Credit information?

[Pimpin Dsmstyle]

Things have changed alot in recent years chris. That may have been the "rule of thumb" a few odd years back.

[Pimpin Dsmstyle]

http://www.myfico.com/CreditEducation/

Best info I came accross was located here.

[Kracka]

Could be, a lot of them were old-school so who knows.

[tim]

It's called "Debt to income ratio" and yes that is as important as credit according to a bank. Making your payments ontime is an A+ but people don't get outstanding credit scores just by making ontime payments. There are plenty of information out there, I just can't find it. All of the ads keep the real information hidden.

Debt to income ratio is another thing they look at but completely different than debt to credit ratio.

[Pimpin Dsmstyle]

Debt to income ratio is another thing they look at but completely different than debt to credit ratio.

Yeah I thought you made an error before but I realized later on that it wasn't an error. I understand that it's two different things and important. :)

[JET]

Not having more than 1/3 of the credit limit on a credit card is one big thing. Even if it is a $500 credit card with $400 on it, that will look worse than a $5,000 credit card with $1,000 on it. If you know you are getting a loan soon in the future, get the balances moved around so you are ok on all your cards.

[Pimpin Dsmstyle]

Not having more than 1/3 of the credit limit on a credit card is one big thing. Even if it is a $500 credit card with $400 on it, that will look worse than a $5,000 credit card with $1,000 on it. If you know you are getting a loan soon in the future, get the balances moved around so you are ok on all your cards.

I'm honestly just looking for new information I don't know about. This isn't anything trying to find out how to get a loan.. I'm already approved for 225,000 to buy a house. 6% fixed or 5.25 3year arm. I just was looking for ways to continue bettering it incase I ever want to refinance or get a personal loan to get great rates or whatever.

[tim]

Not having more than 1/3 of the credit limit on a credit card is one big thing. Even if it is a $500 credit card with $400 on it, that will look worse than a $5,000 credit card with $1,000 on it.

That is a good example of credit to debt ratio. Makes a big difference.

[Jana]

I'm honestly just looking for new information I don't know about. This isn't anything trying to find out how to get a loan.. I'm already approved for 225,000 to buy a house. 6% fixed or 5.25 3year arm. I just was looking for ways to continue bettering it incase I ever want to refinance or get a personal loan to get great rates or whatever.

What you are approved for and what you can actually afford are two separate things. You seem like you've got a decent head on your shoulders, so you probably know that though.

[Pimpin Dsmstyle]

What you are approved for and what you can actually afford are two separate things. You seem like you've got a decent head on your shoulders, so you probably know that though.

225k is pushing it as far as what we can afford. I'm buying together with one other person and renting to two people for 400-500 a month all bills included. No matter what I do, buying a house will be tough. It's my first one so many unexpected things will come up. Can't get around all of that!