arky Posted October 13, 2004 Report Share Posted October 13, 2004 I've been reading this forum today and I've realized something. I realized that I've been doing credit repair for the wrong reasons. I was doing it mainly so I could buy a house ASAP. Knowing how I tend to be, I would start using bad credit behavior again as soon as I got a house. So I'm just going to slow myself down, work on my credit reports, and my credit practices, save some money for a big down payment, and wait 6 months to a year before I try to get a mortgage. However, it does feel good to know that even with low scores I could qualify for a loan if I wanted to, I just choose to wait.Thanks to all Link to comment Share on other sites More sharing options...
firstsource Posted October 13, 2004 Report Share Posted October 13, 2004 WONDERFUL.Now for my 2 cents, though you did not ask. Lets say that you figure your payments are going to be 1K per month, and your rent is less than that. Put the difference between rent and at least the 1K (plus maybe 200 per month) in a different bank account. That way it is going to be "normal" when you start making payments on your own home. Saving money for a down payment is good also. The difference between a 80 and 90 and 95 and then 100% loan in ease of approval and in interest rate is well worth it. Charles Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted October 14, 2004 Report Share Posted October 14, 2004 I've been reading this forum today and I've realized something. I realized that I've been doing credit repair for the wrong reasons. I was doing it mainly so I could buy a house ASAP. Knowing how I tend to be, I would start using bad credit behavior again as soon as I got a house. So I'm just going to slow myself down, work on my credit reports, and my credit practices, save some money for a big down payment, and wait 6 months to a year before I try to get a mortgage. However, it does feel good to know that even with low scores I could qualify for a loan if I wanted to, I just choose to wait.The same goes for buying cars...The "I GOTTA HAVE MENTALITY" have done in a lot of people.And even after making your first mortgage payment, that are a lot of hidden expenses that I never figured into my original calculations. Like, paying for:Security Alarm (monthly)Trash Pickup (monthly)Quarterly Homeowners Association FeesExtra in electricityExtra in waterAnd the list goes on... Link to comment Share on other sites More sharing options...
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