Hi everyone! I am new to these forums and am here because our main goal in life right now is to buy a house! We declared chapter 7 back in 2003. We will be first time homebuyers. I have read lots of info online, but am embarrassed to admit even after graduating college with an advanced degree, a lot of it is just over my head. I have never been financially savvy I guess.... Anyway I know we need to rebuild credit which we have done to some extent. We currently have 2 credit cards (under hubby's name) and rent a house through a major company that reports to credit bureaus. I guess my real questions are as follows:
- We have never looked at our credit reports or tried to clean them up. We'd like to do this, but do we order reports from all three agencies in both of our names, or are they joint? (so will it be 6 total, or 3?)
- We do have some cc debt now....we are not charging anything and plan to have them paid off in no more than a year's time. Will this hurt us? The amt is about $2000. Not sure if it matters, but hubby's fico score is about 617. I have no idea what mine is.
I have no idea who to talk to or what do, besides paying down those CC's, do what we can with the credit reports, and start saving for a down payment. Also, I have heard that your length of time at a job plays a part in getting a loan. Well, we just moved to a new state last year so I've only had my job since September and hubby is currently unnemployed (got laid off after 6 months of working his new job). Obviously we aren't going to do anything to pursue buying a house until he finds something, but how hard is it going to be based on these employment issues?
I guess I am frusterated right now because housing is cheap where I live now compared to up north where we used to be. We are paying almost twice as much in rent as we would on a mortgage payment. I want to get out of this situation as soon as possible.
Any help is greatly appreciated! Thank you!!!!!!!!!!!!!!!!!!!!!
- We have never looked at our credit reports or tried to clean them up. We'd like to do this, but do we order reports from all three agencies in both of our names, or are they joint? (so will it be 6 total, or 3?)
- We do have some cc debt now....we are not charging anything and plan to have them paid off in no more than a year's time. Will this hurt us? The amt is about $2000. Not sure if it matters, but hubby's fico score is about 617. I have no idea what mine is.
I have no idea who to talk to or what do, besides paying down those CC's, do what we can with the credit reports, and start saving for a down payment. Also, I have heard that your length of time at a job plays a part in getting a loan. Well, we just moved to a new state last year so I've only had my job since September and hubby is currently unnemployed (got laid off after 6 months of working his new job). Obviously we aren't going to do anything to pursue buying a house until he finds something, but how hard is it going to be based on these employment issues?
I guess I am frusterated right now because housing is cheap where I live now compared to up north where we used to be. We are paying almost twice as much in rent as we would on a mortgage payment. I want to get out of this situation as soon as possible.
Any help is greatly appreciated! Thank you!!!!!!!!!!!!!!!!!!!!!
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