I want a house?

I live near chicago but I guess i want a house maybe downsouth or around chicago thats not that bad.

im 24 school loans are about to come in I work fulltime as tech support . my credit is not so good because of my phone service in the past (cell phone i was 20 and dumb)and also a bank bill(not much will pay off) and 1 doctor bill id say im about 3,000 in debt not including school which is about to be owed. Well I dont have too many things on my credit so i have little credit infractions and people see this as little to no credit. I want to know whats a good plan to get a house?

I want a house?

-Pay your existing debt off (excluding student loans) 閳?this will decrease your debt to income ratio

-Make your student loan payments on time 閳?this will raise your credit by proving you can pay an installment loan

-Consider getting a credit card if you don閳ユ獩 have one. Use it and then pay it off each month. 閳?this will raise your score by proving you can pay a revolving loan

Another option would be that if you have a parent with stellar credit, ask them to add you on to one of their oldest credit cards as an authorized user 閳?with the understanding that you will never use the card. You will automatically inherit that card閳ユ獨 credit history, which can be highly beneficial for a young person.

My mom did this for me when I was 20 and it didn閳ユ獩 take long for my score to be in the 700s. I got my first mortgage last year at 24 and my lender nearly fell out of his chair when he saw that I had 12 years worth of credit history.

What Determines My Credit Score?

The five main factors that determine your Credit Score are:

Payment History (approximately 35% of your score)

The factor that has the biggest impact on your score is whether you%26#039;ve paid past credit accounts on time. However, an overall good credit picture can outweigh a few late payments which will continue to have less impact over time unless the late payment is a mortgage payment.

Amounts Owed (approximately 30%)

Having credit accounts and owing money doesn%26#039;t mean you%26#039;re a high-risk borrower. But owing a lot of money on numerous accounts can suggest that you are financially overextended and may be more likely to make some payments late or not at all. Part of the science of scoring is determining how much debt is too much for a given credit profile.

Length of Credit History (approximately 15%)

In general, a longer credit history will increase your FICO score because it shows that you can responsibly manage your available credit over time. However, even people who have not been using credit very long may get high scores, depending on how the rest of their credit report looks.

New Credit (approximately 10%)

People today tend to have more credit and to shop for credit more frequently. But opening several credit accounts in a short period of time can represent greater risk - especially for people with short credit histories. Requests for new credit can also represent greater risk. However, FICO scores are able to distinguish between a search for many new credit accounts and rate shopping. FICO scores generally do not equate your rate search with higher credit risk.

Types of Credit in Use (approximately 10%)

Your FICO score will reflect a combination of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans. While a healthy mix will improve your score, it is not necessary to have one of each, and it is not a good idea to open credit accounts you don%26#039;t intend to use. The credit mix usually won%26#039;t be a key factor in determining your score, but it will be more important if your credit report doesn%26#039;t have much other information on which to base a score.

I want a house?

You are more likely to get approved for a loan if you have a substantial down-payment. So start saving.

And keep your financial nose clean - pay all your bills on time.

I want a house?

Unless you have a pretty good income, those past due bills and especially that student loan may keep you from getting the house you want. If your credit score is low, your interest rate is going to be out of this world.

I want a house?

purchase lease to own or owner financing..

I want a house?

your best bet is to contact a mortgage company like Quicken loans (stay away from countrywide!) and see if they can approve you for a mortgage. they will ask you a bunch of questions and run your credit report and will be able to determine how much you would be eligible for. Once you are approved, you will know what your limit is to buya house.

I want a house?

No magic to it. Get your debts paid off, start using credit responsibly and start saving money.

I want a house?

Whining and wanting won%26#039;t get you there.

Repair your credit. See if you can reach an agreement with phone company to pay if off, but paying less than they claim you owe. Pay your bills, pay all bills on time, pay down ALL credit cards, always pay more than minimum on credit cards, pay off all cards having only one with a balance. Six months of this can improve your credit. Start saving money for down payment on car, house. Pay your student loans on time every month. DEFER purchases, asking yourself whether it%26#039;s Need or Want. You don%26#039;t Need that plasma TV. Limit eating out and entertainment expenses. Don%26#039;t become a monk, but don%26#039;t spend every penny you earn!

You sound like you%26#039;re thinking ahead and will be able to do this. Planning and implementing will get you there.

I want a house?

Banks are highly ressistant to lending to anyone woth any past credit issues right now. They are concerned of default risks.

What to do.

1. pay off your small debts first.

2. continue paying on other debts.

3. save 10-20% of you gross monthly income after that.

4. find out your credit score. It%26#039;s not free, but it will give you an idea where you stand credit wise.

http://www.myfico.com/

Good Luck!