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Hello - this site has been extrememly helpful in the past.
I have not posted for about a year.
I currently have a 640 EX/TU score.
Up from 500 about 2 years ago.
I have a 6K closed credit line with Citi - that got charged off/settled - and now i pay Citi about $175 a month for next 2.5 years.
I have a large auto loan - 30K - payment is about $640 for next ~48 months
I have a mortgage - 192K left on it. Still carrying PMI - it was purchased in 2017 - planning to re-finance in March 2020.
Currently have a 5.5% interest rate - and want to try and get down to 3.
I just got a raise to $49 dollars per hour - which is close to 100K gross - but I only net about 5800 a month.
I am trying to get better about saving - and managing my money in general.
Things are tight right now - because I was reckless - and I have no cash until I can save up a few thousand.
I'm trying to do landscaping to the house and do small things that will help it appraise for more when I refinance.
Should I get a credit card - new line - 0% interest for 12 months ???
I can use it sparingly - but it would be nice to use $100 - $200 a month for Gas and Groceries.
I like to think it will help me build my credit score to 700 -- but i'm not sure that is true.
Will it hurt my score - if I pay it off on time, in full every month ?
I'm just going to be blunt and say no.
If you are thinking about refinancing your home in the next ~3 months, I would not be looking to open any new lines of credit. Not sure when your account was charged off, but if it was fairly recent, I have a lot of doubt that anyone would refinance you to a lower rate.
Other things to note/consider:
Are you upside down with your car? You should consider selling/paying off that loan and getting a reliable used car with cash.
Go through your budget (if you don't have one, sit down and make one) and eliminate subscriptions and nonessential spending. Don't use credit to pay for essential spending.
I would try for a Discover IT or perhaps an Amex card BCP. Maybe a Cap 1 Quicksilver. Something really basic. No more than 1 card however as you are looking at the possibility of a re-fi. Another option might be the Chase Freedom. Chase, Disover and Cap one like thin profiles. Good luck
@Sk323i wrote:Hello - this site has been extrememly helpful in the past.
I have not posted for about a year.
I currently have a 640 EX/TU score.
Up from 500 about 2 years ago.
I have a 6K closed credit line with Citi - that got charged off/settled - and now i pay Citi about $175 a month for next 2.5 years.
I have a large auto loan - 30K - payment is about $640 for next ~48 months
I have a mortgage - 192K left on it. Still carrying PMI - it was purchased in 2017 - planning to re-finance in March 2020.
Currently have a 5.5% interest rate - and want to try and get down to 3.
I just got a raise to $49 dollars per hour - which is close to 100K gross - but I only net about 5800 a month.
I am trying to get better about saving - and managing my money in general.
Things are tight right now - because I was reckless - and I have no cash until I can save up a few thousand.
I'm trying to do landscaping to the house and do small things that will help it appraise for more when I refinance.
Should I get a credit card - new line - 0% interest for 12 months ???
I can use it sparingly - but it would be nice to use $100 - $200 a month for Gas and Groceries.
I like to think it will help me build my credit score to 700 -- but i'm not sure that is true.
Will it hurt my score - if I pay it off on time, in full every month ?
At this point, it isn't wise to get into anymore debt. Your best bet is to go through your finances and see where every dollar goes. What can you cut to save? Refinancing might not be an option for you within the next few months if you don't tackle some of your current debt.
I read your recent thread today - https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Making-100K-a-year-but-i-m-broke/td-p/585696...
It appears from the spreadsheet you posted on page 2 of that thread that all of your credit cards are maxed out. Getting another credit card is not the answer. No matter what you tell yourself, you will most likely end up maxing it out also, creating even more debt. That's just my opinion.
I don't think now is a good time to take on more debt. Paying down debt I believe would be a better way to improve your score. IF you are able to refi, a 3% rate would cut your mortgage payment......keep in mind though that 3% is for the better credit profiles. Paying down debt seems the best path to me IMO