Decisions... Decisions... Decisions, what would u do?
Date: Mon, 07/31/2006 - 04:39
Submitted by work_athome_mom
on
Mon, 07/31/2006 - 04:39
Total Replies: 2
I'm currently in the process of trying to clean up my credit report, mainly concentrating on debts that are still within the sol period and pretty much what i can afford to pay off. Lately I was able to get 5 incorrect items deleted from my experian report, still waiting on transunion and equifax to get back to me. Seems like those 5 things being deleted push my score up a bit because now i'm getting pre approve offers in the mail for home loan.
I'm interested in getting a home, but wanted to take care of some negative stuff first, to get a better interest rate. I'm not sure what my score is now, but i'm thinking if i can get a loan why not go for it and own my home. BUT, before I do that, I wanted to point out that my hubby, who just recently migrated to the US, just recieved his SS card and will be working soon. Do you think it's better for the both of us to get the house together being that he doesn't have any credit? how long does he need to be working before we can apply for a home loan?
I'll have a better score in 2 years once the 7 year mark come around and stuff will start dropping off, i'm thinking by then he would have build up enough credit. But we didn't want to wait that long before getting a home. I'm currently paying almost a grand per month for rent, and was hoping by next yr i didn't have to resign this lease.
Any suggestions you guys can offer will be greatly appreciated.
Thanks in Advance.
Hi, It's nice to hear that you are concentrating towards impr
Hi,
It's nice to hear that you are concentrating towards improving your credit. It will definitely take a good shape once most of the accounts are paid off. If it is suitable, you can include the accounts in the consolidation plan also. You will be offered easy monthly payments and lower interest rates to pay off the accounts.
Have you and your husband visited any financial institutions applying for credit? I am not sure if your husband will be able to gain any credit since he is a new applicant. But, while you are trying to repair your file, your husband can also open new accounts and make timely payments so that his credit worthiness takes a positive shape.
Hey there, I'm trying to do the same thing. I've spoken to seve
Hey there,
I'm trying to do the same thing. I've spoken to several mortgage brokers and they all told me that the best way to improve your credit is to continue to make timely payments on your bills, especially credit cards. They also said they will look at the last 3-6months of payment history to qualify for a loan.
I also joined my local credit union, since they will offer the best rates rather than a large bank. If you or husband can, I would definately look into it.
Your hubby may be able to get a credit card with a small limit if he is working for a few months. Check with your own bank first.
I am also trying to get rid of some negative stuff from my credit report as well, and figure this will take about a year to get it cleaned up so my rates will not be exorbitant.
Next, would be to establish a savings account, as they will be considered in your mortgage application. They usually ask for 3 months or so of statements. Showing them that you are able to maintain one is also a plus.
Usually medical bills on your credit report is not considered when applying for a mortgage, so prioritizing which negative remarks on my report should be handled first.
Good luck!
