We are in the mortgage lending process and I need a 20 pt boost. I think my best bet is to update my info and pay down my utilization. Any advise? Should I take me off as an AU from my wife's cards? She is not on the mortgage loan application. I have $5000 I can use to pay down debt.
Here's my balances:
1. Line of Credit at credit union: $13,026 bal/$30,000 CL (43% util)
2. Citicard: $3,945 bal/$11,000 CL (36% util)...wife's card, I'm an AU
3. Amex: $2901/$6000 CL (48%)
4. Amex: $931/$13500 (22%)...wife's card, I'm an AU
My major derog is the short sale that is to fall off this Sept (Experian), Nov (Transunion) with M&T bank. I've submitted a "dispute" to see if they'd do an early exclusion. I'm waiting for results.
I would pay the following -
1. Line of Credit at credit union: $13,026 bal/$30,000 CL (43% util) - $1500, this will bring utilization down to 38%
2. Citicard: $3,945 bal/$11,000 CL (36% util)...wife's card, I'm an AU - $1000, this will bring utilization down to 27%
3. Amex: $2901/$6000 CL (48%) - $2500, this will bring the utilization of this account down to 6%
4. Amex: $931/$13500 (22%)...wife's card, I'm an AU - This amount doesn't add to 22%, it's more like 6%.
If you don't want to pay the debt's on the DW cards, then I would suggest paying down the CU CC and Amex.
Thank you for your helpful response!
7/16/18 Good Stuff Update!
I got a letter from M&T bank with whom I have a short sale with in 2011. I had written them a goodwill letter last year and again this month. I guess someone received it and they responded! Someone will be working to immediately remove the short sale from all 3CBs.
This has a fall off date of Sept-Dec 2018. The 3CBs each have a different day for it to be removed.
I'm holding my breath and hoping it's done soon. If not, TU and EX said to call in on Aug 1st to ask for an early exclusion.
The other news...
I paid down some big balances today per our mortgage LO and the AZEO method. We were trying to get up to 680, but now we're hoping to get up to 700! We will do a rapid rescore soon. She said I didn't need to pay down the cc balances but I did it to follow the AZEO advice.
The only balances remaining are now...
HIUSA LOC $6764/$30,000, Util 22.5%
Chase Auto $7700
My income is $170k. Mid mortgage fico 673.