November 13, 2007
Posted by MissionControl
I want to buy a house in the near future but after buying a car recently I learned that I have a low credit score. What can I do to rapidly build up my score?
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November 14, 2007
Posted by jyoseph
( 0 ratings )
I'm no credit guru but I built mine by purchasing things on a credit card and instantly paying them off. Keep the balances low and pay them on time.
I think they look at your debt to income ratio. So if you make 50,000 per year and you have 5,000 in CC debt and you just bought a 20,000 car that starts to add up.
keep in mind i'm not a credit professional though. But once I had horrible credit and after a year or two of making steady payments my credit is excellent.
Also, for the house, you should still be able to buy a house, you'll just need a larger down payment, maybe 5 to 10% down since you may be viewed as higher risk.
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