Hi All – I am in rebuilding phase. Currently sitting with FICO scores ranging from 660-690.
In July I have 4 baddies falling off and will be stuck with one paid CO and about 10x late pays which will be over two years at that point.
So, my hope is to move fwd with a mortgage in August once that stuff falls off.
That said, I’m also trying rebuild my credit. So far I’ve added 4x cards totaling about $ 17k in CLs. My AAoA is garbage now (less than a 1.5), but there’s nothing I can do about that. Hopefully it doesn’t bite me in the loan process.
Things I know from reading on here:
A- As it gets closer, get my name taken off (opt out) the list that collectors can use to find old debt
B- Make sure all rent is paid on time and save checks to prove it (it sounds like I’ll most likely need to prove rental payments)
Knowing that in less than a year I want to purchase a home, I’m wondering two things:
A- Should I stop applying for credit cards? Each CRA has about 3-4 inquiries currently
B- I want to purchase a new car in February. Is that cutting it too close?
Knowing that I’m a little less than a year out, are there any other things I should be doing right now to make sure I’m in great shape when the time comes?
Thanks so much!!