How to increase Credit Score ....

[MrFoca]

Banks want to see so many months of back bank statements. No job = don't bother.

 

[Louisiana_CRX 5,000+ posts]

Banks want to see so many months of back bank statements. No job = don't bother.

I dont use banks....but needed to buying a house

 

[adulbrich 5,000+ posts]

Government housing //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[MrFoca]

I dont use banks....but needed to buying a house

If you want to buy a house a bank account will be needed. They go back I believe it's 6 weeks.

 

[rfluvinmf 10+ year member]

I can't see you getting a loan for a home with no proof of income. I just closed on a new home on Friday. I had to provide proof of income when I originally applied for the loan. Once I found the home, 3 months later, I had to provide proof of income again to show I was still employed. Hope everything goes well.

 

[basswiigee2fix]

Anyone know how //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

get credit cards... only charge what you have cash for pay full totals... pay on time or early...

 

[Louisiana_CRX 5,000+ posts]

If you want to buy a house a bank account will be needed. They go back I believe it's 6 weeks.

Im trying to buy a get away house in another town about an hour away....

 

[adulbrich 5,000+ posts]

Gently down the stream

 

[Tripn88]

I was going to say if you want good credit don't buy a house lmao.....

All I've done is pay my car note on time( I had to pay it off before I could buy a house)

Pay credit card on time( seriously regret ever getting this **** thing)

Pay all other bills on time. Talk to them if you will be late it helps

And debt to income ratio is just as important as credit score. They won't give you a loan most of the time if you will be over 30% debt to income ratio. I think that's the right number I could be wrong.

 

[adulbrich 5,000+ posts]

 

[Jeffdachef 5,000+ posts]

Im trying to buy a house in another town but dont have a job currently

You need a job or a reliable source of income. I dont see your credit improving much without this one important aspect. It proves you are stable etc...

 

[i2ain2thunder 10+ year member]

Credit? that thing the bank uses to get it's money?

 

[tommymilan311]

#1 : DON'T TRUST WELLS FARGO. I started out with a secured credit card with them (you know, the ones you pay for). Shit hit the fan so I paid it off and canceled it. The problem was that they didn't actually cancel it. Waited like 6 months before letting me know I was late on bills. Well in all honesty I did move, but no calls or emails.

#2 : Pay on time, all things having to do with credit. Really, cell phone bills and stuff like that do nothing for you unless you DON'T pay them and they send it to collections. Another rule of thumb is to pay extra on your payments and not minimum. It generally isn't wise to just pay for stuff on a CC and then pay it off, it isn't showing the credit card company that your a worthy borrower. Not sure why, just what the credit counselor told me when I was in my rebuild phase. So better yet, go spend about 500$ and pay 150$ a month to it. You won't have to pay much interest and its showing the credit companies your a worthy borrower.

#3 : Be patient. One of the biggest determining factors is your credit history, having a strong history or borrowing and paying off CCs and Loans is much more important to loaners than a #. At one point I had a 750+ credit score but couldn't get loans. It was because my credit history was so small. Now (because of being screwed by WF because they didn't actually close my CC when they said they did) I've worked my way back up to the 700s and have no problem getting loans (I didn't have problems in the mid to high 600s either). I have a credit history of about 5 years now. I have over 8k in CCs, but only use about 500-1000$ at a time total. Not maxing out CCs is very important as well as credit utilization % plays a role in the score.

I say check with multiple lenders but don't fill out an application until you are comfortable with a lender you feel you can get a loan with, multiple inquiries aren't good looking on your credit, it shows your trying to borrow a ton of money, even if that isn't necessarily the case. There are programs out there that don't determine your worthiness of a mortgage based soully on your credit score. But being unemployed may make that even more difficult. Most lenders are looking for 2 or more years of steady work history even with applicants that have extremely good credit.