Do I Qualify??? and other concerns!!!

[JVille]

You can’t do much without those Business returns because this is a very new business.

[Anonymous]

Dont forget OP, while youre talking about the cards and the age of the business here, that you will need to address that revolver you have at 80 percent utilization.  Oh and the other one at 60.  Your aggregate utilization is fine, but those two individual cards are holding you down big time right now.

Your loan officer is going to balk hardcore at that and want to know why those balances are so high (they might not even get to other financial questions if its not paid down under half and they see that sticking out when they pull your reports)

If youve got a couple thousand extra dollars you can afford to put into them, get both those cards under 30% right away before you proceed no matter what else happens.  Ideally pay them completely off.

[Godoi25]

Thank you for the response, I understand what you are saying. Would a CLI help? I wanted to call NFCU and see if they would increase the limit on the $8200, my score with them just updated today and it’s up 40points to 750.
I could possibly pay down the balances like you are suggesting, just didn’t want to do it since I still have around 10months of 0% interest on them. I am paying more than minimum monthly tho.

[CreditInspired]

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@Godoi25 wrote:
Thank you for the response, I understand what you are saying. Would a CLI help? I wanted to call NFCU and see if they would increase the limit on the $8200, my score with them just updated today and it’s up 40points to 750.
I could possibly pay down the balances like you are suggesting, just didn’t want to do it since I still have around 10months of 0% interest on them. I am paying more than minimum monthly tho.

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IMHO, since your are looking to NFCU for a 0% down mortgage through them, getting any type of HP inq is a no-no. And unfortunately, with NFCU, you cannot be guaranteed it won't be a HP. Actually, now that you know you want to apply for a mortgage, you should not take the chance of applying for any CLI with any CCC that might end up being a HP.

Also, I agree with everyone else -- try to get those CCs paid down to at least 29.9%.

Also, I could be wrong about this, but even though you are a co-signor on GF's carnote and responsible for payments too, I thought a lender would accept a written explanation and proof of carnote payments that she is responsible for payments and is actually making payments (her cancelled checks). Hopefully, someone else will chime in on this be because as stated I'm not sure about this. Also, keep in mind that if she's ever late on a payment, that will ding your credit big time.

GL2U

GL2U

[Godoi25]

Thank you for the response, I will hold off on the CLI. I will also try to get the cc balances as low as I can in the next couple months while I wait for tax returns to be done.