Once you have your credit cards paid down, do you know if the FICO scoring improves the scores from that gradually...I mean, the longer it is like that, the scores improve more over time from that same factor....or is it more a thing of you get there, and your score pops to what it is for having that state?
I know I didn't word this the best. I guess what I am trying to say is... Should I be so heavily focused on keeping my balance really low now (when it is a year away until I am hoping to get a mortgage), or can I actually have some debit now to buy something a bit higher priced....and deal with getting the balance down over the next few months? I still feel like I didn't say it the best way, but I think you know what I mean. 
Since I started on this quest to get my scores up as high as I can, I have been laser focused and doing everything I know of to improve my score, which included paying my credit cards all the way down....but then I was thinking about something I want to get, and also considering the time away till the mortgage. So, I thought I would run this by you all.0
Really hope I worded it well enough to come across properly and no misunderstandings. I am wanting to achieve the best score I can, and that is most important.
I know I didn't word this the best. I guess what I am trying to say is... Should I be so heavily focused on keeping my balance really low now (when it is a year away until I am hoping to get a mortgage), or can I actually have some debit now to buy something a bit higher priced....and deal with getting the balance down over the next few months? I still feel like I didn't say it the best way, but I think you know what I mean.
Since I started on this quest to get my scores up as high as I can, I have been laser focused and doing everything I know of to improve my score, which included paying my credit cards all the way down....but then I was thinking about something I want to get, and also considering the time away till the mortgage. So, I thought I would run this by you all.0
Really hope I worded it well enough to come across properly and no misunderstandings. I am wanting to achieve the best score I can, and that is most important.
@Anonymous wrote:
Once you have your credit cards paid down, do you know if the FICO scoring improves the scores from that gradually...I mean, the longer it is like that, the scores improve more over time from that same factor....or is it more a thing of you get there, and your score pops to what it is for having that state?
I know I didn't word this the best. I guess what I am trying to say is... Should I be so heavily focused on keeping my balance really low now (when it is a year away until I am hoping to get a mortgage), or can I actually have some debit now to buy something a bit higher priced....and deal with getting the balance down over the next few months? I still feel like I didn't say it the best way, but I think you know what I mean.
Since I started on this quest to get my scores up as high as I can, I have been laser focused and doing everything I know of to improve my score, which included paying my credit cards all the way down....but then I was thinking about something I want to get, and also considering the time away till the mortgage. So, I thought I would run this by you all.0
Really hope I worded it well enough to come across properly and no misunderstandings. I am wanting to achieve the best score I can, and that is most important.
If it's something you need then get it and pay it off a few months before you try for the home. If it's something you want, then I would wait until you close on the home. When you are buying a home the banks will look at your Debt To Income (DTI). If your purchase is too large, then you may or may not qualify for the home you want because of the amount have to pay monthly for that item vs your income. Over all it's probably best to wait.
When I first started looking for a home I bought a newer car (generally not a good idea at all). I ended up with payments that were $100/mo less than my previous car (way better credit scores this time). This purchase ended up helping me later on with my DTI. I had another $100 mo available for house payment instead of car. I didn't have a winnig bid on a house until just over a year later so that worked out too.
I don''t know the rest of your story. If you have tons of expendable income then things like this won't really matter. They still may inquire about HP's within the last 12 mo though.
Good Luck!
