I wanted to use this year to build my credit score, but my SO is pushing to buy now as he thinks the market is turning. My FAKO is 640 and his score is close to 700. I earn triple his income so I am the primary earner. I went through Lending Tree and found an online broker willing to pre-approve us up to purchase price of $485K on my own or $625K combined with SO. Due to selling our house breakeven last year we do not have much of a down payment so will probably need to get an FHA loan or a conventional + a second. Although we have the pre-approval letter, I would like to broaden the field and get something more solid so we can actually bid and be competitive. 1) Is this a good idea? 2) If so where should I start? My plan is stay at the low end and try to buy something $420K to $500K..... I think my problem here is that I am embarrassed to go into a large bank (BofA etc...) due to my low score. I fear the laughter and rejection - and disclosure here I work for a big bank and can probably get some employee fee reductions, but doubt I qualify the loan
If you've got a pre-approval letter already, that's all you really need to make an offer on a place and be competitive. Check out a local credit union if you simply want another pre-approval but you're unwilling to go to a larger bank or your employer.
If you are looking for a quick boost in your credit score. You could ask a family member or a friend to add you as an authorized user to one of the their existing credit card accounts. Just make sure the card has perfect payment history and they are able to maintain a low balance on their credit card(10% or less of the credit limit). The higher the credit limit and longer the payment history the bigger the increase in your credit score. Thanks! Heather with BoostMyScore.NET
