When is the Right Time?

[AssistanceRequired]

Hi folks,

My bk discharged 9/06.  My TU:682, EQ:660, EX:670, and all may increase when the reduced bal on my HSBC accounts post.

I want to apply for a co-op that requires a cs minimum 650 which requires a hit to my cr.  The mortgage will not be an issue, because acceptance of the application pretty much guarantees a mortgage loan. 

I just got a new job with a $12,000 increase and I want to have some work done that will require a $5500, loan and another hit to my cr.  I know these new inq. will reduce my scores and I want to reduce the impact each will have on the applications.

Please makes suggestions.  You have been a tremendous help in my decision making.  It is because of this Forum that have been able to repair my credit and recover from my bk, so successfully.

Thank you so much.

AssistanceRequired.

[Anonymous]

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AssistanceRequired wrote:

Hi folks,

My bk discharged 9/06.  My TU:682, EQ:660, EX:670, and all may increase when the reduced bal on my HSBC accounts post.

I want to apply for a co-op that requires a cs minimum 650 which requires a hit to my cr.  The mortgage will not be an issue, because acceptance of the application pretty much guarantees a mortgage loan. 

I just got a new job with a $12,000 increase and I want to have some work done that will require a $5500, loan and another hit to my cr.  I know these new inq. will reduce my scores and I want to reduce the impact each will have on the applications.

Please makes suggestions.  You have been a tremendous help in my decision making.  It is because of this Forum that have been able to repair my credit and recover from my bk, so successfully.

Thank you so much.

AssistanceRequired.

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The inquiry will fall under the category of "new credit" which affects 10% of your score. How much the inquiry affects your score will depend upon your overall report.

I don't know that having the inquiry today vs next week will make that much of a difference.

Will it be the same place pulling for both situations? Maybe they can use one report for both things or code one report as a soft.

[Anonymous]

Assistance,

Do you currently have an installment loan? If you don't, a new loan might actually keep your scores stable by upping your mix points even while you lose age points. If you already have an installment loan this is not the case.

I believe most loan officers like to see you 2 years removed from a bk. You may want to ask if your bankruptcy is too recent a factor.

Other factors are:

Is your new job in the same field as the old job?

What is your current overall util and util by indiv account?

Can you wait until after the mortgage to get the 5500 loan?

[AssistanceRequired]

Good afternoon Sidewinder,

I have no installments.  My progress has been based on low loc cc.  I've been very upfront and honest w/ the co-op and they are willing to give me a pass on the bk since I have managed to get my numbers up in less than 2 yrs. it is a gov. subsidized thingy which has worked in my favor as well.  There were a few years that were very dark and scare financially, but it seems the clouds have finally opened up and allowed some sunshine in for me and I am very grateful.

I am in the same field, in fact the same organization just a better position, salary increase, new location.  I have been overlooked for years and my faith, hard work, and determination has finally paid off. 

I could wait a little longer for the work, but I was hoping to have it done before my transfer, have a little more flexibility in my present situation. But, if I must wait so-be-it, the co-op is my priority. The market is soft and another opportunity like this may not present itself especially with my credit history.

Do you know if inquires hit your cr immediately or whether there is a window I that may work in my favor?

Thank you so much for your time. 

Assistance.

[Anonymous]

ings  show right away!

[Anonymous]

Assistance,

Since you do not have an installment loan, I would actually suggest that you obtain a signature loan for the amount you need. That alone will probably offset the impact to your average age and may even boost your scores slightly. If you are a member of a credit union you should be able to obtain a fairly low rate on a loan.

If you can wait a few months on the place your scores should go up even more because the new tradeline will report a few months of payment, but if you can't do that then there should be no problem.

This is no gurantee....but the presence of an installment loan CAN equal 20 points or more.

If you want a better guess you could post your TL's (closed and open), their current age, and your current balances

[AssistanceRequired]

Ok folks,

I applied for a $4,500 loan and was accepted.  Today TU: 682, EX: 665, EQ: 678.

Orchard Bank     $700/ bal: $0

Captial One        $500/bal: $4.95

1st Premier        $250/bal:  $0

HSBC                $1100/bal: $500

Do you think the inq will hit me hard?  My last inq was 12/07 which resulted in the HSBC.  When do you think it will hit me?  If I have a couple of weeks, I may be able to apply for the co-op and meet the 650 min score.

I can only hope.

Thanks.

Assistance

Message Edited by AssistanceRequired on 06-05-2008 05:34 PM