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Probably getting a house with the gf later this year

F

fbrdphreak

Lifer
So I'm 22, gf is 21; we own a condo (she bought, had a bunch of $$$ from grandparents, ~$95K mortgage with $10K down, good interest rate, owned for ~3/4 year) but need a place bigger when I graduate and get a full-time job. I haven't pulled my credit score, but I have ~4.5K available between two credit cards ($5K+ if you count my best buy card I don't use anymore) and I constantly get credit card offers. One late payment on a CC over a year ago, one day late; nothing else should be on my credit record. Haven't pulled my score, but it should be good.

Paying off X-Mas purchases this month on main CC I use.

Anything I should do in the meantime to help prepare my credit for a mortgage? Keep CC's zero balance? Make as many purchases on them as possible and pay them off same month? What?

Any general advice would be much appreciated. Thanks!

Forgot an important note here: I've got over $30K in student loans. Consolidated years 1-3 last summer, got the last year of a few separate loans for my senior year (this year).
 
She's got probly $20-$30K and towards the end of the year I could probly contribute a few thousand, depends on what job I get. We won't put all of her money towards it if that happens, but let's assume say $5-15K downpayment.

EDIT No way I'd use CC's for a downpayment! LOL
 
Originally posted by: DaWhim
what % are you paying on your current cc?

get a 0% credit card and transfer your balance over.
Click to expand...
If I get a CC offer for 0% intro & low fixed, I will take that. Right now my main CC is ridiculous like 16%, which is why I'm emptying the balance on it and paying off monthly.

Does having a low interest CC affect credit score at all? I wouldn't think so, but
 
Forgot an important note here: I've got over $30K in student loans. Consolidated years 1-3 last summer, got the last year of a few separate loans for my senior year (this year).
 
Originally posted by: fbrdphreak
Originally posted by: DaWhim
what % are you paying on your current cc?

get a 0% credit card and transfer your balance over.
Click to expand...
If I get a CC offer for 0% intro & low fixed, I will take that. Right now my main CC is ridiculous like 16%, which is why I'm emptying the balance on it and paying off monthly.

Does having a low interest CC affect credit score at all? I wouldn't think so, but
Click to expand...


careful with that tranfer balance stuff. if you open too many accounts, and transfer too many times that will hurt your credit score
 
Originally posted by: robothouse77
occupations of you (future) and said gf?
Click to expand...
Getting two engineering degrees, probly working more in the business/sales/marketing side of technology. Let's say $30-$40K starting salary, maybe more; I'm really not sure.

GF has another year of college after me, so who knows.
 
Originally posted by: robothouse77
Originally posted by: fbrdphreak
Originally posted by: DaWhim
what % are you paying on your current cc?

get a 0% credit card and transfer your balance over.
Click to expand...
If I get a CC offer for 0% intro & low fixed, I will take that. Right now my main CC is ridiculous like 16%, which is why I'm emptying the balance on it and paying off monthly.

Does having a low interest CC affect credit score at all? I wouldn't think so, but
Click to expand...


careful with that tranfer balance stuff. if you open too many accounts, and transfer too many times that will hurt your credit score
Click to expand...
Not planning on transferring balances. As I said I'm paying off the only CC with money on it this month.
 
Don't apply for new credit except for the mortgage so as to have the average age of the credit line as high as possible.

Keep utilization of all combined revolving credit lines under 30%. Make it zero if possible.

"Reactivate" unused cards by buying something small and paying it off. (Not sure this helps, but I don't think it hurts.)

Needless to say, don't buy any new cars. Actually, if you have any car loans that you can possibly pay off within the next several months, do it. You want your monthly repayment obligations to be as low as possible.

Consolidating [edit: all of] your student loans to lower your monthly minimum should also help.
 
Sounds like the girlfriend would be buying the house.

And you would be along for the ride.

Seriously,
Find out your credit score.
Dispute any bad entries
And
Save as much money as possible
And pay off your debt.
 
Originally posted by: fbrdphreak
Forgot an important note here: I've got over $30K in student loans. Consolidated years 1-3 last summer, got the last year of a few separate loans for my senior year (this year).
Click to expand...

i mean, the mortgage company will give you your loan based on a few things:

deliquent payments
current amount of debt
income

i mean, think about it. they want to know that they'll get paid. based off your income, that's a major part of it. sure, keeping a good credit score is invaluable, but if you can't make the payment with say 44% of your income, then you won't get the loan, or a really ****** rate
 
I locked in the lower rate on the consolidation loan for the bulk of my college debt last summer, before they raised the rates. Not sure what I'm going to do with this year's loans, probly consolidate them also I guess.

Good point about the CC's and age of credit history. Unless I get a killer CC offer I won't get a new card.

No car loans for me. Got a used car privately.

Guess I could get a soda @ Best Buy every now and then; only 3 CC's, one's the Best Buy which I don't use anymore.
 
Originally posted by: woowoo
Sounds like the girlfriend would be buying the house.

And you would be along for the ride.

Seriously,
Find out your credit score.
Dispute any bad entries
And
Save as much money as possible
And pay off your debt.
Click to expand...

Yup, sounds like she's the one buying it.

Buying a house isn't necessarily the best thing. It may be cheaper to rent in the long run!
 
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