Re: What age did you buy your first home?[ Edited ]
12-10-2008 03:09 PM - edited 12-10-2008 03:11 PM
I was 29 when I bought my house. Based on the scores you have posted (I assume those are FICO scores) and the information I have heard on these boards you will probably need to raise your credit scores a bit before qualifying for a loan. If I remember correctly I have heard 580 used as the min score for a mortgage. To qualify for the best interest rates you want scores around 760. Basically the higher your scores the better your rate and the less your house costs you. Your car loan will help your scores as it will add an installment loan. You should see a score bump in 6-12 months as that account ages. Do you have a timeline for a home purchase or are you just starting to think about it?
Message Edited by cobaltnv on 12-10-2008 03:11 PM