I'm looking to be buying a house, give me an Idea as to what my credit needs to look like?
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Like as far as what should be on it, how many open trades of what, auto loans credit cards, what should it look like?
And what looks better, to have loans or credit cards?
how many trades should be on it and for how long should they be in open and good standing,
how much does employment history factor in too, becasue I am looking to leave my job to pursue a different career.
P.S. I don't have any collections, and am very capable of not making any late payments, therefore have none,
I'm looking to be buying a house, give me an Idea as to what my credit needs to look like?Debt Free--no car loans-- No balances on credit cards---all loans must be current up to date.
Job-- 1040 IRS incomes for the last 5 years...
There is an income to debt ratio that cannot be exceeded I think it is 28%...
Down payment of 20% to avoid buying mortage insurance...
Basically you have to have the ability to pay your obligations every month...martage comes first...
Once you get moved in then you can buy a new car and charge up the credit cards...
I'm looking to be buying a house, give me an Idea as to what my credit needs to look like?I would love to buy a house too. I have no credit and the hubby has bad credit. We were told to pay on medical bills that my husband has on his credit for 6 months. In the mean time, I went and got me a small loan and credit card that I know I can pay. I've heard it takes 3 months for this good credit to show up. I also heard it's good to be at the same job 2 years. I have also been told that it's better to have a little bad credit than no credit at all. I need help too!!!!
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