Q&A: I have 15000 in credit card debt and 18000 as an auto loan?
I have 15000 in credit card debt and 18000 as an auto loan?
I am thinking of paying off all the credit cards in next month. Right now my score is around 625. I am planning to buy a house, will I get one based on my socre?(and after paying off all the credit card debt) how does my credit history will respond to this?
Best answer:
Answer by Ryan M
You need another 100 points on your credit score along with 20% to put down on the house. Paying those off will help you GREATLY in the credit score department, but make sure that you are saving enough for the down payment. Remember 100% financing loans are a thing of the past….you can have a 800 credit score, but no one will lend to you if you have nothing to put down.
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Updates are sent to credit reporting companies monthly. Congratulations for getting things paid off!
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A 620 is all you need, as long as you don’t have delinquents and your income works, plus a small down payment.
As for raising your score, it all depends on your CC limits. If you have 30k in limits, it wont affect it much. If you have 14k in limits, it will affect it a great deal. Also, how it is structured. You want to be at 50% or below your credit limit. As for how much it will help your score, 25% of your credit score is based on amount borrowed compared to available credit.
Another huge factor is what state you live in.
Your credit will not jump much. All your credit will see is that you paid a payment of $ x on time. It may get you a few more points.
But in getting out of debt it is worth it. Your house loan will also be based a bit on your Debt to Income ratio.
A good article to check out http://www.ehow.com/how_4804639_credit-monitoring.html