I live in Boston, I made 45k a year, have no school loans or debt, i have about 24k saved in the bank...problem is my credit score is like 450 i think. I just paid off all my school loans...so maybe that helped not sure...do you think i could buy a place? I really would like to...tired of renting...oh yeah i'm single so it would be doing this all alone...
2007-06-21 11:06:17 · 3 answers · asked by meggerpepper 1 in Business & Finance ➔ Renting & Real Estate
Are you SURE about that credit score?? That's a terrible one -- like "filed bankruptcy last year, never paid a credit card on time in my life, got 10 student loans in default" bad! If it really is your score, your're going to have a lot of trouble getting a mortgage and if you do you'll pay an outrageous rate.
You should work on your credit score for a year or two first. Your best bet would be to open a couple of credit card accounts and work on getting that score up. Use one for daily purchases and pay it off in full each month. Use the other to carry a BIT of a balance and pay about 20% of the outstanding balance every month at least. You need to get the score up by at least 200 points to have any realistic chance at anything remotely affordable. And with real estate prices being what they are in Beantown, you're going to need a seriously affordable mortgage.
2007-06-21 11:21:44 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
I was watching Suze Orman the other night and she was talking about piggy backing onto someones credit card...... Basically, you find a service that puts you on a strangers credit card (you do NOT get a copy of the credit card- nor do you even know who's credit card you are on). The stranger would have an excellent credit score and your credit skyrockets because whomevers credit you are mooching off of is paying their bills on time. Anyway, just do a search on it. Type in Piggyback credit cards or something. It only takes about 6 months to improve your credit score DRASTICALLY! This could save you BIG bucks when you do get a mortgage.
2007-06-21 14:41:08 · answer #2 · answered by elizzyss 2 · 0⤊ 1⤋
work your credit before, the bank that can give you a loan will ask you for a 25 to 30% down payment and your rate will be on the 12 or 13 %
so, better work on your credit....
2007-06-21 11:51:13 · answer #3 · answered by Sergio S 2 · 0⤊ 0⤋