So I start a new job Monday. My TransUnion Fico is 683. 1 collection out on my report for $250 (cell phone I never once made a payment on). My current car note is a bit iffy, a few 30’s and 1 60, but during a time when I had been unemployed for 6 months.
Current mortgage, previous car, and all 4 credit cards are perfect greens. I owe about 7k over 3 cards ($280 a month min. payment), 413 a month on my car (2 years left) and about 1k a month on my home (28 years left). Gross income is going to be right around 4500 a month. I was recently declined for a new credit card (wanted to balance transfer everything to a lower %)
I know the only way to know is to try, but should I be able to get a 2nd mortgage?(texas) I would like to start flipping or rehabbing homes soon to help pay off the credit cards and car. (friend is a remodeler getting started). The problem I have is that I do not believe I should be making an offer on someones home, especially if they are facing foreclosure, tieing it up for 30 days, then not be able to buy it if I cannot assign the contract. It also gives me the ability to try a rehab if the right deal presents itself. Since I am looking at a 12month max holding time, I assume I should be able to get some kind of loan, even an ARM would work in a 1 year period right?
How long should I wait before getting a pre-approval letter so I can do this?
Side question on credit - I have a Discover card I have never used, I have no idea where it even came from. Open since like 98, high balance of 0, but its all green at least lol…Should I try and get this deleted, or just request a card and make a few purchases on it and pay it off?