Contacted my credit union to see how my rebuild was going toward refi and they gave me some options. I have about 10k worth of repairs to house I need to do prior to refi (damn storm damage - issues with leaky balcony and roof had collapsed in bathroom, fixed roof need to fix bathroom).
CU told me that they could give me a personal/unsecured line of credit based on my income and scores up to 20k. In addition, I could use that single pull for LOC for an application to their MC up to CL of 5k. (15k loan would be about $500 per month) They pull EQ so I need to wait for CO to be removed prior to going forward.
My questions: The LOC will be paid off in 1 year prior to refi (or shorter time if needed). The interest rate will be 6.8%. I need this so I can keep my house appraised at a value to avoid PMI when I refi and I need to stop the potential water damage from balcony. Loan officer said that as long as paid off by refi I should be fine. Do yall agree?
What will this two need accounts to do credit score? Should I push back my AMEX application from 9/12 to later this year? say 12/12?
Thanks for input 
Duncan
EDIT: please move into rebuilding forum...put here by accident and not sure if this is best spot for it (kind of covers multiple areas from mortgage to cards to rebuild)
Thats a good pt about UTIL and I'll look into it. I only have 2 secured cards right now. I was planning on getting AMEX and maybe 1 more now before refi and then 1 after refi before reported. So, I could use another card right now.
My AAoA is still high and the introduction of 3 lines shouldn't hurt too badly. Like insaid, tuff decision and it has many factors to it. Just trying to do best for me.
My AAoA is still high and the introduction of 3 lines shouldn't hurt too badly. Like insaid, tuff decision and it has many factors to it. Just trying to do best for me.