So around this time next year I plan on purchasing my first house. I have two credit cards, one carries a balance of $2000 out of $3200, and the other is $1500 of $2500. Both cards have a balance over 30% of my credit limit which isn't recommended.
I need to build credit to make sure I get the best rates possible when I apply for my mortgage. I have $3000 in savings I can use to pay down the credit cards almost entirely right now, or I have the income to pay them both of by May 1. Would you guys suggest paying down the credit card now in order to lower my balance relative to my credit limit, or keep the savings and just pay the credit cards until may?
I'm just worried the balance I have right now will hurt my credit even though I can pay it off over the next 3-4 months. Any suggestions would be great, thanks guys and gals!
Submitted February 01, 2018 at 01:53PM by nalec1504 http://ift.tt/2GElv40
