Credit information? - Page 2

Pimpin Dsmstyle · 12-07-2006

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

Pimpin Dsmstyle · 12-07-2006

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

Best info I came accross was located here.

**Kracka** · 12-07-2006

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

tim · 12-07-2006

Quote:

Originally Posted by Pimpin Dsmstyle

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 · 12-07-2006

Quote:

Originally Posted by tim

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** · 12-07-2006

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 · 12-08-2006

Quote:

Originally Posted by 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.

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 · 12-08-2006

Quote:

Originally Posted by 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.

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

Jana · 12-08-2006

Quote:

Originally Posted by Pimpin Dsmstyle

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 · 12-08-2006

Quote:

Originally Posted by DSMChick

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!

Jakey · 12-10-2006

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/

AJ · 12-11-2006

http://www.mnsportcompacts.net/forum...ad.php?t=42036

Pushit2.0 · 12-11-2006

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

~John

**Halon** · 12-11-2006

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!

**Shane@DBPerformance** · 12-11-2006

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.

Pimpin Dsmstyle · 12-13-2006

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.

joesushi · 11-23-2008

Quote:

Originally Posted by Pimpin Dsmstyle

Pricing on houses is DOWN right now. It's a buyers market and at 6.0% fixed rates

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?

Kevin 1G Drummer · 11-23-2008

Holy old thread Batman!!!

EclipseGST · 11-23-2008

Quote:

Originally Posted by joesushi

If I pay off a $10,000 motorcycle in 3 years That would most likely leave me with decent credit right?

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...

joesushi · 11-24-2008

Quote:

Originally Posted by EclipseGST

And yes, whats with the old thread...

I can haz search button.