I plan to apply for mortagage in about 2 years and do want to know if I'm on the right track to get the best interest rate, etc.
My credit background:
My oldest credit card was opened on 1/17.
2 CC accounts from '17 and 4 CC accounts from '18.
I have 6 credit cards (1 secured, 1 charge, 2 cash back and as 1 autorized user). 1 business CC from CapOne (supposed to be reported on personal, but I don't see it. It's been 1 mo only)
My monthly balance isn't high (around $500), but might go up to $3500/mo just for 1 year with $14,051 credit limit.
No late payments or any other bad records.
FICO is around 715. TU,EQ around 700-720.
My goal is to get to 760+ in 2 years. I don't want to apply to any CC, loan, etc. for next 2 years (maybe slightly less - 21-22 months).
My income is at $36,000 but might go up to $50-60k by the end of the year.
Looking for a house for $130-200k max. Saved around $15k. Plan to save another $20k before applying. Looking for at least 20% down.
Question: what differnce it will make paying 25% down instead 20%?
Another person I'm going to get a mortgage with has $19k debt which we plan to reduce to $6-10k in 2 years. Clean history of on time payments, no deliquencies etc. She has around 8 CC accounts, a few open/closed loans (small amount up to $3000), open student loans (couple thousands each, total close to $10k). Her score is 10-15 points higher than mine and she is in the same income bracket. Her oldest account is about 5 years old but average age just over 2 years. Total around 15 accounts (CCs and loans).
Notes:
- Both recently changed jobs
- Location: Atlanta, GA
- Looking for 1-2 BR apt/condo.
I'm looking for advice. Chances to get approved and get the best interest rate for conventional loans, etc. Maybe something else . Thanks
