right now credit score is around 600 i have about 1300 in back bills--utilties and i owe an apt complex?

Question

for carpet stains. in approx. 3 years I will be out of college and want to buy a house. if i pay this 1300 back this year. i can probablly afford 150 a month.. by the time i graduate in 3 yrs. will i have a good credit score. I have a car loan in my name and a credit card that are both in good status. I want to buy a house once i graduate! Im also married so my husband will be working also..his credit is around the same as mine. all of our debts are together.. if that makes sense!! ??

i dont know if i made this clear ive been with my husband for 7 years. we have been renting for 6 years. im going to school to be a nurse so i know ill get a job. i already know where i wanna live and such. i was just wondering what my credit score might be like in 3 years....just to clarify..

also proud to say i have no credit card debt just these bills when husband lost his job

Answer 1

i dont know if your score will be good but if you pay on time and dont miss payment it will be better. i havent missed a payment on anything for5 years and mine is only 720 and thats a house all the utilities car loan motorcycle loan cell phone and one credit card

Answer 2

It is going to be hard to get the credit score up that much in such a short period. Marks on your credit report generally stay active for seven years. That means if you miss a bill, it stays visible to creditors for a long time.

I also don't think you should buy a house immediately after graduation. First of all, I don't think you can afford it yet. Secondly, the few years after you graduate from school are years of rapid change. You don't know what kind of jobs you will be offered, where you will want to live, interests, etc. All of these make for uncertainty when it comes to personal finance. I would rent for a while and establish some stability. Then, when you're ready, buy the house.

Answer 3

You should definitely start clearing those negatives from your credit report. Start with the newest one and work backwards. Settle them one at a time.

A lot of these creditors aren't going to go for a strung out payment plan. Expect to make lump sum or at least large payments over short periods. You may be able to settle older debt for less than full payment. Be sure to get any settlement agreements in writing and do not give them access to your bank account.

If you pay all this off and pay all your bills on time for the next 3 years, you score may be better. But it may still not be good enough to buy a house. After you pay off those bills, consider putting a set amount in a savings account every month for a downpayment.

Answer 4

Just having a car loan and a credit card btween the two of you is not much of a track record.

Those unpaid bills IF they ended up on your credit report will stay there for 7 years from when they first happened. Check your credit reports to see if these bills are on your report. If they are not try to get the creditors to accept a low payment plan with no interest. If they are on any of your 3 reports then pay off as soon as you, starting with the most recent one - the oldest one will fall off soonest, sostart with the youngest. You can get your 3 credit reports on line like at www.truecredit.com. or at transunion, equifax, experian websites. usually cheapest to get all three. at this point no need to pay axtra for the scores. you want to see if those delinquent bills are on your report.

Try to open credit elsewhere. use it and pay it off each month. Usually jcpenney, mervyn's etc give cards easily.

The scores come partially from how long your credit has been open and what % of available credit are you using. So if you have 5 cards with $1000 limit each and no balance on them that will help. Try to pay off your car loan if you can before looking to buy a house, that will also help.. DO NOT APPLY for any credit 2 years prior to when you want to buy a home. Those applications lower your scores.

You will need a down payment most likely. So you would need to save. There are at times homes you can buy with nothing down, especially now in the down market which may last 3 years. Look for owner carry wth nothing down. Or lease-purchase while you build up your credit. I would suggest a fixer-upper if you have any talent in home maintenance. You can get a livable home with bad landscaping, neglected paint and older flooring - you could fix up pretty cheaply - while living there rip old carpet out and paint the floor until you have money to buy carpet. You would need someone to help figure out what repairs the home needs. a home inspector would be a must-do when you buy any home, new or old. If you buy a home near a university you could rent a spare bedroom. If you have someone with good credit who is willing to co-sign your loan that would help.

Once you graduate from school your employment history is pretty short unless you have both been working during school.
So try to work as much as you can for highest pay and work full time during summers.

I recommend you sit down someone who can help you plan your budget. Best advice I can give you about handling money is : DO NOT USE CREDIT CARDS TO BUY ANYTHING ON CREDIT UNLESS IT IS FOR AN INVESTMENT IN SOMETHING which you can pay back in a year or so. really look closely at each dollar how you are spending it. Get a fixed rate loan! Do you need a car? Can you bicycle? Don't eat out. etc...

Good luck... it will take work and being thrifty...and really creative when shopping for that new home.

Answer 5

last your oldest account will harm your score. last the different account would harm your score, yet additionally would help your score. Having charge protection on an account with a $0 stability is an entire waste of money. in case you probably did not have the charge protection, and the stability grew to become into $0, then no money would be required, so there would be no want for the charge protection plan. procuring fraud detection is commonly not a solid concept. It does greater to guard the financial company than to guard you. If a fraud isn't detecting considering the fact which you have not have been given fraud detection, you commonly do not lose greater desirable than $50 to the fraud (under what you pay each and every 365 days for the detection), however the financial company would lose hundreds. i desire to propose which you cancel the fraud detection and charge protection, yet save the money owed open.

Answer 6

The way I got out of debt on a budget is this: I gathered all of my bills, I figured out which had the highest interest rate, I paid the minimum on the rest and put the bulk of my money towards the higher interest rate. I kept doing this until one by one I paid them off. It is vitally important that you make at least the minimum payment on time. Late payments hurt your score more then most things. I also used www.myfico. com. The tools on this site are very helpful. Good luck!

Answer 7

i dont think its going to happen. sorry.