Hi Everybody!!! I'll start by saying this....Last week my mid-score was 638 (EQ) and I received pre-approvals from a local CU and a big box WF. 400k: planned to put 5% down....this gets a $2300 monthly payment: PMI $250, Taxes $303 (excellent schools).
Both the local CU and WF rep suggests that I pay down some of my debt....its true, see below, my overall UTIL is awful.
- They both suggested I pay Macys, Target, and Amazon in full - Paid yesterday; not reporting yet
- CU suggested to pay Amex Blue, Cap1, and Chase down to 30% - $8000.00 (est)
- WF suggested to pay ACE Loan and PSECU loan to under 10 payments - $4300.00 (est)
Today, my 3B updated and my mid score is now 649 (still EQ). Is 660 really the next threshold? Would it save me any money? I have 8-15k to throw at this OR add to my meager 5% downpayment. What do you all think I should do? Pay down, Save or some kinda hybrid solutution.
My solution is to pay Cap1 QS (7k), Pepco Visa (6k), and PSECU Loan (2.3k) off; I get $700 back in my pocket, less cards carrying balances, and lower UTIL.
NOTE: ACE only reports to EX and Pepco CC only reports to EQ and TU....all others report to ALL 3!
My scores are EQ-649 TU-651 EX-622. I am wondering if it makes sense to only paydown the ones that report to all 3 or not. Ex: will paying the ACE signature loan in full give EX a significant boost, do I even want that?
$400 monthly 6.2k/10k - ACE Signature Loan
$350 monthly 8.5k/22k - ACE Auto Loan
0/540 - Amazon
$150 monthly 4.5/5k - Amex Blue
$200 monthly 7.1/7.7k - Cap1 QS
$90 monthly 2.8/3.5k - Chase Freedom
0/900 - Macys
0/1500 - Mercury MC
$300 monthly 15.5/20k (closed) - NFCU Visa
$300 monthly 13.5/15k - Navcheck
$300 monthly 6/8.5k - Pepco Visa
$200 monthly 2.3/10k - PSECU Signature Loan
$300 monthly 13.4/15k - PSECU Visa
0/2.1k - Target
Please advise, you guys never fail me.... #myficoforumsrock
012019 Fico8/Mortgage Score: 
@newmomnewme congrats on getting ready for a mortgage.
To assist, it might be helpful to know what your income is and what the payments are on your cards and loans. It might help one of the myFico heavy hitters to give you some rockin' options!!
Can't wait to follow your success!! 
Thank you!
Annual income is 220k.
Car payment is $350 @ 4%.
Ill add the monthly payments to the original thread. I just don't want to make a wrong move here...
@newmomnewme wrote:Hi Everybody!!! I'll start by saying this....Last week my mid-score was 638 (EQ) and I received pre-approvals from a local CU and a big box WF. 400k: planned to put 5% down....this gets a $2300 monthly payment: PMI $250, Taxes $303 (excellent schools).
Both the local CU and WF rep suggests that I pay down some of my debt....its true, see below, my overall UTIL is awful.
- They both suggested I pay Macys, Target, and Amazon in full - Paid yesterday; not reporting yet
- CU suggested to pay Amex Blue, Cap1, and Chase down to 30% - $8000.00 (est)
- WF suggested to pay ACE Loan and PSECU loan to under 10 payments - $4300.00 (est)
Today, my 3B updated and my mid score is now 649 (still EQ). Is 660 really the next threshold? Would it save me any money? I have 8-15k to throw at this OR add to my meager 5% downpayment. What do you all think I should do? Pay down, Save or some kinda hybrid solutution.
My solution is to pay Cap1 QS (7k), Pepco Visa (6k), and PSECU Loan (2.3k) off; I get $700 back in my pocket, less cards carrying balances, and lower UTIL.
NOTE: ACE only reports to EX and Pepco CC only reports to EQ and TU....all others report to ALL 3!
My scores are EQ-649 TU-651 EX-622. I am wondering if it makes sense to only paydown the ones that report to all 3 or not. Ex: will paying the ACE signature loan in full give EX a significant boost, do I even want that?
$400 monthly 6.2k/10k - ACE Signature Loan
$350 monthly 8.5k/22k - ACE Auto Loan
0/540 - Amazon
$150 monthly 4.5/5k - Amex Blue
$200 monthly 7.1/7.7k - Cap1 QS
$90 monthly 2.8/3.5k - Chase Freedom
0/900 - Macys
0/1500 - Mercury MC
$300 monthly 15.5/20k (closed) - NFCU Visa
$300 monthly 13.5/15k - Navcheck
$300 monthly 6/8.5k - Pepco Visa
$200 monthly 2.3/10k - PSECU Signature Loan
$300 monthly 13.4/15k - PSECU Visa
0/2.1k - Target
Please advise, you guys never fail me.... #myficoforumsrock
The ideal/optimal balance should be 8% or less of credit limits. If you were my friend (especially after buying in Feb 2020 myself and jumping thru the hoops), I tell you to pay down the AMEX Blue, Cap1 & Chase. You need all 3 credit bureaus raised. Pay on the others as soon as you can as well. I watched my scores jump just by being mindful of my balances and paying on time each month. Good luck! 
@newmomnewme wrote:Hi Everybody!!! I'll start by saying this....Last week my mid-score was 638 (EQ) and I received pre-approvals from a local CU and a big box WF. 400k: planned to put 5% down....this gets a $2300 monthly payment: PMI $250, Taxes $303 (excellent schools).
Both the local CU and WF rep suggests that I pay down some of my debt....its true, see below, my overall UTIL is awful.
- They both suggested I pay Macys, Target, and Amazon in full - Paid yesterday; not reporting yet
- CU suggested to pay Amex Blue, Cap1, and Chase down to 30% - $8000.00 (est)
- WF suggested to pay ACE Loan and PSECU loan to under 10 payments - $4300.00 (est)
Today, my 3B updated and my mid score is now 649 (still EQ). Is 660 really the next threshold? Would it save me any money? I have 8-15k to throw at this OR add to my meager 5% downpayment. What do you all think I should do? Pay down, Save or some kinda hybrid solutution.
My solution is to pay Cap1 QS (7k), Pepco Visa (6k), and PSECU Loan (2.3k) off; I get $700 back in my pocket, less cards carrying balances, and lower UTIL.
NOTE: ACE only reports to EX and Pepco CC only reports to EQ and TU....all others report to ALL 3!
My scores are EQ-649 TU-651 EX-622. I am wondering if it makes sense to only paydown the ones that report to all 3 or not. Ex: will paying the ACE signature loan in full give EX a significant boost, do I even want that?
$400 monthly 6.2k/10k - ACE Signature Loan
$350 monthly 8.5k/22k - ACE Auto Loan
0/540 - Amazon
$150 monthly 4.5/5k - Amex Blue
$200 monthly 7.1/7.7k - Cap1 QS
$90 monthly 2.8/3.5k - Chase Freedom
0/900 - Macys
0/1500 - Mercury MC
$300 monthly 15.5/20k (closed) - NFCU Visa
$300 monthly 13.5/15k - Navcheck
$300 monthly 6/8.5k - Pepco Visa
$200 monthly 2.3/10k - PSECU Signature Loan
$300 monthly 13.4/15k - PSECU Visa
0/2.1k - Target
Please advise, you guys never fail me.... #myficoforumsrock
Personally I think you should really tackle the credit card balances. I would pay off cap one, amex, chase. The better your credit score the better the rate and that will lower your monthly payment. 740 usually gets you the best rates. Adding up all your credit cards its about 63K. I would try pay off at least half of that if possible all of that. Your scores would easily be 760+. I would start by paying of the smallest credit cards off and seeing where that bumps you too.
OMG! You all never cease to amaze me. I can drain my savings to pay down all but 1 account...PSECU is offering 2% balance transfers right now, so I will pay it in full ($13.5) then transfer the dead NFCU Visa balance over there and pay everything else off in full.
I still have two paid collections on my report that have refused all goodwill attempts (NCA), but at least my overall utilization will be under 30% and I will have all reporting at zero except for the PSECU Visa.
I should be able to rebuild my savings within 6 months....while increasing my credit score. I was just worried about not having a down payment; might be able to qualify for 100% financing with a better score.
I will let you all know how it goes. Thanks again!!
Just slightly off topic but consider looking at Navy for their 100% financing with no PMI. It might be a great product to consider since you will be knocking down your savings temporarily. The rate is higher but it's an amazing product and even allows up to a 6% seller contribution.
I can't wait hear about your future success and your new home. You have received some solid options. I agree with you; this community is amazing!!
Have a great day ahead!! 
I should be finished with the pay down by the end of August and will update my scores as the hopefully increase...
@Anonymous I app'd with Navy along with the other two and they instantly denied me, I figured it's because of my closed VISA with the 15k balance?
Do you think they would approve me for 100% financing if I dropped my UTIL down to 25%? Example: payoff all credit cards except PSECU (maxes). But wouldn't owe Navy anything.
I was kind of worried they would close my Navcheck as soon as I paid it off 😩
@newmomnewme wrote:I should be finished with the pay down by the end of August and will update my scores as the hopefully increase...
@Anonymous I app'd with Navy along with the other two and they instantly denied me, I figured it's because of my closed VISA with the 15k balance?
Do you think they would approve me for 100% financing if I dropped my UTIL down to 25%? Example: payoff all credit cards except PSECU (maxes). But wouldn't owe Navy anything.
I was kind of worried they would close my Navcheck as soon as I paid it off 😩
Any reason your visa card was or is closed?
@Harvey26 @Yes, I think it's because I kept it maxed out and the rest of my cards were also maxed. I paid Walmart and VS in full and they both closed me around the same time my Navy Visa was about to expire.
They sent a letter saying that they weren't going to issue the new card. It had a 20k limit...Navcheck 15k also maxed but they never closed it.
I don't know what to think... any ideas?