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Member
Posts: 14
Registered: ‎11-06-2012
0

Best plan of attack on CC and installment loan payment to get a Construction Loan

Hello all,

 

I have been working on my credit since August. Getting it from about a 600 to now (last time was pulled by lender) to a 638. I have gotten incorrect information off my credit reports for the most part. I have a few im still fighting with. But now that my tax return will be available within the next month or so I will finally have the funds to pay off (or down) my CC with a balance of 800 (CL is 2,000) and my installment loan, which I owe 600 on. I will be attempting to get a Construction loan from out local bank and they said so long as my credit score is within 640 and 670 I will get a 4% intrest rate, which isnt amazing right now. But its definately do-able. I also have a very old (2007) Medical bill I am debating whether to pay off or not. Is this a good plan that should get me into a favorable range to get an OK percentage rate? Or had anyone themselves gone through a construction loan process? Any help would be greatly appreciated! Thanks

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Posts: 12,952
Registered: ‎04-15-2011
0

Re: Best plan of attack on CC and installment loan payment to get a Construction Loan

Pay down your util, and if possible PFD the medical bill.  You should be good to go.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
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Member
Posts: 14
Registered: ‎11-06-2012
0

Re: Best plan of attack on CC and installment loan payment to get a Construction Loan

Thank you! Just making sure I wasn't crazy for thinking this!
Moderator
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Best plan of attack on CC and installment loan payment to get a Construction Loan

Never said you weren't crazy, just that you're headed in the right direction.  LOL


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Member
Posts: 14
Registered: ‎11-06-2012
0

Re: Best plan of attack on CC and installment loan payment to get a Construction Loan

Hahaha, for the record though dealing with this kind of stuff made me this way!

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