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Ok, let me first apologize if this should be in the credit rebuilding section. I was on the fence as to what section to post my question.
I sat down with a mortgage broker in May who pulled my scores which were 636 EQ/633 EX/609 TU and he basically said if I lowered my utilization (which was about 55% at the time) my scores should pass 640, but without getting some derogs removed I would be hard pressed to get past 680 for a conventional loan by the fall. ( I did end up getting 3 derogs off my TU report but that was my low one anyway)
So here's the deal now. I pulled myFico scores Monday and they are 644 EQ/651 EX/655 TU and this with my util. being at approx. 45%. This month (August), due to a bonus, I am going to be able to pay my utilization down to approx 22-25%. My question is: I know there are too many factors that come into play to give a definative answer but am I crazy for thinking that the drop to 25% should solidify my scores at 640+ and MAYBE have an outside shot at 680?
My wife and I really would like to be house shopping by Oct/Nov but I wonder if we're too far off credit wise and it may not be until 2014?
I believe you're in the running for a mortgage. Dropping that util is one of the fastest and easiest ways to get a bump.