Call Me Maybe: Establishing Good Credit Prior to Buying a Home Eileen Mazza Glastonbury, CT
Your credit score refers to the 3 digit number assigned to consumers as a convenient way for lenders to understand how credit worthy a certain person is. It is typically utilized in order to help these lenders decide whether you qualify for credit and what the associated interest rate will be.
When you apply for credit, your lender will probably request a copy of your credit report. This report will include a lot of information about your current credit standing. It also covers the numeric credit score. Given that lenders can easily get this information, it will be best on your part if you review the details yourself from time to time.
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Q&A: Paying off debt to get a better rate for buying a house.?
Question by Ervin: Paying off debt to get a better rate for buying a house.?
I’m currently paying down what I owe on my credit cards. When I receive my tax refund… I plan on paying it off. March of this year I will be debt free. Will that raise my credit score? I’m asking because in a about 1.5 to 2 years I want to buy a house with good credit.
Best answer:
Answer by Toni
Using less than 30% of your available limits is what keeps the scores up.
Ex: $ 1,000 limit – never use more than $ 300 at any time during the month.
That’s why experts will tell you:
Use your card for small things you need like food or gas and pay in full each month.
Make sure you do not close those accounts when you are finished paying them off.
You want to keep payment history, and you want to keep it ongoing.
By paying in full you never pay interest and can get those top scores.
A years worth of paying in full each month should get you a pretty good rating.
Enjoy purchasing your new home someday.
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Q&A: Buying a car with “bad credit”?
Question by christine: Buying a car with “bad credit”?
My credit isn’t so good because of a foreclosure I had about 18 months ago. I modified and saved my home but the damage is done (tenant gone horribly wrong!). I know that I won’t be able to get a half decent car loan without putting an enormous amount of money down. I am going to go in with $ 4,000 and a trade. I am probably upside down on my current car loan but not by much- probably a few grand. What are the odds that I could get the dealership to match my down payment? I’ve never ever been late on a car loan. The only thing hurting me is the late payments on mortgage during the foreclosure process.
With $ 4,000 down, are banks more open to approving a loan? I am looking at something under $ 20,000 (including sales tax).
Best answer:
Answer by Scooby
Well the economy is really bad right now, so they’ll sell you the car anyway… however, if you credit is terrible, they are gonna hit you with a high interest rate like 17% or more… So put down as much as you can to save yourself some money.
Know better? Leave your own answer in the comments!
Categories: Credit Score Questions Tags: Buying, Credit