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What is the deadline? Is it an artificial deadline?
Personally, I think you need to take care of some things before moving ahead. You simply need to pay down those balances. Both Barclays cards are killing your scores.
Pay the Logix off absolutely.
Victoria's Secret 819 (2230 limit, 37% utilization)
Care Credit 2791 (6000 limit, 47% utilization)
Barclay Rewards 2356 (2500 limit, 94% utilization)
Walmart 0
Barclay Apple 4727 (6000 limit, 79% utilization)
Logix CC 198 (1500 limit, 13% utilization)
If you could push your time table by 1-3 months and pay down most of those balances before applying, your scores would go up. And you don't want to go in buying a home with such high balances.
@Anonymous wrote:
@boogiesaveslives wrote:
Thanks! In terms of the 9/14 deadline, do I need to apply by 9/14 or before? What's the latest I should apply to get an approval in time?You need an FHA case number before that date. To get an FHA case number you need to be in contract. So it really depends on how long it takes to find a property and get an offer accepted, but if I were you I'd get pre-approved ASAP.
Got it! I know I'm pushing it, but preparing for missing the deadline.
@Anonymous wrote:What is the deadline? Is it an artificial deadline?
Personally, I think you need to take care of some things before moving ahead. You simply need to pay down those balances. Both Barclays cards are killing your scores.
Pay the Logix off absolutely.
Victoria's Secret 819 (2230 limit, 37% utilization)
Care Credit 2791 (6000 limit, 47% utilization)
Barclay Rewards 2356 (2500 limit, 94% utilization)
Walmart 0
Barclay Apple 4727 (6000 limit, 79% utilization)
Logix CC 198 (1500 limit, 13% utilization)
If you could push your time table by 1-3 months and pay down most of those balances before applying, your scores would go up. And you don't want to go in buying a home with such high balances.
I will have them all paid off in about 3 months, I'm just hoping to beat the FHA deadline (a far reach). Starting 9/14 they will include student loans that are in deferrment in the back end DTI. Which now that my DTI is down to 45%, the student loan deadline doesn't really matter any more. It's all about paying these bad boys off.
The 2 Barclays will be tackled next and hopefully I'll see a good bump. I use the Logix for my daily expenses instead of a debit card, so I'm not worried about that one.
Thanks for the advice.
I had a paid Franklin account removed quickly after I sent a GW letter. Good luck!