my credit score is 628 his is 646. no late payments or bankruptcy with average length of history at one year. we both have a $300 car payment the balance on my credit cards is $5500(90% of available balance) his is $0. I make $1300 a month and he makes $1400. We’re only looking for about $60000 loan.
You need a score of at least 680.
You’ll also need a down payment of around 5%, plus you’ll need money upfront to pay all the closing costs. So plan to save up about 10% for that house.
One note: Did you know that credit card balance is bringing down your score?
Any time you use more than 25% of your avialble balance you are causing damage.
For best credit, pay in full each month, and continue using the card for little things like food or gas to show usage.
Credit card balance is revolving credit – damaging to your score.
The car loan is an installment loan – better for your credit.
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Probably not. Your balance on your credit cards is WAY too high. Your car payment is WAY too expensive for your income level, and your credit scores are horrible. A 620 is the absolute minimum for a FHA loan, however the average FHA loan credit score is 695.
References :
You need a score of at least 680.
You’ll also need a down payment of around 5%, plus you’ll need money upfront to pay all the closing costs. So plan to save up about 10% for that house.
One note: Did you know that credit card balance is bringing down your score?
Any time you use more than 25% of your avialble balance you are causing damage.
For best credit, pay in full each month, and continue using the card for little things like food or gas to show usage.
Credit card balance is revolving credit – damaging to your score.
The car loan is an installment loan – better for your credit.
/
References :
Maybe. But you have a lot of debt and your debt to income ratio may be too high to qualify. Your credit history may be too thin.
For starters, you really need to pay off that credit card balance. Carrying balances of more than 30% hurts your score. Pay off the balance and your score gets a boost.
Pay off the credit cards and build some more credit history. Also, save for a downpayment and closing.
References :
BD
hi
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