Tuesday, June 19, 2012
Baby steps toward my future house
My approach for this endeavor might seem backwards. I applied for a credit card yesterday at the credit union where I'll eventually apply for a mortgage (it's where I do all my banking at the moment). They approved me within minutes and asked if I wanted the paperwork e-mailed to me or if I wanted to visit a branch to sign the application. Since there were other questions I wanted to ask, I went to the closest branch this morning and signed. when they gave me the paperwork they included a copy of my FICO score. It's poor, but I'm not too surprised. The rep mentioned that it's mostly that low because I don't have much unsecured credit available ($600). She recommended that I revisit them in 6-8 months and ask that they raise my credit limit, and maintain my balances at 30% across the cards. My instinct would be to pay them off and keep them at zero, but if I need to play the system for a year or two, I will. So the new goal is to get them all down to 30% and keep them there. I was planning on cancelling the Orchard (now Capital One) card, but now I'll keep it for at least another year.