Got my credit score

[mithrandir2001]

I just received my credit report and credit score online...I'm looking to buy a house within the next year.

My credit score is reported as 782. Is this good enough to get favorable mortgage rates?

 

[Kaervak]

Damn, that's pretty good. Where'd you get it from? I need to do another credit report for myself.

 

[mithrandir2001]

I got it from QSpace. Costs $14.95, but worth it because it comes with the score and report and is displayed instantly. Just make sure that you uncheck the email offers checkbox, select the "no" radio button for the data sharing question and select "disagree" for the privacy question. Don't let them sell your data to third parties.

 

[RossMAN]

Damn 782 is good but that's just one of 3 equations most home lenders look at:

1) DSR (debt to service ratio) your monthly credit obligations divided by your gross monthly income, the the lower the number better. Stuff like insurance, home utility bills, etc. do not count since they are not reported on your credit bureau.

2) LTV (loan to value), how much equity you want to borrow.

3) Credit which sounds like you've got that nailed.

So between now and next year, make sure you make ALL your payments on time never ever get a 30 day late or worse even if you have to pay the minimum payment on your credit cards. Try and pay down all your outstanding credit as much as possible. Try and get a raise from your employer, easier said than done.

It'll be years before I buy a house, gotta pay off a whole buncha credit, buy a new $20,000 car to prove that I'm worthy of borrowing $200,000 make more money THEN I can be the proud owner of a 30 year mortgage.

 

[RossMAN]

I almost forgot, regarding QSpace, do you know if

1) By getting your credit score do they report that to the bureau as an inquiry?
2) Do you also get to see a copy of your credit report whether it be online, e-mail or snail mail? If not, can you pay more for that? How much?

 

[stso]

731 here with no income :Q

 

[RossMAN]

:Q

 

[mithrandir2001]

1) DSR is currently 6%. I just have a car loan, no other debts.
2) LTV will be 80% or less. I refuse to pay PMI.

1) I read that if you inquire about your own account it is not considered a documented inquiry...it's a "personal" inquiry.
2) Yes, the $14.95 includes your complete credit report by Experian...view and print online.

 

[Russ]

<< 1) By getting your credit score do they report that to the bureau as an inquiry? >>



Only on your copy, not reported to outside inquires.



<< 2) Do you also get to see a copy of your credit report whether it be online, e-mail or snail mail? If not, can you pay more for that? How much? >>



Two of the agencies are online or snail, one is snail mail only. Same price either way.

Russ, NCNE

 

[RossMAN]

Damn you've got it made, nice DSR and credit score.

Have you lived at the same address for a few years and worked at the same job for several years?

Thanks for the info about QSpace I might do an inquiry on myself, 2 months after paying off some loans just to make sure that everything is reporting accurately.

 

[mithrandir2001]

I've been living at my current address for 5 years...it's my parent's house. Oops, I let out the secret. I'm fortunate to have a high paying job and low "rental" costs (I do pay them some money each month).

My biggest problem will probably be employment history: I left my first job in November 2000 (worked there almost 4 years) and went to a dotcom. I got laid off by the dotcom this May and have been employed with my current employer (not the same as my first) since June. A lot of movement, but that's the IT labor market for you.

Yea, the credit information comes up right away: instant access!

 

[Moonbeam]

Mine is up in the 800s somewhere or so I was told. Don't know if thats good or bad, and I never gave much of a damn one way or the other, but I know that my credit is actually perfect because I have to pay what I owe and fulfill my contractual obligations. To look in the mirror and see an honest person is worth more than any amount of money.

 

[RossMAN]

The length of employment will probably hurt you but at least you lived at your parents house for a while shows some stability, have a very low DSR and an above average credit score.

Good luck on buying a house and remember to post about it here on ATOT and don't forget the golden rule which is ...

 

[mithrandir2001]

I'm sure I'll be posting other home buying questions as I go through the lengthy process. Thanks for the information.

 

[RossMAN]

Well no one guessed what the ATOT golden rule is, always post picts (if applicable)!

First off I would highly recommend reading this thread, before it gets nuked or archived it's worth doing a FILE -> SAVE AS just for future information.

 

[dirtboy]

That's an excellent rating, you should have no trouble buying anything you want!

 

[mithrandir2001]

Good idea. You can create a .mht file in IE that puts everything into one viewable file. File | Save As | Save As Type: Web Archive, single file.