it gives you access to cash with a 2.9% interest rate. Use it when you need it, pay it back whenever, you do not make payments unless you use the money. BOOM. As long as you have equity in your home. THE GOOD NEWS IS, THEY DO NOT USE YOUR CREDIT CARD DEBT IN THEIR CALCULATION FOR DEBT/INCOME RATIO - because you are using the money to pay off credit cards. I wanted to pass along to all the FB students who are in the same boat as me. Also, I really like the guy who I am working with at Citibank, he has been great to work with. Call him and get those credit cards paid off! GOOD LUCK. EMAIL: matthew1.palmer@citi.com Phone: 949-496-7203 I am also considering using some of the money for gap funding for rehabs.... Additionally: My credit took a hit when I racked up my credit cards, so another benefit to getting the cards paid off is to restore my credit score.

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