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