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YAF(inance)T

E

Eos

Diamond Member
I'm looking for some financial advice, if y'all would be so kind.

I am about to spend $17k on surgery that insurance does not cover, for which only a couple thousand dollars at the most will be paid in cash. The rest of the cost will be either a line of credit, or using existing credit cards.

We are also hoping to refinance our 18 month old mortgage before June. Keep this in mind.

Current dealio:

credit card debt (balance - limit)

18k - 24k
300 - 1k
300 - 750
1k - 10k
150 - 6k
4k - 9k

all at 8% or less interest but one at 10%.

mortgage - $191k 10 year interest only at 6.875%.

CC balance is $23,750 with a limit of $50,750.

How much effect will applying for a new line of credit in the $15k range have on the mortgage refi?

How much effect will moving the balance of some credit cards closer to max (no line of credit, pay for surgery with existing credit) have on the mortgage refi?

We want to get qualified on the new mortgage, but this surgery is very important.

What is the best plan of action for the options given?
 
Originally posted by: Blueychan
Just curious what type of surgery that your insurance does not cover. Seem kinda odd.
Click to expand...

Uhh, one that insurance doesn't cover?
 
Originally posted by: Kalvin00
Originally posted by: eos
Originally posted by: Blueychan
Just curious what type of surgery that your insurance does not cover. Seem kinda odd.
Click to expand...

Uhh, one that insurance doesn't cover?
Click to expand...

Are you having a sex change?
Click to expand...

Good try, but no.

Anyone interested in the actual question?
 
Is this some kind of elective procedure or is this necessary. If it is, you could look into other kinds medical resrouces like medicaid. 23k in CC debt is pretty bad as it is, not sure how you guys got to that point unless you're just the unluckiest couple ever.
 
Originally posted by: Mo0o
Is this some kind of elective procedure or is this necessary. If it is, you could look into other kinds medical resrouces like medicaid. 23k in CC debt is pretty bad as it is, not sure how you guys got to that point unless you're just the unluckiest couple ever.
Click to expand...

Medicaid is not an option.

Not unlucky, bad choices and college debt.
 
Originally posted by: eos
Originally posted by: Mo0o
Is this some kind of elective procedure or is this necessary. If it is, you could look into other kinds medical resrouces like medicaid. 23k in CC debt is pretty bad as it is, not sure how you guys got to that point unless you're just the unluckiest couple ever.
Click to expand...

Medicaid is not an option.

Not unlucky, bad choices and college debt.
Click to expand...

You took college loans out on CCs? Who's idea was that...

17k elective surgery hmm... how life threatening is this?
 
I have no financial advice for you and it sure looks like you are not going to any from anyone until you tell us what kind of surgery you are planning.

MotionMan
 
Originally posted by: Mo0o
Originally posted by: eos
Originally posted by: Mo0o
Is this some kind of elective procedure or is this necessary. If it is, you could look into other kinds medical resrouces like medicaid. 23k in CC debt is pretty bad as it is, not sure how you guys got to that point unless you're just the unluckiest couple ever.
Click to expand...

Medicaid is not an option.

Not unlucky, bad choices and college debt.
Click to expand...

You took college loans out on CCs? Who's idea was that...

17k elective surgery hmm... how life threatening is this?
Click to expand...

How come you didn't get a student loan at a really low interest rate?
 
Originally posted by: Mo0o
Originally posted by: eos
Originally posted by: Mo0o
Is this some kind of elective procedure or is this necessary. If it is, you could look into other kinds medical resrouces like medicaid. 23k in CC debt is pretty bad as it is, not sure how you guys got to that point unless you're just the unluckiest couple ever.
Click to expand...

Medicaid is not an option.

Not unlucky, bad choices and college debt.
Click to expand...

You took college loans out on CCs? Who's idea was that...

17k elective surgery hmm... how life threatening is this?
Click to expand...

I never said I took college loans on CC's.

Vanderbilt is not cheap. Neither is housing in downtown Nashville.

Very life threatening.
 
Originally posted by: Schfifty Five
Originally posted by: Mo0o
Originally posted by: eos
Originally posted by: Mo0o
Is this some kind of elective procedure or is this necessary. If it is, you could look into other kinds medical resrouces like medicaid. 23k in CC debt is pretty bad as it is, not sure how you guys got to that point unless you're just the unluckiest couple ever.
Click to expand...

Medicaid is not an option.

Not unlucky, bad choices and college debt.
Click to expand...

You took college loans out on CCs? Who's idea was that...

17k elective surgery hmm... how life threatening is this?
Click to expand...

How come you didn't get a student loan at a really low interest rate?
Click to expand...

Asking a question of an extrapolation? Band form.

Fannie Mae would disagree about the lack of low interest loans.
 
Originally posted by: MotionMan
I have no financial advice for you and it sure looks like you are not going to any from anyone until you tell us what kind of surgery you are planning.

MotionMan
Click to expand...

Glad you could contribute. :lips:
 
Originally posted by: eos
Originally posted by: MotionMan
I have no financial advice for you and it sure looks like you are not going to any from anyone until you tell us what kind of surgery you are planning.

MotionMan
Click to expand...

Glad you could contribute. :lips:
Click to expand...

Me, too!!!

Originally posted by: eos
Very life threatening.
Click to expand...

And insurance does not cover it? Sounds suspicious.

If true, get a lawyer.

MotionMan
 
Alright, then. Thanks to everyone for their participation.

Nothing to see here. Move along, please.
 
Originally posted by: eos
Alright, then. Thanks to everyone for their participation.

Nothing to see here. Move along, please.
Click to expand...

Boy, I hope he doesn't die because we did not give him the advice he was looking for.

MotionMan
 
Ideally you should get the ReFi done first. General rule of thumb is not to apply for any credit 6 months before doing that.
 
No sympathy from AT, you are in a financial mess, better be really life threatening, strange that insurance won't cover it though.
 
Originally posted by: eos
I'm looking for some financial advice, if y'all would be so kind.

I am about to spend $17k on surgery that insurance does not cover, for which only a couple thousand dollars at the most will be paid in cash. The rest of the cost will be either a line of credit, or using existing credit cards.

We are also hoping to refinance our 18 month old mortgage before June. Keep this in mind.

Current dealio:

credit card debt (balance - limit)

18k - 24k
300 - 1k
300 - 750
1k - 10k
150 - 6k
4k - 9k

all at 8% or less interest but one at 10%.

mortgage - $191k 10 year interest only at 6.875%.

CC balance is $23,750 with a limit of $50,750.

How much effect will applying for a new line of credit in the $15k range have on the mortgage refi?

How much effect will moving the balance of some credit cards closer to max (no line of credit, pay for surgery with existing credit) have on the mortgage refi?

We want to get qualified on the new mortgage, but this surgery is very important.

What is the best plan of action for the options given?
Click to expand...

Wasnt April Fools was 5 days ago?
 
How much equity do you have on the home?

Mortgage lenders are pretty tight at the moment. I don't think your CC utilization is too high to cause a problem with the mortgage but it is high. Getting a new line of credit is probably not a wise idea right now. It's also not good that you owe on every card. Can you get the 4 low balances paid off? That could help your FICO. If you are going to do that, remember to allow enough time for the balances to be updated on your credit report before the mortgage lender takes a look - most lenders only do that monthly, not in real time.

Do you know what your FICO score is? That's going to be the primary factor in how your refi is going to go.

Have you tried to negotiate the cost of the surgery down, considering insurance isn't going to cover it?
 
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