high credit card debt looking to refinance my home

[Sam Spade]

hi members I'm hoping that someone can help. I'm looking to refinance my mortgage but I have high credit card debt which is pulling down my credit score. I want to put the credit card debt into the new mortgage but I won't be able to get a favorable rate because my credit card debt is already so high. I'm at a loss on how to fix it. Any help or Ideas would be greatly appreciated thank you.

[Amy Beth]

Finding a lower interest rate is not going to help your debt to income ratio. The best option is to find a way to make bigger payments towards your credit card balances to get your balances down until they are paid off. Perhaps you can reconfigure your budget or pick up extra hours at work or find a side job?

Another possible way to improve your credit score is to contact your current credit card companies and ask for a credit line increase. This would lower your credit utilization which would improve your credit score. I am not sure though if your credit card companies would approve it with a low credit score but it could be worth a try to call and ask for it.

Also be sure to not apply for new credit. And when you are calling banks or mortgage companies to refinance be upfront about what your score is and see if they will work with you before authorizing them to run your credit. Additional credit inquiries will only hurt your score further.