Quick question. Want to refi in a week or 2.

[angelaohio]

Hi everyone.

I want to start the refi process in a week or 2. Last month I pretty much paid off my 3 credit cards to boost my score. My credit lines total $1300. My two first premier cards have little balances of like $50 each left. I have a balance of $200 on the secured card that has a $500 limit (orchard/hsbc bank). I thought about paying that one off today to boost my score even more but I don't want to wait another month + for it to show on my credit report. I was thinking of sending them that $200 to increase my credit limit. I thought maybe that would show more quickly on my report.

Is this a good idea? Does this make sense?

Also, is money in an IRA considered assets as far as having money in the bank? I know they like to see that you have enough to cover 2 months of mortgage payments. Is it true the more money I have in the bank the better?

Thanks for any input!

[JustMeJaneD]

Good questions. This is what I can tell you.

1. Your credit scores and those credit cards...pay down that secured hsbc one to $100...then send them the other $100 to boost the account limit. Now. Credit Beaureas only report once a month and the timing is really random so they may not have reported yet. If you have a good loan officer they can get that balance and limit updated with the credit bureas if it hasn't posted by the time that they pull your credit.

2. The bank likes to see reserves...even more so after BK. Your IRA is considered an asset although depending on the loan you are trying to qualify for they will only count 75-80% of your vested interest. Same goes for a 401k or 403b And yes, the more money you have in the bank the better.

Hope that helps. Good luck - jane

[angelaohio]

thanks so much.