What should I do next? New to credit.

[Anonymous]

I'm pretty new to the credit world. I'm 20 and just started a full time job making 32,000k a year. I'm trying to buy a condo hopefully soon. I would like a good rate so I would need my score up and have some credit lines open for at least a year. I've only have credit since May 2012. What else should I do? When should i apply for the home loan? I have about 10k saved in my money market. Title to my car.

[jamesdwi]

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@Anonymous wrote:
I'm pretty new to the credit world. I'm 20 and just started a full time job making 32,000k a year. I'm trying to buy a condo hopefully soon. I would like a good rate so I would need my score up and have some credit lines open for at least a year. I've only have credit since May 2012. What else should I do? When should i apply for the home loan? I have about 10k saved in my money market. Title to my car.

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Tytpically Load Officers want to see  12 monts of no INQ's or APs so about 7/2013 would be a good time to try for a home loan, so garden untill then you have some decent cards faster than is usual. 

[linux007969]

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@Anonymous wrote:
I'm pretty new to the credit world. I'm 20 and just started a full time job making 32,000k a year. I'm trying to buy a condo hopefully soon. I would like a good rate so I would need my score up and have some credit lines open for at least a year. I've only have credit since May 2012. What else should I do? When should i apply for the home loan? I have about 10k saved in my money market. Title to my car.

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Looks good, from what i have read you should probably wait at least a year before you apply for a mortgage, alot of people here have said to never apply for any new credit, so since u have some recent credit, i think you need to wait a year. This will also give you more time to build your scores up even more and you may also have a chance to save up even more money for a really nice size down payment!

[Anonymous]

I really want an AMEX revolver with a limit of 5000.00. I love Amex. Should I wait to apply for a revolver with American Express? When should apply?

[Anonymous]

Also I have only 1100.00 in balances. What's my uti?

[jamesdwi]

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@Anonymous wrote:
Also I have only 1100.00 in balances. What's my uti?

around 33% UTL, your probably not going to get an AMEX revolver with 5k CL, but I would of said you wouldn't of gotten an AMEX Zync NPSL with your short history. Get your credit report and score, if its above 700 you may have a chance, but with your INQ's and new cards its pretty doubtful I know AMEX usually wants 1 year credit experience with 2 or more cards, Zync is usally 6 months credit history. You can try for a revolver since its usally just a soft pull unless you are approved.  

[Anonymous]

I'm very happy of the out come of my credit lines. I did get denials from: Capital One non secured card.1st HPpull Discover Student card. 2nd HP I have about 9 INQs plus all balances are on CapOne- 480.00 0% 12-months. Citi Good year 770.00 0%. 12-months. Amex zync 340.00 0%

[Anonymous]

Plus my new USAA MC is 0% for 12 months.

[Wolf3]

I suggest you forget about getting any more CC until you have your condo mortgage done.   It is not likely to help.   

Instead, juice your score, by getting your utilization to 9% or less.   You do this by paying early before statement closes( that takes a month or so).   Then go talk to broker about getting preapproved for a mortgage.   Find out where you stand.