11-26-2012 08:05 PM
I am wanting to rebuil my credit.
I have a 2,000 dollar loan from my bank. 2 years at 7% intrest. Pay 90 a month. I have 1,400 left to pay
walmart credit card @ 3,000 maxed out at 3,400 lol
Chase Slate 200 maxed out (no intrest)
Bestbuy 400 maxed out
my other local bank card maxed out @ 500
capital one maxed out @ 500
Meijer maxed out @ 600
total debt is 7,000
I have 14,000 to 17,000 dollars coming to me in jan an feb.
My Fico is 598 b/c of UTI
I am paying of all my debt in January. I may keep my loan open though.
I am in college and have two kids @ age 21
My income for last year and this year is about 17,000 not incluing my 9,000 income tax and 630 in food stamps a month and free health insurance for my whole family.
I also get 10,000 in student loans a year and my wife is starting school in the spring. I am just now finishing up my first semester. I have a 4.0 gpa
My emplyment is all over the place. I always have a job except once where i did not work for 3 weeks. (took a vaction for myself inbetween jobs)
How can I get a 70,000 dollar house? Or what can I start doing now to get a house as soon as possible? It is very important to me to have a stable home for my family. I was looking @ credit unions but they require to be employed by one of their MEMBER companys. Is my best bet to start talking to my local bank you gave me my first loan? I had to secure this loan with my OLD car an have a co-sign.
What I know:
-- pay of all CC
-- No more app for CC
--Save for downpayment (3,000?)
11-26-2012 08:16 PM
11-26-2012 08:22 PM
I pay all my bills on time. steady emplyoment as in same job for 2 years? If that is the case I will not have steady employmeant for several years. I work in factorys and warehouses. I do not expect to have the same job for awhile untill I at least get my assocites degree.
11-26-2012 08:27 PM
11-26-2012 08:31 PM
I hope my local bank will work with me then. I went from factory an warehouse work for the last two years then got a job in a nursing home b/c I was going to school to be a nurse. Found out after working in a nursing home that nursing is not the job for me. So now I am switching majors to IT work. I am now back in a factory and am working on getting a job in a datacenter. Kina makes since to work in a field that I am going to school for. I am sure if I work hard enough I have to be able to get a homeloan in a year or two as long as I keep my annual income @ 17,000 or higher.
Thank you for your help AJC1987
11-26-2012 08:32 PM
I see that you are looking at the possibility of a mortgage in the future... since that is the case; you are definately in the right forum.
Below is a short list of helpful mortgage loan related links that may help you prepare for the process:
Guide to Common Abbreviations - Barry
Mortgage Acronyms & Abbreviations (what does PITI mean?) - ShanetheMortgageMan
Good Faith Estimates Explained - ShanetheMortgageMan
The Mortgage Pre-Approval Process - ShanetheMortgageMan
Evaluating Conventional vs. FHA (VA & USDA)- ShanetheMortgageMan
Definately feel free to post any questions you have about the process! In addition, you may qualify for downpayment assistance as well as other programs to help you get into a new home!generally speaking; you need to have 620+ scores; clean history for 12 months; and employment in the same line of work for 2 years. They make exceptions if you get a job in your degree field and have only been at the new job a little less than 2 years.
Best of Luck to you!
11-28-2012 06:10 AM
How fantastic that you're 21 and already thinking about a home of your own. Stick with this forum and read, read, read. The wealth of information is like winning the lottery.
11-28-2012 11:59 AM
And hopefully stop maxing out your CC's and counting on windfalls/tax returns/inheritance/etc... to bail you out.
Having a mortgage plus cards AND maxing them out can lead into dangerous grounds.
Good luck though.
Follow my financial journey: http://www.frugalrican.com
12-01-2012 05:52 PM
I am going to try for a home loan with my local bank next febuary. I will have all my CC paid off and hopfully a very high credit score. For a 70,000 dollar house I want to put 15K - 20K down. Hopefully I will be able to get a home loan. Buying a house makes so much sense. a morgage would be about 400 compared to rent at 600. with the extra 200 saved each month I can throw in the bank to fix the house and for unexpected expenses. I am just wondering if I would be accpted for a loan though with having student loans. I am also thinking about looking into a USDA loan since living the country is more my style.
12-02-2012 08:41 AM
Hi Blackdust I think you are on a good road once you pay down your cc's. I, too, was high on utilization with my cc's and once I paid them down and got some collections deleted, went up over a hundred points. Paying down those cc's was the best thing that happened to my score. Good luck to you and your family!
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