Rebuilding Credit Before Buying a House
Author: aandre
Posted: Sat Mar 31, 2007 1:44 pm
Post subject: Rebuilding credit
I have 4 TL reporting to only Transunion all 4 of them are installment accounts and it they are paid as agreed no lates for the past year, then I have a BOA secured credit card CL of 300 just established for one month paid as agreed the balance is 88.00, I have a Macy's CC with a CL of 100 dollars, with a balance of 19.00 and I have a Crown Jewlers CC with a CL of 1500 with a balance of 48 dollars now, myquestion is should I just leave it at this? now besides the 4 that are reporting to TU the rest are reporting to all three now as fas as my credit scores are I am not sure if the are Fico or what but they are what I got from the Loan officer since I am looking to purchase a house in the next 4-6 months EX-589
TU-600 and EX 546 now keep in mind that this was the scores as of 3/3/07 and at that point the Macy's, BOA, and Crown Jewelers was not reporting as of yet, and also since then I have had a CA deleted off of my CRA, and one charge off. so what should I do, my Loan Officer said that I may have to do a Rapid Rescore if some of the stuff that is on my CR is paid off but may not be updated as yet, my main thing is I want to get my middle score in the 660's by the time I am purchasing my house...
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Author: xace
Posted: Sat Mar 31, 2007 2:17 pm
Post subject:
I would hold off on buying a house and improve your credit situation. Your scores are low and you wont get a very good deal with those numbers. Id wait at leat a year mayby two before buying a house. Let your accounts age let some bads fall off and when you can get prime cards then go for a house.
Author: aandre
Posted: Sat Mar 31, 2007 3:11 pm
Post subject:
xace wrote:
I would hold off on buying a house and improve your credit situation. Your scores are low and you wont get a very good deal with those numbers. Id wait at leat a year mayby two before buying a house. Let your accounts age let some bads fall off and when you can get prime cards then go for a house.
You did see me mention that I am trying to get my scores up right? I have had another account deleted off my CB as of today, and trust when I say still working on it, I need to get in to a house for my reasons sooner than later, and as far as getting a decent rate, hey I guess that is the price you pay when you destroy your credit in the first place, so I am willing to deal with that, I have a family of two children and one on the way and I would like to provide a stable environment for my family.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Sat Mar 31, 2007 5:29 pm
Post subject:
aandre wrote:
xace wrote:
I would hold off on buying a house and improve your credit situation. Your scores are low and you wont get a very good deal with those numbers. Id wait at leat a year mayby two before buying a house. Let your accounts age let some bads fall off and when you can get prime cards then go for a house.
You did see me mention that I am trying to get my scores up right? I have had another account deleted off my CB as of today, and trust when I say still working on it, I need to get in to a house for my reasons sooner than later, and as far as getting a decent rate, hey I guess that is the price you pay when you destroy your credit in the first place, so I am willing to deal with that, I have a family of two children and one on the way and I would like to provide a stable environment for my family.
You would be surprised how quickly you can get those scores up woth just a little work. Not sure if you would get a mortgage with those scores seeing the huge hit the subprime market took recently. At 620 you may be talking one percentage point but when you're talking totals of 100k or more 1% is a lot of money.
I agree with the pp about waiting just a little while as your environment is likely to be more stable if you have the excess money you would be paying on a moortgage at 8+% as opposedto 6.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: aandre
Posted: Sat Mar 31, 2007 7:12 pm
Post subject:
Brammy wrote:
aandre wrote:
xace wrote:
I would hold off on buying a house and improve your credit situation. Your scores are low and you wont get a very good deal with those numbers. Id wait at leat a year mayby two before buying a house. Let your accounts age let some bads fall off and when you can get prime cards then go for a house.
You did see me mention that I am trying to get my scores up right? I have had another account deleted off my CB as of today, and trust when I say still working on it, I need to get in to a house for my reasons sooner than later, and as far as getting a decent rate, hey I guess that is the price you pay when you destroy your credit in the first place, so I am willing to deal with that, I have a family of two children and one on the way and I would like to provide a stable environment for my family.
You would be surprised how quickly you can get those scores up woth just a little work. Not sure if you would get a mortgage with those scores seeing the huge hit the subprime market took recently. At 620 you may be talking one percentage point but when you're talking totals of 100k or more 1% is a lot of money.
I agree with the pp about waiting just a little while as your environment is likely to be more stable if you have the excess money you would be paying on a moortgage at 8+% as opposedto 6.
ok and continuing to pay rent at $1480 a month, for maybe another year or so is helping me how, I am making someone else rich, if I lose money paying higher interest aleast it would be my home, not someone elses, right
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Sat Mar 31, 2007 8:04 pm
Post subject:
Yikes!!! A year before I decided to start house shopping I moved into the smallest place I could fit myself and my family to cut back on expenses. If you're paying that much in rent, you're either in an area that has a high cost of living so housing will be steeper, kep in mindthat more goes into owning a house than renting one. Like my friend said, when you own you're looking at your landlord every morning in the mirror. Make sure you have a good cash cushion
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sat Mar 31, 2007 1:44 pm
Post subject: Rebuilding credit
I have 4 TL reporting to only Transunion all 4 of them are installment accounts and it they are paid as agreed no lates for the past year, then I have a BOA secured credit card CL of 300 just established for one month paid as agreed the balance is 88.00, I have a Macy's CC with a CL of 100 dollars, with a balance of 19.00 and I have a Crown Jewlers CC with a CL of 1500 with a balance of 48 dollars now, myquestion is should I just leave it at this? now besides the 4 that are reporting to TU the rest are reporting to all three now as fas as my credit scores are I am not sure if the are Fico or what but they are what I got from the Loan officer since I am looking to purchase a house in the next 4-6 months EX-589
TU-600 and EX 546 now keep in mind that this was the scores as of 3/3/07 and at that point the Macy's, BOA, and Crown Jewelers was not reporting as of yet, and also since then I have had a CA deleted off of my CRA, and one charge off. so what should I do, my Loan Officer said that I may have to do a Rapid Rescore if some of the stuff that is on my CR is paid off but may not be updated as yet, my main thing is I want to get my middle score in the 660's by the time I am purchasing my house...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: xace
Posted: Sat Mar 31, 2007 2:17 pm
Post subject:
I would hold off on buying a house and improve your credit situation. Your scores are low and you wont get a very good deal with those numbers. Id wait at leat a year mayby two before buying a house. Let your accounts age let some bads fall off and when you can get prime cards then go for a house.
Author: aandre
Posted: Sat Mar 31, 2007 3:11 pm
Post subject:
xace wrote:
I would hold off on buying a house and improve your credit situation. Your scores are low and you wont get a very good deal with those numbers. Id wait at leat a year mayby two before buying a house. Let your accounts age let some bads fall off and when you can get prime cards then go for a house.
You did see me mention that I am trying to get my scores up right? I have had another account deleted off my CB as of today, and trust when I say still working on it, I need to get in to a house for my reasons sooner than later, and as far as getting a decent rate, hey I guess that is the price you pay when you destroy your credit in the first place, so I am willing to deal with that, I have a family of two children and one on the way and I would like to provide a stable environment for my family.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Sat Mar 31, 2007 5:29 pm
Post subject:
aandre wrote:
xace wrote:
I would hold off on buying a house and improve your credit situation. Your scores are low and you wont get a very good deal with those numbers. Id wait at leat a year mayby two before buying a house. Let your accounts age let some bads fall off and when you can get prime cards then go for a house.
You did see me mention that I am trying to get my scores up right? I have had another account deleted off my CB as of today, and trust when I say still working on it, I need to get in to a house for my reasons sooner than later, and as far as getting a decent rate, hey I guess that is the price you pay when you destroy your credit in the first place, so I am willing to deal with that, I have a family of two children and one on the way and I would like to provide a stable environment for my family.
You would be surprised how quickly you can get those scores up woth just a little work. Not sure if you would get a mortgage with those scores seeing the huge hit the subprime market took recently. At 620 you may be talking one percentage point but when you're talking totals of 100k or more 1% is a lot of money.
I agree with the pp about waiting just a little while as your environment is likely to be more stable if you have the excess money you would be paying on a moortgage at 8+% as opposedto 6.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: aandre
Posted: Sat Mar 31, 2007 7:12 pm
Post subject:
Brammy wrote:
aandre wrote:
xace wrote:
I would hold off on buying a house and improve your credit situation. Your scores are low and you wont get a very good deal with those numbers. Id wait at leat a year mayby two before buying a house. Let your accounts age let some bads fall off and when you can get prime cards then go for a house.
You did see me mention that I am trying to get my scores up right? I have had another account deleted off my CB as of today, and trust when I say still working on it, I need to get in to a house for my reasons sooner than later, and as far as getting a decent rate, hey I guess that is the price you pay when you destroy your credit in the first place, so I am willing to deal with that, I have a family of two children and one on the way and I would like to provide a stable environment for my family.
You would be surprised how quickly you can get those scores up woth just a little work. Not sure if you would get a mortgage with those scores seeing the huge hit the subprime market took recently. At 620 you may be talking one percentage point but when you're talking totals of 100k or more 1% is a lot of money.
I agree with the pp about waiting just a little while as your environment is likely to be more stable if you have the excess money you would be paying on a moortgage at 8+% as opposedto 6.
ok and continuing to pay rent at $1480 a month, for maybe another year or so is helping me how, I am making someone else rich, if I lose money paying higher interest aleast it would be my home, not someone elses, right
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Sat Mar 31, 2007 8:04 pm
Post subject:
Yikes!!! A year before I decided to start house shopping I moved into the smallest place I could fit myself and my family to cut back on expenses. If you're paying that much in rent, you're either in an area that has a high cost of living so housing will be steeper, kep in mindthat more goes into owning a house than renting one. Like my friend said, when you own you're looking at your landlord every morning in the mirror. Make sure you have a good cash cushion
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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