With my credit portfolio would I qualify for a mortgage loan in time?

[TheCreditKid]

Long story short, I'm a college student( graduating this semester) and probably will have a real career in about a year ( if everything goes as planned) and I really want to buy a house probably 2 years from now. My parents have absolutely no credit or any type of cedit history so I can't ask them to co-sign anything. I felt obligated to accomplish something that my parents didn't, owning a home. For the last two years I've done everything possible to put together a good mixture of credits on my portfolio. This portfolio are included with 6 different credit cards( all in good standing with major banks) + installment loan ( my new car). Current score 722 Equi 704 TU. If everything goes as planned ( car paid off + higher salary + good down payment) would that qualify me in time for a decent loan? Sorry for ignorance, I'm new to all this credit stuff and I don't even know if this is even the right place to post this question.

[Creditaddict]

you get your down payment in order and it sounds like you have all the right ideas for paying car off and having at least 1 year of good salary and showing that on a tax return... seems to me you should be fine

[haulingthescoreup]

Well, it would probably do better over on Mortgages, or on General Credit Topics. Definitely not here on Credit Cards, where it currently resides.

You're certainly off to a good start! How old is your oldest account; what's your AAoA (average age of accounts); and what are the negatives on screen two of each report?

I suspect the only thing against you now is short history and maybe current inquiries. With your credit portfolio, now is the time to stop applying for anything and just let everything get older. (And keep using and paying off your cards, of course.)

The main thing you'll need to do is save like a crazy person so that you not only have a decent down payment, but you'll have a good solid emergency fund. It is quite astonishing how many things associated with buying a house will cause dollar bills (more like $20's and $50's and $100's) to fly out of your wallet like leaves in autumn.

And I'm guessing that you'll want to have a solid year of employment at the same company as well.

Good luck to you, and congrats on laying the groundwork!

eta: whoops, CA outtyped me!

[TheCreditKid]

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@haulingthescoreup wrote:

Well, it would probably do better over on Mortgages, or on General Credit Topics. Definitely not here on Credit Cards, where it currently resides.

You're certainly off to a good start! How old is your oldest account; what's your AAoA (average age of accounts); and what are the negatives on screen two of each report?

I suspect the only thing against you now is short history and maybe current inquiries. With your credit portfolio, now is the time to stop applying for anything and just let everything get older. (And keep using and paying off your cards, of course.)

The main thing you'll need to do is save like a crazy person so that you not only have a decent down payment, but you'll have a good solid emergency fund. It is quite astonishing how many things associated with buying a house will cause dollar bills (more like $20's and $50's and $100's) to fly out of your wallet like leaves in autumn.

And I'm guessing that you'll want to have a solid year of employment at the same company as well.

Good luck to you, and congrats on laying the groundwork!

eta: whoops, CA outtyped me!

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My oldest accout is 2.8 years, AA is 1  year due to all my recent application spree. Only negatives on my account are the 5 inquiries, short credit history, and seeking new credit. No baddies or anything. The hardest part would be saving up

Thanks for the infos guys.