Credit rebuilding advice

Anonymous · ‎09-14-2017

Hello Guys,

So this is my situation...me and my fiance are looking to get our first place. She has a credit score of 750 and mine is about 580. She has about 4k of total credit debt with 36k in available credit with a good intrest rate. I have a 580 credit score with only 2 cards both have $400 credit lines and both are at about 370-390 each. We are looking to get pre-qualified for a mortage in the next few weeks/months. I was wondering if it would be a good idea to pay my credit cards off with her 40k credit line and then pay the bill together. My questions are:

A. Will this help my score and improve my chances of getting a good mortage

B. Will this hurt her score, if so how severly

C. Is this a good idea or bad idea

Thanks for the input

Anonymous · ‎09-14-2017

@Anonymous wrote:
Hello Guys,

So this is my situation...me and my fiance are looking to get our first place. She has a credit score of 750 and mine is about 580. She has about 4k of total credit debt with 36k in available credit with a good intrest rate. I have a 580 credit score with only 2 cards both have $400 credit lines and both are at about 370-390 each. We are looking to get pre-qualified for a mortage in the next few weeks/months. I was wondering if it would be a good idea to pay my credit cards off with her 40k credit line and then pay the bill together. My questions are:

A. Will this help my score and improve my chances of getting a good mortage

B. Will this hurt her score, if so how severly

C. Is this a good idea or bad idea

Thanks for the input

Pay one card off to $0. Pay the other one down to $20 balance. Obtain a third card - secured if need be. Moving the small balance to her cards will not hurt her UTI signifigantly, but its not the way I would do it.

Anonymous · ‎09-14-2017

What would be the better course of action?

Anonymous · ‎09-14-2017

Pay it off and start using the cards for monthly expenses and pay in full (except for $20) before their statements close.

Anonymous · ‎09-14-2017

I know thats the best idea, but speaking in terms of losing an oppurtunity at a home we like, is this the quickest fix possible without shoveling out the 800 out of pocket?

Anonymous · ‎09-14-2017

If you don't have the $800 currently on hand, you could certainly go that route as she will not cross any scoring thresholds. As was already suggested, pay one to $0 and keep the other under 9%. You may also want to entertain the idea of being added as an authorized user to her credit cards to bolster your scores as well.