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Looking for a quick boost in my score. I'm at around a 620 trying get to 640 really fast to aquire a home loan. only have one credit card and that's already paid down to 5%. only other things on my credit are about 30k in student loans and a 6k auto loan. I have about 1k i could pay toward either of them would I be better off keeping that $ or throwing it at one of those loan amount.
Installment utilization is a very minor component of FICO® scoring compared to revolving utilization so it is very unlikely that you would gain any points from paying down either installment balance. You *might* gain points from opening another CC ~ FICO® scoring usually likes to see more than one open revolving account.
@stopdrpnro wrote:Looking for a quick boost in my score. I'm at around a 620 trying get to 640 really fast to aquire a home loan. only have one credit card and that's already paid down to 5%. only other things on my credit are about 30k in student loans and a 6k auto loan. I have about 1k i could pay toward either of them would I be better off keeping that $ or throwing it at one of those loan amount.
wouldn't opening another credit card this close to applying for a home loan lower my score or at least make me look depserate?
How soon are you applying ? 6 months ? 1 month ? Your average age of accounts ( AAoA ) will be slightly reduced if you open another account. But it will improve your revolving utilization.
@stopdrpnro wrote:wouldn't opening another credit card this close to applying for a home loan lower my score or at least make me look depserate?
i've already gotten a pre-approval but i'm attempting to secure a 203k loan which requires a little higher score. The goal is to do something in the next 2 months.
@pizzadude wrote:How soon are you applying ? 6 months ? 1 month ? Your average age of accounts ( AAoA ) will be slightly reduced if you open another account. But it will improve your revolving utilization.
@stopdrpnro wrote:wouldn't opening another credit card this close to applying for a home loan lower my score or at least make me look depserate?
Depends on AAoA, unless already over two years, or will tick over the two year mark pre-mortgage application, it makes no difference mathematically as it'll be counted as one year anyway.
Beyond that opening a new card while absolutely a good thing going forward, and if it doesn't adjust one's AAoA it'll likely be an immediate boost too (depends what else is in your credit file, if you have old closed cards, probably not), but if you're talking one month to a mortgage, you probably just need to wait it out for your score to recover naturally if you don't have a significant outstanding balance on your current CC.
What are the negative/derogatory items on your reports ? Can you try GW to clean them up if you haven't already ?
@stopdrpnro wrote:i've already gotten a pre-approval but i'm attempting to secure a 203k loan which requires a little higher score. The goal is to do something in the next 2 months.
i had 2 charge offs that were recently remiedied using gl letters the other negatives are all late payments on my student loans which are through sallie mae, nc state, & college fondation.
i do have an orchard bank credit card with a $400 limit . would a request for a cl increase be any different from just getting another card? also do secured cards show any differnatly than non secured cards?
@stopdrpnro wrote:i do have an orchard bank credit card with a $400 limit . would a request for a cl increase be any different from just getting another card? also do secured cards show any differnatly than non secured cards?
Requesting a CLI will possibly cost you an hard inquiry, but that's it. Do a search on Orchard to find out how they usually handle CLI requests. Some cards report as secured in their name, but there's no difference in terms of how they are scored by FICO.