Which option should I go with?

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DeathWolf
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Which option should I go with?

Postby DeathWolf » Sat Apr 26, 2014 9:21 am

I hope this is the right spot. I have two options, as you can tell from my signature my credit scores suck. I retire from the military this july and my income goes down ALOT. I am looking for at least a part-time job, so far no luck. I am on leave and leaving at my parents house until my disability gets done. I want to move out and at least rent an apartment until I can raise my score high enough to get a good home loan interest rate.
Here are the two options:
1) pay down/off bills/chargeoffs. but not have enough money then to move into an apartment.
2) keep paying my bills/chargeoffs monthly so I can save enough by july to move out.
thanks for the input.
Starting Scores:
Credit Karma-623
Credit Sesame-599
Quizzle-577
Experian-558(FICO)
Equifax-593(FICO)
Transunion-561(FICO)


Goal:
700 or above


haikuginger
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Postby haikuginger » Sat Apr 26, 2014 10:57 am

Renting an apartment doesn't do anything for your credit. Get your financial house in order before spending any more money you don't absolutely need to.

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DeathWolf
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Postby DeathWolf » Sat Apr 26, 2014 11:01 am

Sorry I don't mean having an apartment will boost my credit. I am just asking if I should save and go to an apartment so I can get out of my parents house and keep paying my bills per month or spend it on paying everything down and not move it.
Starting Scores:

Credit Karma-623

Credit Sesame-599

Quizzle-577

Experian-558(FICO)

Equifax-593(FICO)

Transunion-561(FICO)





Goal:

700 or above

haikuginger
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Location: Norman, OK

Postby haikuginger » Sat Apr 26, 2014 11:15 am

Keep paying everything down. Right now, you're paying interest on the money; no savings account is going to make you more money than it'd cost you to carry a balance for longer.

OldMan
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Postby OldMan » Sat Apr 26, 2014 11:56 am

DeathWolf wrote:Sorry I don't mean having an apartment will boost my credit. I am just asking if I should save and go to an apartment so I can get out of my parents house and keep paying my bills per month or spend it on paying everything down and not move it.


It really depends on your parents. If they are ok with it and it's not causing major stress on you or them, I would stay with them until you get your financials in order. The move from military life to civilian life is pretty stressful in and of itself. Worrying about bills and jobs and debt just adds to this. If you have a place to stay, and can put money towards reducing your monthly expenses, I would follow haikuginger's advice. At the very least, try and stay with your parents until you have a job lined up and you can figure out how much income you can expect. Plus the extra income might make it easier to overcome a bad CR when applying for somewhere to rent.

I know when I first moved from the military, it was a Godsend that I was able to stay with my mom until I found a good job. Made everything easier in the long run.

P.S. (edit) Thank you for your service!
My Wallet:
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linuxmachine
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Postby linuxmachine » Sat Apr 26, 2014 12:13 pm

I will provide the opposing viewpoint for the sake of having options...

In my experience, there are many financial decisions we make that do not make sense in terms of the bottom line. Moving out too early is one of them, and it may cause you some unnecessary stress. However, this stress might be a fair trade-off for all the things you gain as a result of living on your own. Also if there is a 'family situation' that's all the more reason to pack up and take up your own path, and use the space to re-establish your bonds.

I guess it also really depends on how much debt you're in. If you cannot manage rent AND monthly payments, your options are limited. You're the ultimate judge of what you can/cannot afford, and what makes you the happiest. In the end, whether or not you spend your money efficiently, the fact is that you earn/spend money to be happy. (Of course, the cost of basic necessities are baked in)

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DeathWolf
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Location: Texas

Postby DeathWolf » Sat Apr 26, 2014 12:56 pm

thank-you guys for all of your help. It is stressful going from a paycheck to a very small check which will happen July 1. And waiting for the VA to do their job for my disability claim.
Starting Scores:

Credit Karma-623

Credit Sesame-599

Quizzle-577

Experian-558(FICO)

Equifax-593(FICO)

Transunion-561(FICO)





Goal:

700 or above



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