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Single Female - looking to buy a home as a first time buyer and looking for advice...

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laella
Established Member

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

Hey there everyone!

Hope all is well

Still saving for this house/condo I play on buying.Since the last time I wrote have not much homes.


I admit I am looking but have not really been interested in any homes in my area except 1 that sadly was already sold.

Since then I have less than 1500k less on my car debt.

About 6000k on two credit cards  (300k each macys and visa)


I checked my fico and it stated it
Transunion 728
Equifax 773

Not sure about Experian,

 

However because I am not finding any houses in a decent price range of decent quality ( I live in Long Island) and most houses that are fairly decent range in $350k-$400k it is making a bit difficult for the decision. I have saved roughly 15K. 

 

I was thinking about getting another credit card to help with my credit score as I wont have a car payment very soon. I was planning on looking into the mortgage loan around march-april 2015.

 

Do you think this is a bad idea. I was thinking about Chase Sapphire since I travel often for work and could benefit with paying off the card immediately (if approved)

Or maybe asking for a increase or changing (transferring) the Capitol One card.

 

Mostly importantly I dont want to ruin my chances of getting approved for a mortgage when that time comes in the future,

 

What do you think?

Smiley Happy

 

Message 41 of 53
kimmiller112
Frequent Contributor

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

Glad to hear from you.

 

With regards to the car loan, it will show up on your credit report as a paid loan, so lenders are going to be able to see that you paid on that loan.  With regards to adding a credit card, you need to keep a couple of things in mind.  First, you don't want to add inquiries or a new line of credit within 6 months of applying for a mortgage.  Six months from now puts you at mid-April.  If you are wanting to apply by then, it wouldn't be the best idea to app for something now.  However, if you do app for something and it's only 4-6 months old when you do apply, it's not the end of the world - a letter of explanation would most likely cover it and you'd be fine.  If you are apping after mid-April, adding one more credit card could be beneficial.

 

If you do apply for another credit card, you need to consider some things.  Currently, you have a store card and a regular card, both with balances.  I don't know what your limits are on these cards, but you need to keep your utilization in mind when apping.  If the credit limits total $10,000 on both cards and you owe $6000 on both, your utilization is over 50%, which doesn't look good.  Also, when considering a card like Chase Sapphire, in the majority of cases, you have to have a credit card already at $5000 for them to consider you because that is the starting limit with that card.  You mentioned having a Capital One card - please do some research on going the the executive office to ask for a CLI.  I haven't done it in more than a year, but I used to go through the EO to get increases on mine.  Each time I did, it was a SP and I was able to increase it three times that way.  Make sure it is a SP and go that route first.  You can google executive office email to get the email or you may be able to find it on here.  If you do this, aim high as they will counter.  If your limit is $5000, don't be afraid to ask for $10,000 - they may accept it or come back with an offer somewhere in between.  If you decide to app for another card, you may want to consider seeing if you are prequalified through Chase or Discover.  

 

Your credit scores look good and you are doing a good job with saving money.  Keep it up and you will own a home before you know it!


@laella wrote:

Hey there everyone!

Hope all is well

Still saving for this house/condo I play on buying.Since the last time I wrote have not much homes.


I admit I am looking but have not really been interested in any homes in my area except 1 that sadly was already sold.

Since then I have less than 1500k less on my car debt.

About 6000k on two credit cards  (300k each macys and visa)


I checked my fico and it stated it
Transunion 728
Equifax 773

Not sure about Experian,

 

However because I am not finding any houses in a decent price range of decent quality ( I live in Long Island) and most houses that are fairly decent range in $350k-$400k it is making a bit difficult for the decision. I have saved roughly 15K. 

 

I was thinking about getting another credit card to help with my credit score as I wont have a car payment very soon. I was planning on looking into the mortgage loan around march-april 2015.

 

Do you think this is a bad idea. I was thinking about Chase Sapphire since I travel often for work and could benefit with paying off the card immediately (if approved)

Or maybe asking for a increase or changing (transferring) the Capitol One card.

 

Mostly importantly I dont want to ruin my chances of getting approved for a mortgage when that time comes in the future,

 

What do you think?

Smiley Happy

 


 

Barclays USAir World MC $8300 - DCU $7500 - USAA World MC $7000 - PayPal Extras MC (GE) $5500 - Chase Saphire Preferred $5000 - Discover It $6000 - Barclays Sallie May $2700 - Chase Freedom $1000 - Capital One $8500 (business) - store cards ranging from $500-$9500
Message 42 of 53
laella
Established Member

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

Hello there!

Still saving little by little and just becoming paranoid with getting approved for a mortgage.

 

I live in Long Island NY (still single) and to date I only liked one home in all the research I have done. Sadly while the sign had been up for the house to be for sale it was sold. The real estate agent (Century 21) said----I should have already had a mortgage loan approved prior to looking to be considered.

 

To date I still have not done the loan as of yet as I am still saving.

 

My Fico is 756 and it fluctuates to 778. Back and Forth.

I have 15K saved for a house deposit but I need to save for expenses, furniture, lawyers fees, assessments etc.

I have  $867.95 left on my car payment and thats my last payment.

I have 38K savings in 401K which I am trying to work on saving more.

Salary is $75,000.00

I have 2 credit cards Macys and Capitol one. Both with 60% utlization on them. I am trying to pay them down and not use them as much.

I decided not to get another credit card.

I want my credit to only be pulled for this mortgage loan application.

 

 

***********************************************************************

However-----------

My job recently gave me a Bank of America Business Credit Card for business travel. Hope this does not mess up my credit score. It should not right since its a business account?

 

 

 

 

 

Message 43 of 53
StartingOver10
Moderator Emerita

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...


@laella wrote:

Hello there!

Still saving little by little and just becoming paranoid with getting approved for a mortgage.

 

I live in Long Island NY (still single) and to date I only liked one home in all the research I have done. Sadly while the sign had been up for the house to be for sale it was sold. The real estate agent (Century 21) said----I should have already had a mortgage loan approved prior to looking to be considered.

 

To date I still have not done the loan as of yet as I am still saving.

 

My Fico is 756 and it fluctuates to 778. Back and Forth.

I have 15K saved for a house deposit but I need to save for expenses, furniture, lawyers fees, assessments etc.

I have  $867.95 left on my car payment and thats my last payment.

I have 38K savings in 401K which I am trying to work on saving more.

Salary is $75,000.00

I have 2 credit cards Macys and Capitol one. Both with 60% utlization on them. I am trying to pay them down and not use them as much.

I decided not to get another credit card.

I want my credit to only be pulled for this mortgage loan application.

 

 

***********************************************************************

However-----------

My job recently gave me a Bank of America Business Credit Card for business travel. Hope this does not mess up my credit score. It should not right since its a business account?

 

 

 

 

 


It is amazing that your scores are in the mid-700's and you have 60% used on both of your credit cards.

Imagine what they will be when you pay off one and get the other below 30% (or even below 10%). 

Message 44 of 53
laella
Established Member

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

i know! i am told from others maybe I will make it to 800 ? i hope so! i really do. just have to stop using the cards and only use at a minimum.

i have used the card alot for travelling but my job just gave me a business card.

i just hope it is not reflective of my own credit- or mess up my credit score.

 

i am thinking now that i will not be using my own credit cards anymore and i wont have a car payment. i will be able to pay the cards down quickly.

i have other bills also but i dont consider them to be major bills. yes i pay rent, other things also.

 

just hope i can afford a better place to live at some point.

 

 

 

 

 

 

Message 45 of 53
laella
Established Member

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

Hey everyone! I am still around and still saving for a house.

I believe at this time I have decided I am NOT going to buy a house in Long Island.

I just think the prices here are absolutley ridiculous (not a great selection for 200K) and I am not in a position to be buying a house as a single female for 300K and over. If I am lucky and I see something decent I would consider 200K.

I am now thinking ONLY about a condo or renting.

I cant see myself with a 300K-400K mortgage for 30 years on Long Island. I would rather use my savings and buy a property in Florida perhaps doing rentals and sublets.

 

Here are my current stats:

Savings:  $18,000

401K:  $45,000

Salary:  $80,000

 

Still Single Smiley Happy

 

Credit Cards:

Macys: $5000 credit limit - Ultization :  70%  (I know I am working on getting that down to 50% currently)

Capitol One Platinum:   $5000  000 credit limit - Ultization :  70%  (I know I am working on getting that down to 50% currently)

No car payments

Monthly expenses roughly $1500.00

 

***Just recently opened yesterday*** a new credit card (long story) and got approved for $10,000.00 Capital One Venture.

 

FICO Experian 709 

FICO Transunion 729

 

Did I just blow my mortgage application by getting this credit card??

I thought for leveraging maybe paying my bills by credit card (transferring bills to CC) would help be get better credit.

But most importantly did I just blow my mortgage application by getting this credit card???

 

Any helpful advise is needed and as always thank you 

Message 46 of 53
Anonymous
Not applicable

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

Have you thought about buying in New Jersey rather than Long Island?   Your $80,000 income doesn't get much in a decent area in NYC unfortunately.  Even a $100,000 salary doesn't go far when renting can be as much as $4k  or more for a decent place.   New Jersey may be too expensive now.   Good luck!   

Message 47 of 53
laella
Established Member

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

Thanks for your response.

I live in Long Island NY actually.

Just as expensive as NYC.  Long Island taxes are also quite ridicuous.

There are homes out here for 100K-150K but some are not in the greatest area and I would suspect also need some rehabbing. I am not an expert on that. I am sure if looking I may find some.

I was thinking about renting for now but investing in a home in Florida. While in Long Island work live and rent out the home or sublet in Florida where its cheaper until I am ready to go down there.

Would not move to New Jersey. I believe its cheaper than Long Island.

 

It is actually quite sad at making 80K a year that I can not afford a decent home in my area!!!!!!!!!!!

I do see however there are plenty of families, married with 2 incomes equaling 80K THAT CAN AFFORD IT. They probably get alot more tax benefits than me as I get none! 

To date still have seen only 1 house in a decent area and was interested in putting in an offer on it for 300K.

 

Do you think even thought I just got that credit card I can still at some point in the near future apply for a mortgage loan?

 

 

Message 48 of 53
Anonymous
Not applicable

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...


@laella wrote:

Thanks for your response.

I live in Long Island NY actually.

Just as expensive as NYC.  Long Island taxes are also quite ridicuous.

There are homes out here for 100K-150K but some are not in the greatest area and I would suspect also need some rehabbing. I am not an expert on that. I am sure if looking I may find some.

I was thinking about renting for now but investing in a home in Florida. While in Long Island work live and rent out the home or sublet in Florida where its cheaper until I am ready to go down there.

Would not move to New Jersey. I believe its cheaper than Long Island.

 

It is actually quite sad at making 80K a year that I can not afford a decent home in my area!!!!!!!!!!!

I do see however there are plenty of families, married with 2 incomes equaling 80K THAT CAN AFFORD IT. They probably get alot more tax benefits than me as I get none! 

To date still have seen only 1 house in a decent area and was interested in putting in an offer on it for 300K.

 

Do you think even thought I just got that credit card I can still at some point in the near future apply for a mortgage loan?

 

 


I live in south florida.  The only thing bad about living in NYC is only the wealthy can afford to own things.  It's hard for the workig class to own anything in NYC even with a 6 figure salary.   

Message 49 of 53
laella
Established Member

Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

Yes I know.

If I was fortunate enough to be making $80K outside of NY (except maybe CA) I believe I would be able to afford a decent house in a nice area. Nothing over the top but I am sure it would be must more decent than the selections up here.

Or maybe even a really nice Condo.

I have been very much turned off my the market up here.

I believe 80K is a fairly decent salary but not according to NY standards. Maybe upstate NY but not down here.

 

Message 50 of 53
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