Going on a app spree

[Anonymous]

3 open credit cards:

-Cap 1: $100 balance $2,750 limit 23% APR
-Cap 1: $2200 balance $3300 limit 25% APR
-Discover: $3,500 balance $3,800 limit 29% APR

I am not considering applying until after we close

[Aduke1122]

Once those are paid down I think you have a really good chance to land some great cards . Your scores are good but will be even better once your utilization is under 30 percent , if you want to maximize your scores payoff all balances bf statement closes , only leave a small balance on one card , less than 10 percent of the credit line and you will likely see a jump in scores putting you in an even better position from a lenders stand point .

[Anonymous]

The only issue I'm running into is we need furniture and appliances when we move. If I pay down the cards it's going to be a month before the CR reflects the payoff. I really don't want to go a month before ordering furniture that will then take another 2-4 weeks to arrive.

[Aduke1122]

Ouch yes I see your problem , when exactly is your move ?

[Anonymous]

We are closing at the end of Feb. Even if I have my husband open a separate checking acct (he is not on the mortgage) and make a payment to pay down the balances from what I understand the underwriter will want to see where the money came from to pay off those bills. Since it is cash I can't source it.

[Aduke1122]

Maybe have a talk with your LO and let them know the situation, could you tell her that a family memeber is gifting the money , so you can pay the balance lff your cards in order to buy furniture and appliances for your new home ?

[Anonymous]

Not sure, I'm definitely going to talk to him tomorrow about the situation. We pretty much need all new furniture so I'm going to need a high CL at the furniture store.

[Anonymous]

 I have the cash right now to get down to 40% utilization. Will that be low enough to get the higher credit limit?

[Anonymous]

If you have cash on hand, I suggest holding onto it and save what ever else you can if you TRULY NEED furniture and cant make due with what you have, can get from friends, etc.   Once you close, then work on paying off those high interest cards and see if you can qualify for a new card with a zero % offer for 15-18mos and use that to buy the new stuff. 

[Anonymous]

Yea I wish we had furniture to get by with. We are renting from family right now and the house was already furnished so we sold our furniture before moving in since we had nowhere to store it.