should i open a new account

[Anonymous]

i have some derogs on my CR; all are 2 years old or older, and my scores are gradually coming back:

EQ = 626

EX = 636

i am at about 48% utl, with total limit of $4000. i will be debt free in about three more months.

i dont know if would qualify now for any limit worth having, and i want to be able to boost my score asap in order to buy a house.

would it be advisable to open a new TL? if yes, should i go for some sort of installment loan in order to add some variety.

i have nothing but 2 rev CC's, and a student loan, now in deferrment (b/c i'm back in school), but still being paid off.

[Anonymous]

If you take out a new CC it will lower you length of history & could drop scores. On the other hand it would lower your UTIL.

FICO hates collections and new late payments. Altho late pays hurt less after 2 years. And you need to be careful of *ings* when trying for a loan

[Anonymous]

what's a *ing*

[Anonymous]

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Im_doing_it_right wrote:

what's a *ing*

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INQ = inquiry

See my response to your cross-post on the CCs forum.

[Anonymous]

I opened a loan account with my credit union. I just deposited some money in a savings account and took a loan for the same amount.  It shows as an installment loan.  I just call once a month and have them transfer money from my savings to pay the loan.  It works out nice. 

[Anonymous]

thanks for clearing that up... i'm new at this.

regarding the 700 club, i want to get there but a this point i have as many accounts with derogs on them as i do accounts with perfect history.

what's a boy to do in my situation?

[Junejer]

IDIR, it's not the greatest idea, IMO, to app for anything when getting close to a mtg, as too many things can go wrong. I would focus on getting that uti under 10%, that will do wonders for your scores.

[Anonymous]

You're on the right track!  Pay down your cc's. It's not too far away!

[Anonymous]

is there a magic number score wise that i should be shooting for before i go shopping?

i would hate to get turned down and still take the hit on new inq's if i don't have a snowball's chance in hell anyway.

[Junejer]

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@Anonymous wrote:

is there a magic number score wise that i should be shooting for before i go shopping?

i would hate to get turned down and still take the hit on new inq's if i don't have a snowball's chance in hell anyway.

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I think that a 680 should free up most lenders to do pretty good things for you on a mortgage.