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My wife and I are looking to purchase a home hopefully within a year from now. To qualify for a mortgage most lenders require a 620 credit score. Currently my score is 590 and my wife is above the requirement with a middle score of 640. Between the two of us we have $8000 in credit card debt between two credit cards that are nearly maxed out. We also have 3 accounts in collections in the amounts of $130, $250, and $3500. I'll have the $130 and $250 accounts paid within the next month. Would it be possible to raise our scores, mainly mine, by consolidating the debt and taking out a personal loan to get the credit cards paid off and the account in collection paid in full?

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Hi dhol0311,

Congratulations on making the decision to purchase a home. Your financial questions would be better directed to one of our financial planners who can dive deeper into your personal finances and help you come up with a plan to be in the position to buy a home. They can be reached at 800-771-9960.

 

I wish you the best of luck!