My mom is buying a house and i know buying houses is a good way to build credit so im trying to get her to include me in the whole process so i can use the oppotunity to increase my credit score the thing is i dont have a job and never have and im 19 she says i cant be included since i dont have a job is this true? wha can i do?
2007-07-14 10:37:22 · 5 answers · asked by pamens88 1 in Business & Finance ➔ Credit
Your mom is most likely correct. Without a job, you may hurt her chances to qualify for the loan. The lender use "debt to income" ratios to qualify a consumer for a home loan. A person must typically have a 2 yr job history.
2007-07-14 10:46:28 · answer #1 · answered by Etta P 4 · 0⤊ 0⤋
She can't include you.
First, unless you want to own part of the house why bother?
Second, when she goes to get a mortgage it is her income and credit score that is under consideration, not yours.
Third, if something happens to your mother (lost job, etc.) and your name was cosigning the loan you would be responsible for keep up with the mortgage payments.
If you want to improve your credit score on your own the thing to do is to get a job and then a credit card, use it, and pay it off every month. - DO NOT BUY MORE THAN YOU CAN PAY OFF EVERY MONTH. - If you are unable to pay your bill your credit score will drop and you will pile up expensive interest and finance charges.
2007-07-14 10:49:02 · answer #2 · answered by Harmony 6 · 0⤊ 0⤋
Your mother is right.
What you CAN do is build your own credit. Start by getting a job and then sticking to it. Then you can apply for credit for yourself. Start by financing a TV or stereo or something else you might need at an appliance store. Or apply for credit at a medium sized department stores. Those types of stores generally extend credit pretty easily. Don't abuse your credit. Don't spend more than you can afford. And always pay your bills on time. That's how you establish good credit for yourself.
Don't try to "slip into the back door" of your mother's credit.
2007-07-14 10:51:19 · answer #3 · answered by Tom K 7 · 0⤊ 0⤋
Not if you don't have a job with at least a two year job history. You may want to start your own credit trail.
2007-07-14 10:55:17 · answer #4 · answered by sheilam115 2 · 0⤊ 0⤋
get a job ya bum
2007-07-14 10:49:30 · answer #5 · answered by Lola 2 · 0⤊ 0⤋