A Va loan question I hope an expert can give me an answer to.Like a lot of Young adults,I didnt realize what a bad credit score could do to you.Recently I am trying to get my credit scores to improve and am slowly getting there.
I have a mid score of 610 now and am paying off all my credit cards at the end of the month which will take mu utilization down to Zero from 90%I am hoping this bump me up to at least 630-640.If 640 is my mid score,how realistic would it be for me to get approved for a VA loan?
If you pay off everything then your scores are probably going to drop due to no open and active tradelines. Trying to get good credit scores overnight is tough to do. Time is an important part of credit scoring. There are models and methods to the madness. Assuming that the accounts you are referring to are not in a collection status then i would pay down the balances but leave a little on them. See how that affects your scores after they report the lower amounts.
