Confused by credit card payment

[SouthJamaica]

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@Anonymous wrote:

Thank you. I am sure I will message you a few times before we get the ball rolling. 

My wife has students loans and one credit card on her credit report. Last time we checked she is about 620 credit score. 

I did a quick DTI calculator site and it showed my DTI to be about 17%. I have a few student loans under $5000, car loan under $6000 and two credit cards. 

I am set to PCS this summer and was hoping to purchase a home instead of base housing or renting off base. We could be there for a good bit so it makes sense to us to purchase something affordable, if we can. 

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You will want to optimize your credit score, whether you buy a home or whether you rent, because many rentals do credit checks too.

Going into your purchase or rental:

1. Keep your credit card balances below 10%. Would be good if one were at zero and one were at 9%.

2. Pay off as much of your loans as you can, but not taking anything down to zero.

[SouthJamaica]

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@Anonymous wrote:

Thank you. I am sure I will message you a few times before we get the ball rolling. 

My wife has students loans and one credit card on her credit report. Last time we checked she is about 620 credit score. 

I did a quick DTI calculator site and it showed my DTI to be about 17%. I have a few student loans under $5000, car loan under $6000 and two credit cards. 

I am set to PCS this summer and was hoping to purchase a home instead of base housing or renting off base. We could be there for a good bit so it makes sense to us to purchase something affordable, if we can. 

---

You will want to optimize your credit score, whether you buy a home or whether you rent, because many rentals do credit checks too.

Going into your purchase or rental:

1. Keep your credit card balances below 10%. Would be good if one were at zero and one were at 9%.

2. Pay off as much of your loans as you can, but not taking anything down to zero.

3. Don't apply for anything.

[Anonymous]

SoJam

of course is correct but everything in due time....

We 'humans' say 'about to' buy a house or 'looking into' when we mean anywhjere from 3-36 months down the line...

Which provides varying amounts of time, where apping with 6 months to go is a differet bal game then 26 months.

So some of the stiffness of 'stop...we're in mortgage CLOSING mode' is not the same as the we'd love to 'get ready or be ready to buy/search' for a home 

AND get a mortgage...it's a little like 'thinking' about wanting to be a parent, it 'could' take years before one actually changes diapers (granted babies can seek up on you before you're 'ready' a lot easier than a mortgage)

It sounds like the OP wants to own a home but isn't current under the gun (which is great, it gives time to get READY and be ready) which IMO is better because decisions made under stress are often expensive and too hurried.

To the OP

Is that 17% including your anticipated new mortgage...if so that's great

Either way, weigh the pro's and cons of IF you aren't stationed in that area for as long as you think (just in case...you know I can't help but to think like every one's Dad/Uncle...just who I am)...it's no biggie just inquire about what the rental market would be like IF you had to bounce quickly and which management companies have experience helping out service members in that area etc or how properties move or don't move due to the military dependency  or not

same type of stuff you'd want to now if it were a college town or tourist area....understanding that military areas pose unique challenges as well as opportunities can not be overlooked until AFTER you spend that dough...you need to at least get a feel because you know the drill think of EVERYTHING so you aren't 'that guy' and there is always a 'that guy and his FAMILY'...

Sorry for the ramble wanted to pass it on before I forget or if it comes up later or for a buddy pass it on the more info we share the better we never know who, when or where it may pop in our head to pass it on to the next guy/gal...

when ppl say things it reminds me of trap doors to warn folks about because you remember seeing others including yourself fall from time to time

[Anonymous]

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@Anonymous wrote:

SoJam

of course is correct but everything in due time....

We 'humans' say 'about to' buy a house or 'looking into' when we mean anywhjere from 3-36 months down the line...

Which provides varying amounts of time, where apping with 6 months to go is a differet bal game then 26 months.

So some of the stiffness of 'stop...we're in mortgage CLOSING mode' is not the same as the we'd love to 'get ready or be ready to buy/search' for a home 

AND get a mortgage...it's a little like 'thinking' about wanting to be a parent, it 'could' take years before one actually changes diapers (granted babies can seek up on you before you're 'ready' a lot easier than a mortgage)

It sounds like the OP wants to own a home but isn't current under the gun (which is great, it gives time to get READY and be ready) which IMO is better because decisions made under stress are often expensive and too hurried.

To the OP

Is that 17% including your anticipated new mortgage...if so that's great

Either way, weigh the pro's and cons of IF you aren't stationed in that area for as long as you think (just in case...you know I can't help but to think like every one's Dad/Uncle...just who I am)...it's no biggie just inquire about what the rental market would be like IF you had to bounce quickly and which management companies have experience helping out service members in that area etc or how properties move or don't move due to the military dependency  or not

same type of stuff you'd want to now if it were a college town or tourist area....understanding that military areas pose unique challenges as well as opportunities can not be overlooked until AFTER you spend that dough...you need to at least get a feel because you know the drill think of EVERYTHING so you aren't 'that guy' and there is always a 'that guy and his FAMILY'...

Sorry for the ramble wanted to pass it on before I forget or if it comes up later or for a buddy pass it on the more info we share the better we never know who, when or where it may pop in our head to pass it on to the next guy/gal...

when ppl say things it reminds me of trap doors to warn folks about because you remember seeing others including yourself fall from time to time

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I went back and put in an estimated mortgage and estimated a little huh to get an idea...it shows DTI now at 28%. 

[Anonymous]

And no...haha I don't want to be "that guy"...I know plenty of them hahaha

[Anonymous]

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@Anonymous wrote:

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I went back and put in an estimated mortgage and estimated a little huh to get an idea...it shows DTI now at 28%. 

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28% is outstanding, even for the more conversative lenders....financially that's very much on point.