@Anonymous wrote:I am paying off my auto loan and a credit card that I used for business expenses that total around $30,000. I will then only have my mortgage payment and a credit card that I use and pay off every month. My credit score is 699 with Equifax now but should shoot up, based on Score Watch, after paying these off. Should I wait until these items show paid on my credit reports before getting pre-approved for a new home loan or should I be okay to apply now?? Has anyone had experience with this??
What's the balance/limit on the credit card you're paying down? You should see points for that and I would wait until that hits.
Is this your only auto loan? If so, you may see a dip in your score due to a loss in your "mix" of credit. So you may want to pay it off just before you get your loan. That way you can prove that it's paid off, but they won't see the score drop... just a thought.
You may also want to leave a $10 balance on the card you're keeping, FICO likes that.
Good luck!
If you're looking to go FHA, an 800 FICO nets you no better a rate than 699 (really, 660) would. If everything else you've got going is otherwise perfect (down payment amount, debt-to-income ratios, etc), you've really got no reason to wait, IMO.
Best of luck!!
Best of luck!!