No Credit Question

[Pintail45]

Find you a local state bank/land bank/credit union that "manually underwrites" loans and actually looks at your finances instead of just a credit score.

[hog_down]

Check out this website, and see which one works best for you:

https://www.nerdwallet.com/best/credit-cards/rewards

[dclifton]

And - one other question - did you talk to the bank or Farm Credit or Capital Farm Credit to get pre approved just to see what they actually care about? They may say that your credit history is sufficient.

Well it may be. And i plant to sit down with a few different banks soon.

We have some friends of ours that where in an almost identical situation and the wouldn't count her "income" with his.

So Example. He makes 100k per year she makes 50k. They would not let them use her income as part of the total household income until she had established credit.

So that got me to thinking i might should help her build her credit some while we are looking around.

We are still maybe a year out from buying anything unless something real close to the family ranch came up for sale.

[Acameron52]

Get her a Discover card and tell her to buy fuel on it. Pay it off every month. Give it a few months and she’ll notice a difference.

[duckmanep]

also, check out a site like credit karma that shows your score. that way you can see if you are making a difference.

[BrianL]

Credit Card can increase your score, but owing too much on them can hurt your score. Get the one you can take advantage of the rewards. I have two main cards, Amazon and American Airlines. THe AA card gave me 50000 miles and a $250 statement credit. That was enough to cover my flight to Hawaii.

Pay them off every month. If you know you are going to apply for credit don't charge anything on the the prior month so they will be reporting $0 owing.

[DFWPI]

Without reading every post, have you spoken with a lender? They can offer some good information, and as much as I hate to say this, probably better information than some of the people here.

[dustoffer]

I have zero debt -- no house, truck, car -- and all my bills that can be paid via a CC are done so--and paid off monthly. My credit score is near max.

[Blitz]

Credit should be looked at as your ability to repay a debt. The better the score, the better you are at paying back the debt. At least that is what the score is supposed to indicate.

It takes a little time to generate a score. Some credit institutions only use a score and your income to grant credit. Others like real estate lenders are gonna dive deeper into your credit history (the underwriters).

I have found through my research that the magic number is 1-2 years of established credit history. Sure you can get a decent credit score after a couple months, but don't expect the bank to loan you hundreds of thousands of dollars based on that.

The credit score typically is based on these factors:

1. Payment history
2. Debt to credit limit ratio
3. Length of credit (don't underestimate this one)
4. Types of credit

The FICO score is fascinating. Not only that, but there are many different FICO scores that are used depending on what type of loan you are applying for. There are books dedicated to this topic alone.

[dclifton]

Credit Card can increase your score, but owing too much on them can hurt your score. Get the one you can take advantage of the rewards. I have two main cards, Amazon and American Airlines. THe AA card gave me 50000 miles and a $250 statement credit. That was enough to cover my flight to Hawaii.

Pay them off every month. If you know you are going to apply for credit don't charge anything on the the prior month so they will be reporting $0 owing.

I have thought seriously about applying for one of the AA cars on a flight myself. They always have 50K point sign on bonus in flight.

I just dont fly alot.. The amazon credit card would get way more use and benefits.

[RiverRat1]

You're thinking too much IMO

Just go to the bank and see what kind of home loan you qualify for.

If the bank will not give you a loan that's big enough for you then you need to look at your finances. I bet that won't be an issue though.

[adam_p]

This was the way i was leaning was Chase Freedom... I was just going to let her pick up groceries gas etc on it. Then pay most of it off every month. My wife is as tight as fiddle string so i dont have to worry about her keeping up with it.

I have a chase freedom card. I put absolutely everything I can on it and pay it off every month. I usually save up the cash back for a while and then I always put it toward the balance.

[Blitz]

You're thinking too much IMO

Just go to the bank and see what kind of home loan you qualify for.

If the bank will not give you a loan that's big enough for you then you need to look at your finances. I bet that won't be an issue though.

You shouldn't go down that road without understanding your own credit. That is probably the biggest mistake people make when doing home loans. You should know your credit as well as the lender. There are several ways to get an idea of how you stand credit wise without going to the bank to get qualified. Besides, that will also ding the credit score.

[Bisch]

No Credit Question

We charge about 2K/month. I pay the bill off in full every month. Once or twice a year, I get a $250 credit statement with the cash back rewards. Both of our credit scores are way up there. I have not had any carryover credit card debt in years.

Only charging what you can afford to pay off every month is the only way to go!!!!!

Bisch


Sent from my iPhone using Tapatalk Pro

[Cahill]

I would ask about manual underwriting.