Re: Credit information?
 

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

Re: Credit information?
 

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

Best info I came accross was located here.

Re: Credit information?
 

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

Re: Credit information?
 

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

Re: Credit information?
 

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. :)

Re: Credit information?
 

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.

Re: Credit information?
 

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.

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

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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.

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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!

Re: Credit information?
 

http://www.myfico.com/CreditEducatio...YourScore.aspx
http://www.myfico.com/CreditEducatio...Fallacies.aspx
http://www.myfico.com/CreditEducatio...uiries.aspx#30
Credit Card Ratings:
http://www.cardratings.com/

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Re: Credit information?
 

Good luck on the 225k house your first time around. I hope your renters do not bail on you.

~John

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I totally agree with that. This is my first house as well. My point of view on it was to purchase something that I can afford, on my own. And then at some point possibly get a roommate, because it wouldn't hurt to have someone help with the mortgage. But people move on to bigger and better things. So I didn't want to have to rely on a roommate's money to afford my home. My loan was for 168k, and that loan is quite a handful to take care of on my own, I can't imagine 225k. But good luck with it man. Everyone's situation is different, so just make the right choice for you!

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It's amazing how inflated home prices have got the last few years. The only people who can afford them without going broke are the ones who bought a house 10 years ago and can now sell it for triple what they paid.

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Pricing on houses is DOWN right now. It's a buyers market and at 6.0% fixed rates, you can't really go wrong. I'm not relying on renters to pay the bills, I'm relying on them to let me live more comfortably. I could afford to pay for it without them but life would suck. Overtime is always available if I need it.

For the record - That money is already considered mine. So those of you that don't think the same as I do, You're wrong! :) As I said before, knowing people is a great thing.

Also - I don't need to spend 225k on a house. I just know that's the limit. If I find something worth the cash struggle, i'd pay up to 225k. Otherwise I'm looking to keep it down around 200 or less.

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LOL, i'm not picking on this guy in any way tho. They need to make a course on credit knowledge in high school mandatory that is for sure.

I'm obviously gonna ask my bank these questions but i think its always a good idea to talk to people that won't be looking for my money. I've never abused my credit card and I keep getting increases in my line of credit. I never have had a loan. If I pay off a $10,000 motorcycle in 3 years That would most likely leave me with decent credit right?

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Holy old thread Batman!!!

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Its not about how fast you can pay it off... Its actually better to make just about every payment, maybe paying $25-$50 more per month if you are looking to pay it off sooner. This is if you are trying to build your credit.

And yes, whats with the old thread...

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I can haz search button.