I don't think I was clear in my explanation of the freedom stores. You are absolutely correct, that for long term growth, this is a positive. The OP seemed to indicate that he wanted to be applying for a mortgage very soon, one could almost infer he is meaning by December, which is 2 months away. I did not mean to try and say it should be paid off immediately and closed. I meant that it should be paid down SOME, pay perhaps 1,000 towards it right away. If the current balance is that close to the opening balance/amount owed, then that is CURRENTLY hurting his credit. Will it go down over a year, two, three, sure, but again the OP seemed to imply that he wanted to increase his credit VERY quickly.
Thanks for all the input. I know scores don't change instantly. I tend to run my thoughts together,the reference to december has little to do with how long do you think it will taketo get to 640. I am more curious because i need to figure out how long of a lease to get. Or if I am in the window for a lease purchase. I just opened a USAA secured card and a wellsfargo card. So Step 1 is complete.
Does the car need to be 5K?
That seems like a 2002 car more or less.
I'm thinking you can buy a 1998 Ford for about 2k or less. It won't be pretty, but it will run and get him to and from where he needs to be. You can use the other 3K to pay bills. It's pretty much just a compromise.