sad about my score declining due to new credit

[praise123]

There are 5 baddies on the report that are from 2008 so it will be sometime before it comes of the report. I really need to move before September 2013. We live in a bad area with bad school district and we can now afford to move. The other reason is that my house is showing a home equity line of credit which is increasing utilization rate. I think that my score will increase once I sell the property

[TeeandDee]

I definately feel your pain.  I was in rebuilding process for one year and in January, 2012, I went on an app spree.  By March/April, my FICO score tanked.  I've been told by several on this board that in six months to a year, it should recover because the inquiries will have aged and the new accounts also.  Hang in there!  Wishing you all the best on your mortgag venture as well!  I can't really give any advice in that department, but there are many on here who can!

[webhopper]

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@praise123 wrote:
There are 5 baddies on the report that are from 2008 so it will be sometime before it comes of the report. I really need to move before September 2013. We live in a bad area with bad school district and we can now afford to move. The other reason is that my house is showing a home equity line of credit which is increasing utilization rate. I think that my score will increase once I sell the property

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You can always try to find a rental house in a good area, which will give  your scores time to recuperate. Many homeowners would be interested in giving you a lease with purchase option, where your option to purchase would expire in 2 years.  A lot of homeowners are choosing to rent thier single family houses rather than sell, due to the market downturn. If I were in your situation, I would do that in a heartbeat rather than try to buy when I'm not ready.  That way, you'll have time to get your current house sold hopefully within the year, and won't have to worry about having "sell current home" as a condition of the closing on the new home.  By the time your HELOC on current home is paid off or down,  you could be looking at really good rates on a conventional mortgage.  You guys also may look into buying a Fannie Mae Homepath property. Homepath financing is a little easier to obtain than a conventional mortgage.