I just started using a credit card and I understand 20-50% of your credit line should be the maximum amount of money you should actually use. I was hoping to purchase a home as soon as possible though.
2006-09-24 21:42:10 · 10 answers · asked by Big Philly 1 in Business & Finance ➔ Credit
Keep your credit paid off, a good score is 600 plus. Good luck!
2006-09-24 21:44:37 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You never start from 0. Your credit score is probably not actually bad if you've never had debt. It'll take a little time to raise it but you shouldn't have to work at it much.. Unfortunately you need some history as well as a good score. The actual score you need will depend on your lender. They have complicated formulas. You are right about using only a portion of your credit limit. having a high balance would count against you. There is no miracle grow way to raise your credit score. Just make sure you make all your payments on time and don't apply for other cards because each time you apply for credit, it lowers your score.
2006-09-24 21:52:01 · answer #2 · answered by Kuji 7 · 0⤊ 0⤋
If you have a score of at least 500, you can qualify. However, there are 3 elements that determine how much of a loan you can qualify for. Those are your credit score, your income (full doc or stated) and the LTV (Loan to Value-down payment vs. purchase price) that you need to borrow. Keep your credit card balances at no more than 33% of the credit line or 33% of the highest amount reported on your credit report on each card. Some company's report your credit line and others report the highest amount of credit you've used on your card. Check that out. If that is the case, you can charge a higher amount on your card and pay it down to the 33% level the next month.
2006-09-24 21:51:40 · answer #3 · answered by Debbie P 2 · 0⤊ 0⤋
you can purchase credits from the loaner. ask about that.
. Also you can take it as secured loan is a loan that is secured against property - the value of your home, car, Individuality - Refinance business etc. These loans are perfect when you're trying to borrow a large amount of money and can't get a loan from a traditional bank or lender, or have a bad credit history. Also, you can get a lower interest rate than most unsecured loans.
check with your lender or shop around they do loans in so many ways doesnt really matter about credit as much as you would think. good luck
2006-09-24 21:53:37 · answer #4 · answered by g w 3 · 0⤊ 0⤋
A score of 650 or higher will get you ap;proved for most loans. The higher your credit score, the more favorable the terms of your mortgage will be. To see some tips on raising your credit score visit http://finance-girl.blogspot.com/2006/09/raising-your-credit-score-who-doesnt.html
2006-09-25 02:06:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The bidding typically starts at 620+.
An applicant can get a home with a weaker FICO score; however, he will pay a much higher interest rate and may even be required to pay more points because of his lack of creditworthiness.
2006-09-24 23:15:28 · answer #6 · answered by DaMan 5 · 1⤊ 0⤋
nobody starts at 0. I think the bottom is like 400. Your age, marital status, length of employment, income all come into this. When you feel like youve got enough for a down payment, trot on down to the bank and start the process and they'll let you know real quick.
2006-09-24 21:46:00 · answer #7 · answered by David B 6 · 0⤊ 0⤋
the lenders will look for 3-4 credit lines open for min 12 months, so try to open more accounts and of course don't spend all the money. just keep them open and use once a while to keep them active.
2006-09-25 18:45:48 · answer #8 · answered by bianca 4 · 0⤊ 0⤋
since u have just started ur rating shud be fine....if repayments go beserk then rating gets screwed.
2006-09-24 21:44:46 · answer #9 · answered by uknownotlove 3 · 0⤊ 0⤋
if u want a reliable answer ask you bank. not here!
2006-09-24 21:50:40 · answer #10 · answered by oh sugar! 4 · 0⤊ 0⤋