v a mortgaging

[Anonymous]

Ok.  we contacted a mortgage broker about getting a loan.  My middle score is 612 and my wifes is 620.   620 is minimum for VA. she told us if we get our credit cards down to 25% it will raise our scores by 50 pts.  Is thie possible?  . Cutting credit cards to 25% isn't a problem. Also asked about using utilities, insurance, cell phone payments...etc... she said in todays economy banks won't look at those kind of things. Is that right as well?  We are in AZ., so I know it is rough here, but the prices are right.  

[IOBA]

Lowering the balance could help your credit score.

Dont' apply for any product changes, to include changing your cell phone plan - they pull credit when you do.

Typically, they do not look at what your cell phone bill is or what utilities are UNLESS they are reporting on the CR.  Some (not all) utiltiy companies do report on the CR.

For a bit, stop using  the cc's - pay them down/off.

Good luck with getting a house!

[Anonymous]

Thanks for the reply>  Also, I have a first premiere CC twhere dues coming due. It has a hefty 63% financing on it. I pay it off every month. The only reason I got it was to get my credit started. Now that I have other cards, I want to get rid of it.  How much will it impact my score to close it?  As there are significant charges, let alone a high percentage rate.

[IOBA]

My suggestion - leave it open!  leave it alone!

AFTER you have purchased your house, if you want to close it, ok.  

My experience, years ago, was some of my creditors got scared that I bought a house and lowered CL.   The ironic thing is I always paid in full and had no lates and didn't come close to my CL.   All but one card reversed their decision a few months later.   Just something to keep in mind...