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Hello,
I have been rebuilding my files for a while now. There have been many successes along the way (2 PRs deleted; 3 COs removed; 3 critical addresses removed even by Experian; 2 PFDs accepted) thanks to this board have the following on my CRs:
I am hoping these recent payments and low balances will help my utilization and score.
Now, I have an extra $450 from my tax return. What is the best way to use this: should I:
1. Open a new secured card with Bank of America?
2. Increase the limit on of the secured credit card accounts ? )
3. Go to the strip club and celebrate for paying down my balances :-)
Thanks for your thoughts ......
If I were in your situation I would use it to pay Midland. If you are considering getting a mortgage you would most likely be required to pay it before closing anyways. You already have 3 cards to establish positive credit and getting another would add another inquiry and another new account. It would lower your AAOA and add a new inquiry, most likely resulting in two score dings. There is a general rule of thumb not to app for anything at least 6 months before mortgage app'ing.
@DiabolicallyRandom wrote:If I were in your situation I would use it to pay Midland. If you are considering getting a mortgage you would most likely be required to pay it before closing anyways. You already have 3 cards to establish positive credit and getting another would add another inquiry and another new account. It would lower your AAOA and add a new inquiry, most likely resulting in two score dings. There is a general rule of thumb not to app for anything at least 6 months before mortgage app'ing.
+1
Plus I hear Midland will do a GW after payment.
Are the chances for GW better with full payment or settlement ....?
Probably full payment. They can be difficult at times.
I would search the fourms and see what you can find.