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Credit down due to debt to income ratio

Posted: Thu Mar 05, 2020 7:03 am
by Jose Argueta
My mother currently lives in Hudson, NH with her Boyfriend at a condo he purchased 1 year ago (and can’t afford). The mortgage payment is too much for them and they have terrible credit too so can't refinance.
Their furnace broke at the end of last winter and cannot be repaired. They are both on disability and do not meet the low income criteria for financial help or free credit counseling repair services. My mother is ill with emphysema and pancreas issues. They have made several attempts at getting a loan but are continuously denied.
My mother has good credit but is denied due to high debt to income ratio and the boyfriend has terrible credit. Is there any assistance available to them that would help them get a loan to pay for new/used (working) furnace? But they need to repair the credit and in particular the income ratio.
Thank you, Jose

Re: Credit down due to debt to income ratio

Posted: Thu Mar 05, 2020 7:07 am
by admin
Hi Jose,
That is great that you are trying to help your mom and her boyfriend. the good news is the weather in New Hampshire is winding down, so maybe the credit can be repaired over the next several months. But she will need to pay off some of those loans and debts to get the income ration back down. We do have non-profit credit counseling agencies listed on the site. Did you try the national ones?

Re: Credit down due to debt to income ratio

Posted: Sat Apr 04, 2020 11:27 am
by janice clonmell
We have fallen behind on our bills and now my credit score is poor and I have tried several lenders, including Prosper and Lending Tree, as well as a few others and haven't had any luck so far. I have a good income but my budget needs to be reorganized so that we can pay down our debt as my credit card debt is now too high for the income we have. 
I have three credit cards, 2 are secure cards and one is unsecure. Any guidance or direction would be greatly appreciated to me pay the bills and get credit score back up. As of today, my children have no money to buy food. However, since I make more than what is considered low income I have no agency to reach out to for assistance. Thank you for your time,