This year is the year that I have decided I would like to purchase a condo for myself considering the type of job that I currently have, which I work half a year out to sea and is home on vacation the other half, so renting a apartment is not and option for me just a waste of money in my eyes. So im going to lay EVERYTHING out on the table and look for some really good advise on what the best options for me should be. I signed up for Lexington law back in Aug of 2012 and they have removed a GREAT deal of accounts for me in the past few months, I know everyone is going to say I could of done it myself and saved the money but due to no time and my job that was just not an opition... My current annual income is about 60k,
And my credit profile is as followed:
Ally Bank Car Payment $476.81 Bal is $24,323.00
Care Credit Payment $ 0.00 Bal is $ 0.00 CL $3,000.00
Citi Health Card Payment $ 57.00 Bal is $ 1,671.85 CL. $2000.00
Capital One Payment $ 15.00 Bal is $ 480.00 CL $ 500.00 (Use Every Month & Pay Off)
Orchard Bank Payment $ 25.00 Bal is $ 390.00 CL $ 400.00 (Use Every Month & Pay Off)
I do have side items I pay for monthly but not too much my credit utilization is 28% according to my last credit report, my biggest question is if I try to open a new account preferably a personal loan, would this hurt my chance of getting a home with a newly aged account... And my credit score are not bad but not great either my Transunion is at 678 Equifax is at 648 Experian is at 660... Thanks in advance for the help...
Starting Score: 640
My file has a few dings from over three years ago but currently there are no dings on my credit profile.. I would like to purchase now but IM still on vacation and haven't been to work in a few months kind of need to save more down payment before applying for homes...
rjohson I do use the smaller credit cards I use them up every month and pay them both off before the statement prints out so every month it shows a $0.00 balance and the 2 smaller credit cards (Capital one and Orchard bank) but Im not able to pay down the bigger credit card on Citi cards until a few months from now... Are you saying that by me signing up for opt out pre-screening I can instantly increase my score by 60 points?
So OP, are you saying that those high balances you reported are not listed on your credit report? Because you said that you PIF every month before the statement cuts. If yes, then what are the real balances that are reflected on your credit report now?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
Last App: 4/5/13 Gardening until July 2014
The real balance that reflect my accounts are both $0.00 (Capital one and Orchard Bank) but I still owe one citi heath the $1600.00, I want to open a personal loan but not sure if its great idea seeing that I am trying to get a condo in 6 months
Okay so you won't get any additional points for reducing utilization on those cards because they are already paid off.
But, you can gain probably 30-60 points for reducing the $1600 balance to 9%. That $1600 balance is really hurting your score.
Getting a personal loan before a mortgage is not a good idea because it can potentially affect your DTI and shrink the amount of home you can qualify for.
But, you can gain probably 30-60 points for reducing the $1600 balance to 9%. That $1600 balance is really hurting your score.
Getting a personal loan before a mortgage is not a good idea because it can potentially affect your DTI and shrink the amount of home you can qualify for.