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Hello, I'm not to myFICO and new to credit in general. I've always saved up and purchased everything in cash for my entire life and now I found out the hard way that it is impossible to get a mortgage without an established credit history. In august, my credit score was non existent. Now they're all floating around 670-680. I have 1 secured card and I just recently got approved for an unsecured card through a credit union. My credit history is only about 7 months long but my payment history is flawless. I have a car loan but it was recently refinanced because when I was just starting out, the only loan I was approved for was at 29% APR. I've since refinanced and got that down to 5.25%. What are my chances of getting approved for a home loan in about a year if I have a decent amount to put down and maintain a perfect payment history?
Welcome to the myFICO community.
If you have a credit score, then with a good percentage of lenders you'd have sufficient credit history. There are still quite a few lenders out there that will be looking for 12 months credit history, but if you have 7 months already and are talking about buying in about another year from now then you would have more than 12 months... so you shouldn't have any major problems.