07-03-2014 05:33 AM
I have been renting for years and want to be able to purchase my own home. I know that is not an option for me currently due to credit issues, mainly credit scores and just plan old bad financial decision making. I understand that I would most likely have to make a down payment at the time I decide to purchase a home but I am also in the process of trying to clean up all of my credit reports. I have two things to do increase my scores and save money. I have been working for Wells Fargo for 16 years and I have a part time job for almost a year (will be a year in August). Should I concentrate more on the cleaning up my credit and less on trying to save money for a down payment? I don't think I will have enough money to do both at the same time. Eventually I would like to get a mortgage loan through my employer as one of their requirements on credit score is 600. Currently my scores are 478 EQ, 509 TU and 515 EX. So I don't have a really long way to get there but is there any way to know what items are weighing more heavily on your score than others? At least I would be able to concentrate on those first. Any assistance or advice that you would be able to provide would be greatly appreciated!
07-03-2014 06:06 AM
I don't have a comment on which you should do first but I think you should pop over to the rebuilding forum. You may be surprized at what can be done and depending on what the baddies are how quickly you can raise your score.
07-04-2014 09:19 AM
Well if your credit is real bad then you'll need a huge down payment and you'll get pretty cruddy terms. So I definitely recommend you work on your credit first.
With your scores it may just take you a year or so to improve them to a level where you have decent financing options. Coincidentially you'd need to be working at your part time job in order for you to include that income, so everything may just coincide on time.
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