Should I ask for a higher CC limit to xfer my high interest dell CC Would Navy federal even approve?

[Anonymous]

I have a navy federal cc that's Max out at 6500. I have 2 lines of credit open with them for 3500 each a car loan for 19k. I have a max out nex card for 8200. Really trying to start paying these things down. My ultimate goal is to get these paid off so I can obtain a mortgage. Should I ask Navy Federal to increase my line of credit so I can transfer the high interest rate of dell which is 29.9%. I wanted to pay it off with my tax return but a navy fed rep said hold on to it for closing cost. I am not approved yet waiting for my tax return. Any thoughts.

Current Score

Trans 650

Equifax 634

Experian 602

[jake619]

---

@Anonymous wrote:

I have a navy federal cc that's Max out at 6500. I have 2 lines of credit open with them for 3500 each a car loan for 19k. I have a max out nex card for 8200. Really trying to start paying these things down. My ultimate goal is to get these paid off so I can obtain a mortgage. Should I ask Navy Federal to increase my line of credit so I can transfer the high interest rate of dell which is 29.9%. I wanted to pay it off with my tax return but a navy fed rep said hold on to it for closing cost. I am not approved yet waiting for my tax return. Any thoughts.

Current Score

Trans 650

Equifax 634

Experian 602

---

So you're plannig to get a $15000 return?  IMO, I would pay the balances down.  With those scores you're probably going to be unhappy with any mortgage options you receive.  Them telling you to hold onto it almost seems like a way to keep you in CC debt.

I'd get those balances down and then reassess your mortgage options.

[chnceit]

---

@jake619 wrote:

---

@Anonymous wrote:

I have a navy federal cc that's Max out at 6500. I have 2 lines of credit open with them for 3500 each a car loan for 19k. I have a max out nex card for 8200. Really trying to start paying these things down. My ultimate goal is to get these paid off so I can obtain a mortgage. Should I ask Navy Federal to increase my line of credit so I can transfer the high interest rate of dell which is 29.9%. I wanted to pay it off with my tax return but a navy fed rep said hold on to it for closing cost. I am not approved yet waiting for my tax return. Any thoughts.

Current Score

Trans 650

Equifax 634

Experian 602

---

So you're plannig to get a $15000 return?  IMO, I would pay the balances down.  With those scores you're probably going to be unhappy with any mortgage options you receive.  Them telling you to hold onto it almost seems like a way to keep you in CC debt.

I'd get those balances down and then reassess your mortgage options.

---

+1 Lenders take your mid score for motgage rates and yours is not high. Also with your cards maxed out I am surprised that the LO said not to pay your cards down.

I say pay your cards down then apply for a mortgage

[E150GT]

yeah. taking on a new mortgage with so much debt is asking for trouble. Ive been in my house for 6 months or so and Ive spent a few pennies fixing crap. 

[jake619]

Now that I think about it, you may as well ask for the CLI, if for no other reason, to decrease util.

[Creditaddict]

---

@Anonymous wrote:

I have a navy federal cc that's Max out at 6500. I have 2 lines of credit open with them for 3500 each a car loan for 19k. I have a max out nex card for 8200. Really trying to start paying these things down. My ultimate goal is to get these paid off so I can obtain a mortgage. Should I ask Navy Federal to increase my line of credit so I can transfer the high interest rate of dell which is 29.9%. I wanted to pay it off with my tax return but a navy fed rep said hold on to it for closing cost. I am not approved yet waiting for my tax return. Any thoughts.

Current Score

Trans 650

Equifax 634

Experian 602

---

You owe $8200 to Dell at 29.99%? (Don't think NEX is Dell but don't see you talk about Dell as an amount until you mention the 30%.)

I would ask for CLI with Navy to do the 0% with the NEX.... otherwise maybe a debt consolidation with Navy

and how much is tax refund... I can't believe anyone in a mortgage department would say such a thing as leave the debt and use cash for down payment.... That is not a person familiar with util. and debt to income, etc. for a mortgage.

You bring your debt to 0 and you might find yourself in a mid 700 with a prime 2.+% mortgage.... currently you might find yourself in a 5+%! (Don't really even know good rates these days or FHA and what but I do know debt on credit card even at 30% will cost you way less then a 1% difference on a 30 year mortgage!