@KeithW wrote:I have about 10k in CC debt spread out over several cards giving me a utilization of about 38% overall. Would I get a FICO boost by getting an unsecured bank loan to pay them off?
We we have been pre-approved for a mortgage, but wanted to get the best rate possible.
Regardless I would talk to your LO before doing this; increased debt load will negate your pre-approval. When are you really looking to buy the house?
What loan type are you taking? FHA doesn't really matter much getting to 680 as I understand it; conventional? Hmm.
To really give you a good answer as to "what will FICO do?" do an AAOA calculation, and list out each card individually by current balance / limit. 38% probably could do better but whether it gets you to 680 (assuming those three scores in siggy are your lender-pulled mortgage trifecta? If not what did the lender pull and were you the low mid-score?) is probably what matters.
