Good day everyone,
I’ve been a member for a little while now, and this site has been so helpful, it’s truly unbelievable how much help this site has been. I love the search feature here “it’s so helpful”. However, now I need some guidance; so I plan to purchase my first home (1year from now) under either FHA or conventional loan, of course, depending on how much money I will put down and what I am approved for.
Before getting into details here are my scores6/05/2015 FICO) EQ: 625 TU: 627 EX: 625 , with negative marks being 2 x 30 day late payments, one of them 7 months ago and the other 8 months ago; I just simply forgot about those account.
I have the following Hard Inquiries: TU: 4 total, with 2 falling off July 25th, 2015, and 1 falling off Dec 17th, 2015 and the last one wont fall off for 2 years. EQ: 2 total, with 1 falling off Dec 17th, 2015 and the other one Apr 29, 2017. EX: 1 Total, which falls off Aug 20th 2016.
Total utilization: 86% =11k total owed (prior to 05/25/2015), waiting for update utilization since I paid 7K worth of credit card and store card debt= total owe:$ 3,789 (6/11/2015).
Credit Cards: 2- Emblem (300/500)= 0 balance, 2- Premier (250/400)= 0 balance, Credit One (950)= 0 balance, BOA Secure (500) = 0 balance use 2k per month, pay each time in full before getting too $ 500, however no update on becoming unsecure have had it 2 years, Lowes (450)= 0 balance, Express (400)= 0 balance, Target (500)= 0 balance, BestBuy Citi Store Card (7,500)= 3,299 balance, Jared (2,800)= 420 balance.
Student Loan Debt: $ 36,000 still in deferment, since I am working on my BA. No payment’s have been made
Car loan: 0
Income: $ 120,000.
Hopefully my information will be helpful in assisting my question. My fingers are twitching to apply for credit cards, however i am on the fence about it because of my home purchase.
Should I apply for new credit cards? and then garden?
Should I start paying down the student loan to help decrease my installment loan amount in my credit file? I can manage to send 2k per month in payments. However, that will decrease the amount I can put down on a house and will force me into FHA loan.