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MrCota

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Score improvement to purchase a home in 2 or 3 months ahead
Hello. We are about to close our 1st home. My today's credit score is 662. I was thinking on get a money loan, using my wife SSN, to lower our credit card debit in order to improve my score and then get better rates. Does anyone know if that'd be possible? Thank you!

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You should definitely not apply for any loans prior to seeking a mortgage. Taking on debt to pay off debt is not good economics either, your score will get dinged for applying for a new card as well. You might want to consider becoming debt free, waiting some months for the credit burueas to report on that and then apply for a loan, you'll most likely have a higher score by then and be potentially eligble for a much nicer mortgage rate.

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It would be better to find other ways to get the credit cards paid down, it is not a good idea to take out loans or add credit cards just prior to going for a mortgage loan. If you do need to take out a loan to pay down the cards then I would suggest pushing off applying for the home loan for six months to a year.

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