Advice

[Anonymous]

Hello everyone,

I'm currently on the road to fixing my credit and paying off my debt. Current look at my Fico 8 scores are

June 2018 - EQ: 572, TU: 592, EX: 565

Jan 2019 - EQ: 625, TU:656, EX: 639

I've completely changed my mindset on debt and how my money is managed. I've gone from not knowing where my money has been to putting my Family's money in envelopes every month and budgeting.

I really want to boost my scores further and saw that I was preapproved for discover's IT and IT Chrome but weary of opening another line of credit. My main focus right now is to boost scores to meet the threshold of a mortgage middle score of 640 (Currently 615) Would it be wise to open another line to increase my overal credit and boost the score or do I just keep paying down the debt? After this tax return I won't have any debt besides student loans (40k). Any advice?

Thanks!

[SouthJamaica]

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@Anonymous wrote:

Hello everyone,

I'm currently on the road to fixing my credit and paying off my debt. Current look at my Fico 8 scores are

June 2018 - EQ: 572, TU: 592, EX: 565

Jan 2019 - EQ: 625, TU:656, EX: 639

I've completely changed my mindset on debt and how my money is managed. I've gone from not knowing where my money has been to putting my Family's money in envelopes every month and budgeting.

I really want to boost my scores further and saw that I was preapproved for discover's IT and IT Chrome but weary of opening another line of credit. My main focus right now is to boost scores to meet the threshold of a mortgage middle score of 640 (Currently 615) Would it be wise to open another line to increase my overal credit and boost the score or do I just keep paying down the debt? After this tax return I won't have any debt besides student loans (40k). Any advice?

Thanks!

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You don't tell us what credit you do have.

But as a general proposition one of the worst things you can do before applying for a mortgage is to apply for other credit.

[Anonymous]

My comments below in blue.

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@Anonymous wrote:

Hello everyone,

I'm currently on the road to fixing my credit and paying off my debt. Current look at my Fico 8 scores are

June 2018 - EQ: 572, TU: 592, EX: 565

Jan 2019 - EQ: 625, TU:656, EX: 639

I've completely changed my mindset on debt and how my money is managed. I've gone from not knowing where my money has been to putting my Family's money in envelopes every month and budgeting.

Good for you!

I really want to boost my scores further and saw that I was preapproved for discover's IT and IT Chrome but weary of opening another line of credit. My main focus right now is to boost scores to meet the threshold of a mortgage middle score of 640 (Currently 615) Would it be wise to open another line to increase my overal credit and boost the score or do I just keep paying down the debt?

We need to know two things before we can give you a reliable answer:

(1)  How many cards do you have now?

(2)  When would you ideally like to buy a home?

After this tax return I won't have any debt besides student loans (40k). Any advice?

Thanks!

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Great that you are paying off all your CC debt.  After you have finished doing that, be sure to use one card and have it report a small balance each month.