Timeline for Credit advice in preparation for buying a house a year from now?
Current License: CC BY-SA 3.0
20 events
| when toggle format | what | by | license | comment | |
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| Mar 7, 2018 at 17:27 | answer | added | finleyarcher | timeline score: 0 | |
| Mar 7, 2018 at 16:27 | comment | added | Eric Lippert | A word of advice: have the entire down payment available in a savings or checking account well before you talk to a lender. If you're thinking "I need $x more on day Y, so I'm going to sell $x worth of this stock on day Y-1 but that won't settle until day Y+2, so I'll borrow $x from my mom on day Y-2 and pay her back on day Y+3..." then you are likely going to end up in a long and unpleasant conversation with your lender about whether mom is actually financing this whole thing. (The best mistakes to learn from are other people's mistakes.) | |
| Mar 7, 2018 at 12:06 | history | edited | BooleanCheese | CC BY-SA 3.0 |
removing unnecessary details
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| Mar 7, 2018 at 8:02 | comment | added | Criggie | Save hard until then, take on no new debt. Work to close out any debt you can, and pick a home that is within your means. | |
| Mar 6, 2018 at 20:31 | comment | added | David W | Scores for younger creditholders are often inflated, and lenders will certainly contrast that score against the duration and use of the credit you have been extended. | |
| Mar 6, 2018 at 20:18 | comment | added | Fixed Point | As for why your score is good, you have some credit which you have used responsibly. You have some history, not too long nor too short. So statistically you are very low risk to lenders and hence you have a high score. Yes, it can be as simple as that. | |
| Mar 6, 2018 at 20:16 | comment | added | Fixed Point | The three major bureaus tend to be roughly the same most of the time. So FICO scores calculated using your credit profiles from each of the same will probably be the same. One thing you should definitely do is you can make an account and check your credit on each of the three for free. You should review it and fix anything wrong or missing. They will only show you the report and NOT the score. They will want you to pay to see another bureau's report on their site, and to see the scores, FICO or otherwise. | |
| Mar 6, 2018 at 20:12 | comment | added | BooleanCheese | @FixedPoint It's FICO. I don't quite understand why my score is this high. I haven't checked my score from other bureaus in a few years now though, so I'm expecting that my credit usage strategy has been good for FICO and perhaps detrimental to one of those. | |
| Mar 6, 2018 at 20:05 | comment | added | Fixed Point | You seem to be in a good shape but one thing I would point out. That score of 780, is it the FICO score? FICO is what most people mean they talk about scores. But everbody has their scoring systems and they are all pushing it so you just want to be careful that it isn't some specific bureau's model. If it is FICO then 780 is a really good number. | |
| Mar 6, 2018 at 19:48 | answer | added | TTT | timeline score: 10 | |
| Mar 6, 2018 at 18:33 | vote | accept | BooleanCheese | ||
| S Mar 6, 2018 at 17:51 | history | suggested | psmears | CC BY-SA 3.0 |
Improve grammar and wording
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| Mar 6, 2018 at 16:29 | history | tweeted | twitter.com/StackFinance/status/971060194900893696 | ||
| Mar 6, 2018 at 16:07 | review | Suggested edits | |||
| S Mar 6, 2018 at 17:51 | |||||
| Mar 6, 2018 at 15:55 | comment | added | HK47 | Having the third line of credit makes no difference. If anything, it could hurt you. In this case it won't since your credit is good and you have large recurring payments (auto loan). I used one credit card for 4 years, progressively upping the limit. I would spend 2-3x the credit limit each month but I would be constantly paying it down. My credit score only went up during that time. I had no trouble getting a decent mortgage with only one "credit line". | |
| Mar 6, 2018 at 15:47 | answer | added | Hart CO | timeline score: 15 | |
| Mar 6, 2018 at 15:24 | answer | added | Pete B. | timeline score: 2 | |
| Mar 6, 2018 at 15:22 | answer | added | CactusCake | timeline score: 4 | |
| Mar 6, 2018 at 14:09 | review | First posts | |||
| Mar 6, 2018 at 14:46 | |||||
| Mar 6, 2018 at 14:05 | history | asked | BooleanCheese | CC BY-SA 3.0 |