What would you guys say is the best way to have credit for a house? I've heard that if you can show you have had XXX amount of credit open for a number of years, it is best.. but what would be the best combination? I've heard mixes of dept stores, with creditlines, with a few credit cards.. anyone really know what they look at? Is it simply the FICO score? Another type of combination score? I've seen a few posts on yhoo msg group regarding this.. but was wondering if there was an abbreviated version of sorts. =)
Re: to build credit for house. YOU CAN HAVE NO CREDIT AND GET A HOUSE. YOU CAN HAVE A LOT OF CREDIT AND GET A HOUSE. JUST MAKE SURE YOU PAY ALL BILLS ON TIME. A house is "secured" they can take the house (unlike most cards)...
Re: to build credit for house. ..so what would be the optimal combination George? How many cards with what limit? I plan on purchasing a house in December 2002, what can I do to insure I get the best rates possible or at least enhance my chances for that?
Re: to build credit for house. SUPPOSEDLY YOU SHOULD HAVE ABOUT 5 INSTALLMENT LOAN (LIKE A CAR LOAN) A STORE CARD (PENNEYS~SEARS~MERVYNS) TWO OR THREE VISA/MC~AMEX~DISCOVERCARD
Re: to build credit for house. I'm going to jump in here and tell you about our experience in buying in March of 2000. We had a bankruptcy in March of 1998 and the very best advice I can give you is to call a mortgage lender and ASK what to do. They are there to help you. I called the mortgage company and asked them to pull our credit reports and tell me exactly what I needed to do/fix in order to put us into a position where we could buy a house within a year and I was SHOCKED when they said we could do it right away! You HAVE to go and find out for yourself.. those people are there to help you.. you could be wasting time wondering what you need to do instead of finding out! Good Luck !
Re: to build credit for house. THanks Shelly for the advice.. I think I will do that when the time gets closer for me to purchase a house. At this point, December 2002 seems really far away.. maybe I will check around December 2001! =)
