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Psycholit t1_iuihm05 wrote

Do not take the loan. It will not do anything for you. Your credit is absolutely fine; about 700 will get you a very good rate. You are overly fixated on credit score.

I would be more worried about whether a bank will offer you a mortgage without an income -- even with 400k in savings.

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BringItBoy t1_iuihkra wrote

The oldest account might be the biggest issue not the amount at this point. But being able to put 75% is great. Definitely do not apply for a loan while unemployed.

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93195 t1_iuijmph wrote

Pay off your credit cards and all other consumer debt.

Far better to buy a house with 60% down (or whatever the number will be) and be debt free instead of an even higher down payment coupled with consumer debt.

Forget about more consumer loans. Just pay off your credit cards with cash. Now.

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sephiroth3650 t1_iuijb1s wrote

If you're not working, there is little chance of qualifying for a loan. I also wouldn't take out a personal loan simply to boost your credit score a little bit. It's not going to suddenly drive up your credit score. The bank will care much more about you having a decent, long term job than whether or not you made payments on a personal loan over the last year.

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atomofconsumption t1_iuijvdt wrote

If anything it would lower your credit score in the short term because it would require a hard credit check

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trilliumsummer t1_iuijz3n wrote

Taking on more debt almost never helps your credit score in a way that you can't otherwise achieve. (The major exception to that is someone without any credit history.)

If you're paying your credit cards on time, preferably in full, and not charging more than 30% of your total credit, then you'll just have to wait your time for it to rebound. A loan won't make it rebound faster.

Credit is real easy to trash, but it takes time to restore.

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whisky_in_your_water t1_iujdwcu wrote

> Fico Experian 746

Ignore the Credit Karma score, it's worthless.

Your FICO is fine, anything above 730 or so gets you the best rates.

As others said, the oldest account is the issue here, so don't open any new cards, get any loans, and work on getting employment and you should be good. If you do anything, consider getting a credit limit increase on one or more of your cards if your credit utilization is above 10% (only accept if it's a soft pull, as in it won't impact your credit).

You're fine, stop worrying about your credit and focus on the job.

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