Jaybraap19 wrote: What would you guys advise I do for either situation? Cancel cc with high interest and try for another installment loan to replace it?
Interest rates don't matter if the balance is zero. A good best practice is to PIF every month, and keep it open. As far as another installment loan to improve your file... At the low 600's you have some work to do before you can get a mortgage. Wait on the installment loan and focus on credit repair with a goal of over 700 on all 3 cb's. Take the money you were going to spend on teh dirt bike and put it into savings or towards paying off debt. And spend lots of time here reading teh mortgage forum.
Thanks for the reply. I guess I should just bite the bullet and pay off my loans this year and keep paying my balance on my cards. How long do you think it would take keeping my utilization below 10% and PIF every month? 6 months?
Depends what else is on your reports. Do you have lates and collections?