Hi all!
I've been a lurker for quite some time and decided to post to figure out the best way to increase my score. Not really sure if this belongs in the rebuild forum or mortgage, but I assume it will be moved to the appropriate channel. The goal is to be a homeowner by the end of the year. Husband and I were previously pre-approved for a home in NJ (so expensive!!!!! 
) in November (FHA). We found a wonderful home for a great price and while we were under contract, the sellers were offered a loan mod in order to keep their home. Rather than fight it out in the courts, we chalked it up as a loss and went on with our search...and then Miss 'Rona decides to wreak havoc on the world. Our pre-approval expired in February and rather than rush to get another, we took our time so I could get my scores up enough to qualify for the down payment assistance as well.
Currently, my scores are:
EX: 654 EQ:646 TU: 651
I only know my EX mortgage score (627) and decided against purchasing all scores until I see an increase in that number since every penny counts. The DPA in the state used to use a score of 620 and the new minimum score to qualify is 680 because of COVID; with lenders also being cautious, most have moved the goal post from 620 as well.
We are both working and have had no loss of income and I have been trying my best to throw any extra money at my debt I currently have using the snowball method:
CARDS
Victoria’s Secret: $0/$490 UTI-0%
Overstock: $0/ $400 UTI- 0%
UnionPlus MC: $802/$1500 UTI- 53.46%
CapOne Platinum: $2501/$2800- 89.32%
LOANS
Avant: $3,659.58/$4,600
WFDS: $5,240.25/$27,618.01
STUDENT LOANS
Federal: $33,810.83
Private: $22412.87
I’d like to knock out my credit cards using AZEO, but should I work on lower my CapOne so the individual util isn’t so high? I also know the smarter way is the avalanche method, but I know myself and I need to see some type of win in order to keep my spirit alive. We are not on any time constraint as far as moving out because our families are absolutely lovely, but we’d like our own place soon. I’ve also been throwing money at my two savings accounts because while my debt is priority, I need to have an emergency fund for those unexpected costs that pop up and work on boosting our downpayment/closing cost fees. I just know that fixing credit is a marathon, not a sprint and I’m getting antsy now.
I have no derogatory accounts, collections, or judgements, so it’s really a matter of destroying this debt. Any insight on what I could or should be doing differently?
Thanks in advance!
@Anonymous wrote:Hi all!
I've been a lurker for quite some time and decided to post to figure out the best way to increase my score. Not really sure if this belongs in the rebuild forum or mortgage, but I assume it will be moved to the appropriate channel. The goal is to be a homeowner by the end of the year. Husband and I were previously pre-approved for a home in NJ (so expensive!!!!!
Currently, my scores are:
EX: 654 EQ:646 TU: 651
I only know my EX mortgage score (627) and decided against purchasing all scores until I see an increase in that number since every penny counts. The DPA in the state used to use a score of 620 and the new minimum score to qualify is 680 because of COVID; with lenders also being cautious, most have moved the goal post from 620 as well.
We are both working and have had no loss of income and I have been trying my best to throw any extra money at my debt I currently have using the snowball method:
CARDS
Victoria’s Secret: $0/$490 UTI-0%
Overstock: $0/ $400 UTI- 0%
UnionPlus MC: $802/$1500 UTI- 53.46%
CapOne Platinum: $2501/$2800- 89.32% Get these paid down and let 1 report each month <8%
LOANS
Avant: $3,659.58/$4,600 If you can pay this off. Keep the other loan open cause it a lower uyil percentage.
WFDS: $5,240.25/$27,618.01
STUDENT LOANS
Federal: $33,810.83
Private: $22412.87
I’d like to knock out my credit cards using AZEO, but should I work on lower my CapOne so the individual util isn’t so high? I also know the smarter way is the avalanche method, but I know myself and I need to see some type of win in order to keep my spirit alive. We are not on any time constraint as far as moving out because our families are absolutely lovely, but we’d like our own place soon. I’ve also been throwing money at my two savings accounts because while my debt is priority, I need to have an emergency fund for those unexpected costs that pop up and work on boosting our downpayment/closing cost fees. I just know that fixing credit is a marathon, not a sprint and I’m getting antsy now.
I have no derogatory accounts, collections, or judgements, so it’s really a matter of destroying this debt. Any insight on what I could or should be doing differently?
Thanks in advance!
Getting to AZEO and getting rid of the loan will help.
