10-19-2012 01:40 AM
i'm new to credit (5 months history)
my history is short but perfect, always PIF and UTI under 9%
How long do i need to have credit history to be able to get good APR ? like under 5% from a CU ?
Will 1 year be enough ? i Have right now 3 CC on my report
10-19-2012 04:34 PM
First it is good that you have 3 CC currently.. But you need to show stability. Lenders use 2yrs as a foundation. 2yrs on the job, 2yrs residence and 2yrs credit history. Next you need a good mix of account types. Auto loan, student loan, mortgage loan... Time is your friend, no apps, no inquires when you are seeking your scores to go up.. This is great site to learn alot.. But paying on time for a long period of time 3-4yrs is key... Keep go cash reserves 6-12mths... Start working with a mortgage broker/consultant to get better advice... Good luck...
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