2manyquestions wrote: CC #1: Limit of $2000, balance of $1900 - VISA CC #2: Limit of $2000, balance of $1900 - Mastercard CC #3: Limit of $2000, balance of $700 - Best Buy CC #4: Limit of $600, balance of $550 - Macy's Total debt: $5050
Under 50% uti is the magic number where you start gaining points. So 10% uti, they will gain points back, as much as 10-15 (depending on bucket) per 10% uti.
Figure about -12 (very rough est) for ever 10% of credit card debt to total credit combined limits. Example. Ten CCs with a CL of $1k each is $10,000 total credit. Use 10% of that credit and your loose -12 points roughly. As soon as you pay it back you get the points back, but not until your credit reports updates. There's more... Max out a car (90% of more debt per account) and you loose more points, Have too many debts even if it is one dollar left, you loose more points. You are loosing so many points for this credit card debt. But on the good side, once you pay it you get all those points right back. This point loss is different than being late. If you are late, it stays for 7 years. Being in debt stays only until paid. You very well could be in the 500's with this debt.
So why do places sell FAKE scores for us and give lenders more realistic scores? I think it's because they don't want people to be discouraged and walk away. They want people to try and improve their scores so they will buy more fake scores. FICO gives it to you straight. You get the same score your lender gets.
Cosigner or not, I would not try to get a loan because it will leave an inquiry on your credit report just to find out you are denied. You have very very good credit. Just use your savings to pay off your credit card debt and then you will be able to apply and get a pretty good rate.
I think you can get up to $10k on your own, maybe. Definitely $20k with a co-signer with good credit who owns a home. If you are late, it will hurt the co-signers credit. Might be better working out a deal with your dad on paper. Maybe he can borrow the money and reloan it to you on the side. Work out in interest payment and term. Do a private loan...