My BoA was created in 2003. After digging around on my credit reports I have over 3k higher on my CC which would have put me somewhere around $13,900. Also I recently paid off a furniture loan over $3k. I purchased Suze Ormans kit just as something for me to look at here this evening. But if what the simulator says, I can be over 800 on my score by summer 09 if I pay off my CC. I am sitting at 735/745/759 with my scores. Sure my utilization is high. I have only been married a year. There were some big ticket expenses put on this card. Honeymoon, wedding rings, engagement rings. LOL! I told my wife that if I didn't marry her last year I wouldn't have any CC debt. I need to put this card away in the drawer. My latest purchases on it was a handgun and our summer vacation. But after viewing what my score could be, I am probably going to opt out of getting a new CC. I could probably cough up an easy $2700 to pay on this thing, plus I have my Stimulus check coming. There is another $1200. So $3900 total. I can usually handle $1000 payments each month right now. So on that note, my best bet is to take and get this card down to at least $5k and then start plowing money into my saving for a down payment.
I have had over 14 cards in my lifetime so far. Just meandering my way down the APR pole to try for a 5% APR card someday. No I don't have cash saved up for a home purchase yet. As I would have to divert some funds elsewhere to pay for closing costs and blah blah.
That sounds like a great plan. Buying a house sounds like it is easily within your reach, but with a little work you can get that house on the best possible loan terms possible. That is the sort of the thing that is usually worth 6 months to a year to wait for. Best of luck to you and the misses.
In that case I would not apply for a card. Just pay the thing down as quickly as possible. A new card will double ding your score and won't help the utilization. 8% is a pretty good rate these days. You have an understanding wife or a real good hiding place for that gun.
No my name isn't Turd. I have to think I somehow have the upper hand in this marriage somehow. Now I have to convince her as to how close we are to being done with the CC and not using it anymore. So by August I can start saving a down payment plan.