I would like to see if anybody thinks it is possible to buy my first house with my fiance in early 2009 when our current lease is up, or would I be wasting my time talking to a loan office and paying for the credit checks?
I am rebounding from young credit mistakes having nearly 20k credit in card problems in 2003-2004 that I cleared up in 4 different charge offs in jan/feb 05. Then I did not use any form of credit until and my score climbed from god knows what to around 600 november last year, I did not want a card but I knew it would help my score rebound so got one card at that time. I found much trouble getting the one card due to lack of history and/or the charge offs. I have been perfect on this card and keep no balance and now my EQ fico is 650. It was higher but in my failed attempts to get a second card to build more history resulted in me currently having too many inquiries.
My finaces credit is much worse being probably somewhere in the mid to low 500s i believe with three accounts in collections she is paying off pretty quick, less than $2000.
My score seems to be good enough but I am worried about the lack of current history with only one card with a low $750 balance. I last tried getting a card about three months ago but keep getting declined and the inquiries are hurting my score so I dont know if I should keep trying to get another or not.
I make a bit over 32k and she makes just under 30k. We would like a home around 125-135k but something around 90k in our area would be much better than where we are now, I wouldnt bother going any lower though. I estimate we could have at least 3-4k saved by then, but that would be for everything, not just downpayment. If I could keep her name and credit off of the loan to get better terms and have a better shot I would but I dont know if anybody would lend me alone that much?
Anybody have any input on where I stand or what I should do?
Thanks in advance!!!
