I want to live the American Dream and buy an apartment here in Honolulu, Hawaii! Please tell me what you think. Should i apply soon, near years end? Or wait and build credit for a bit more. A decent non-luxury 2bedroom/1bath/1parking apartment in Honolulu, Hawaii would cost anywhere between 400,000-500,000.
Some random information about me:
-I've had sub-prime credit for about 10 years, 4-5 years ago i started the effort of paying off all obligations, 2-3 years ago after paying off all obligations i flew under the radar with no credit cards. Only credit i had were two or three car loans which have been paid on time and in full (besides my current auto).
-3 months ago i started the process of applying for new credit cards. I got approved with Cap1 QS1 for a $3k limit which was increased to $9k in two weeks. I called Sears Card (store card) and they re-activated my store card which had a limit of $300 and increased it to $6k. I just refinanced my car loan with DCU this morning and according to the rep i have great credit and got 1.74% and they also approved me for a $15k limit DCU Visa Platnium.
-By years end i should have approximately $25,000 saved for down payment.
-I consistently make a tick over $100,000/year.
-My only monthly bill is my car loan of $600/mo. CC Balances are always kept low or zero.
-According to Myfico.com my scores are 750 Equifax, 723 Transunion, 737 Experian
-Random thought. My "good" credit seems thin. To reiterate my first two key points, bad credit 10 years, ok credit 2 years, and what i would consider good credit 3 months. Maybe i'm over thinking it.
What do you think? Go for it now or wait? Would $25,000 down payment be enough? Or would i need to save more? You honest opinions are much appreciated!
