i am lookin to finally into buying my own home. i am tired of renting and goes by somebody elses rulz. i thinks i written online before that i dont have greatest credit but i been doing things to help i think. i got all my credit card paid off and now i have 5 account with no balance. i pay off each month now and no buy nothing i dont need. i starting to pay off student loan too instead of waitin to graduate. i have few delinquent account. i paid off 2 and workin to pay off another. i have 1 account which is kinda bbig it is 7000 dollars and thats last. i really not want to spend over 100.000 for home and in my area north center arkansas/south center misouri it can be had a nice home for such a price. i also wonder if bank would give me money to buy home and last debt account. could that happen? also could i approve with so/so credit? what choice do i have?
Don't think it's possible right now bud.. With the housing slump and the banks holding tightly on loans it's going to be a uphill battle with that credit history.. If you pay everything off debts,delinquent accounts, etcs.. You need to build up your credit and that is pay off all your credit cards in time every month.. I can't stress this enough DO not miss 1 payment and after 2 or 3 years you can probably get a loan with some money down.
Wait til you graduate to make payments the student loan or until all delinquent debts are paid off first.
It is not all about paying off your debts. For example, if you have a car payment at 2.9% interest and you can make 4.5% on market or CD account, why would you pay off yout debt early? Buying a home is not always saving money. With a home you have mortgage, property tax, money to keep your home and yard nice, trust me, there is alot more than you can imagine. You can always save the money you want to buy a home with and put it in a nice CD which could be over 5% currently. Pay off your bad account and work on your credit score, which could save you a chunk when you take interest rates into account. You need someone who really unerstand the issue to do a financial analysis for you.
the reason i cant pay off big account of 7000 is cuz they want i to pay off all 7000 or 3000-4000 at once and wont work with me on payment plan.
Believe me they will work on it because they want their money!!... I know my cousin works for those companies that hassle you to pay off your debts You keep b****in at them stating if they want there money you will pay them but only in monthly payments because that is all you can afford.
