More recently taking my credit seriously in hopes to buy a home within the next year and now that i have a career. Just gonna lay it all out and ask a few questions and get some honest feedback from everyone, thanks in advance!
$80k AI
Chase checking and savings holder since 5/22
under 5/24
AAoA 5y 10m
TCL $13,050
12% util (~ $1,600 debt)
EX. FICO 2 669
FICO 8 665
FICO 3 670
Wallet with limits:
Best Buy 2k
IKEA 7k
Credit one 850 (eligible for $250 CLI)
Credit one 1200
(CO is about 1300 of the 1600 total debt currently)
Macys 2k
BJs AU 19k
The bad:
few late payments, collections, two CO
ALL OF WHICH ARE PRETTY DATED AND EVERYTHING WILL FALL OFF THROUGHOUT 2023
Questions:
1. What are my odds for ANY of the Chase line currently? (travel is my desired perk)
2. I should definitely not take that CO increase and just pay them both off and close? or no bc those are my only two real credit cards?
Open for suggestions, education, and criticism. Keep in mind my plan to buy a home around 2/23 or 3/23 and how any decision may impact my score!
Blender
Would you also not recommend closing one or both of those credit one cards before buying a house as well?
@Blender wrote:More recently taking my credit seriously in hopes to buy a home within the next year and now that i have a career. Just gonna lay it all out and ask a few questions and get some honest feedback from everyone, thanks in advance!
$80k AI
Chase checking and savings holder since 5/22
under 5/24
AAoA 5y 10m
TCL $13,050
12% util (~ $1,600 debt)
EX. FICO 2 669
FICO 8 665
FICO 3 670
Wallet with limits:
Best Buy 2k
IKEA 7k
Credit one 850 (eligible for $250 CLI)
Credit one 1200
(CO is about 1300 of the 1600 total debt currently)
Macys 2k
BJs AU 19k
The bad:
few late payments, collections, two CO
ALL OF WHICH ARE PRETTY DATED AND EVERYTHING WILL FALL OFF THROUGHOUT 2023
Questions:
1. What are my odds for ANY of the Chase line currently? (travel is my desired perk)
2. I should definitely not take that CO increase and just pay them both off and close? or no bc those are my only two real credit cards?
Open for suggestions, education, and criticism. Keep in mind my plan to buy a home around 2/23 or 3/23 and how any decision may impact my score!
Blender
1. If you want to buy a house around 2/23 or 3/23, you should not apply for any new credit or any CLI or anything else that could trigger a HP.
2. You might as well accept the CLI from Credit One.
3. There's nothing to be gained from closing cards at this juncture.
4. You should reduce your revolving utilization. Don't let any card report greater than 28%, and the more zero balances you report the better (except that you want one card to report a small balance each month before you pay it off).
5. Your chances for a Chase card are slim. Your chances for a Freedom card would be better than your chances for a Sapphire card. If you were to apply, you should consider postponing the mortgage application until 13 months after applying for the Chase card.
I concur with the advice to sit tight, pay down your balances, and don't apply for new credit until after you close on the new house.
@MrDisco99 wrote:I concur with the advice to sit tight, pay down your balances, and don't apply for new credit until after you close on the new house.
+1
