- Centurion Member
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- Joined: Fri Jan 30, 2015 1:29 pm
- Location: Charlotte, NC
thom02099 wrote:+1 on this. Much depends on your timetable for buying a house. Conventional wisdom suggests that one NOT seek new credit for the 6-12 months before buying a house, sometimes even longer, depending on the mortgage broker. Mortgage companies want to see stability in finances, seeking new credit is not conducive to that. They will also pull both your credit reports (if available) both at the beginning of the process as well as just before closing.
If you're going to wait a year or more before buying a house, the advice to start with a secured card for her is sound. One or 2 secured cards for a while, then apply for one of the cards from a credit builder card issuer.
I'll add that in my personal experience when I was buying my house (in late 2009, closed on it March 2010) that the process went so much smoother because I spent the past 2 to 3 years re-establishing my credit (and paying off my car note at the time). When I applied for the mortgage, I already had 2 established (very small CLs) credit cards, a paid off car note, and no additional inquires and/or applications for new credit. I only made $26k at my serving job (thats right at the time all I did was wait tables) and had a decent score to secure my mortgage.
From there everything else since then has come much easier, 2 more cars (one traded on the other, at incentivized SUPER LOW APRs) and eventually 6 CCs. All because I took care of the mortgage (the most important) first. Best of luck and please keep us informed how it goes! It's a fun experience!!
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