Have one year to build credit and don't know what we're doing

For just about anything you want to get off your chest about credit cards.
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mrsjperez
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Postby mrsjperez » Wed Apr 15, 2015 9:33 pm

They said they could look at 4 bills, rent, electric, car insurance, Carr payment(it's a but here, pay here so no reporting) and see our payment history to see we always pay on time for the past year and a half and use that to"form"a sort of credit score. But even with that offer we still weren't sure because they said they would pre qualify us for $50k-but they wouldn't actually run the numbers or give us a pre approval until we brought them a contract from where we put down for a house. Every realtor all said that's wrong and they have to give us a pre approval before they'll work with us and we could get stuck with a house for $50 when after we put in a contract find out we qualified for a nicer house. When I called the woman in the bank she said again that they won't give us an pre approval before we show them a contract so we haven't bothered talking with them again. Does anyone have the numbers for the 3 companies? All I can find it's the automated one where you request your credit score and it just keeps hanging up on me when I try to figure out how to get a person.


JamesMS
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Postby JamesMS » Wed Apr 15, 2015 10:12 pm

To me this seems very odd. When it comes to purchasing a house, there is normally stricter requirements, at least from what I am used to. I would shop around a little bit. If you don't mind me asking, what bank are you trying to go through? I have heard of people using those types of payments trying to rent their house out to people, but never to approve a mortgage loan. Most banks will give a pre-approval letter to the potential buyer, but only once they have been pre-approved. I will be completely honest, something just does not sound right about that situation.
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MemberSince99
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Postby MemberSince99 » Thu Apr 16, 2015 8:29 am

I agree these guys sound fishy. I'd look elsewhere.

JamesMS
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Postby JamesMS » Thu Apr 16, 2015 11:52 am

mrsjperez, if you do not mind me asking, was that statement made by a major baking representative, a small city bank or what?
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mrsjperez
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Postby mrsjperez » Thu Apr 16, 2015 11:59 am

I'm using bank of America. That's why this is all so bizarre. A large bank like that not making sense. I understand we're new to the game but them not trying to help us understand anything just makes me want to take my banking elsewhere. I contacted a woman a couple days ago who helped my cousin in law buy a house. He was in almost the same situation except he had one credit card but he only used it every once in a while for about 6 months before he met the woman and she got him on track and within 6 months he had a house. She's running my husband's ss to see if he might have anything and not know it and then we're going to go from there. Our 2 biggest problems are lack of credit and low savings for down payment. If we do have to wait a year to buy a house do you think they'll accept my job then?

JamesMS
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Postby JamesMS » Thu Apr 16, 2015 12:34 pm

What do you mean by "accept your job"? I am very surprised that this came from Bank of America.
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mrsjperez
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Postby mrsjperez » Thu Apr 16, 2015 1:09 pm

They said I had to work at the same company for 2 years without any lapse in time. Since I just changed jobs a couple weeks ago they wouldn't even look at my credit score.

JamesMS
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Postby JamesMS » Thu Apr 16, 2015 1:44 pm

That also depends. Some lenders, if not most, will still proceed if you have been working in the same industry for at least 3 years, even if you have recently changed companies.
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mrsjperez
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Postby mrsjperez » Fri Apr 17, 2015 2:12 am

My jobs were in different industries and the last was under the table(I didn't know he would outright refuse me anything to show I worked there until tax time came. Every job change has been for better pay. I actually make more money now than my husband does. I'm worried we won't get a decent house because they'll only look at his money when is mostly mine that pays the bills. Plus I've got a better credit line than he does so we're pretty worried. All the houses we're looking at are based on both our incomes. So far we haven't find anything that we like in the single income range.. Plus we're concerned about the title. Both our names need to be on the title, no negotiation. I knew from this same thing happening with my ex when he applied for a Home without me(i was a house wife so obviously I couldn't be counted) but The real estate agent told him he couldn't put my name on the title. I'm glad now that he didn't but my husband and I have some immigration issues( he's a legal alien) and only his name coming up on the home title will seriously red flag us(our lawyer told us he's seen it happen a lot)

MemberSince99
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Postby MemberSince99 » Fri Apr 17, 2015 7:36 am

Sounds like you just need a bit more time. You'll need that to fix your credit anyway. So it's 2 years instead of 1 year - your credit score will be all the better and you can save more for a downpayment.


Look at it like that. I waited years to buy a house I had totally trashed credit I actually had a job offer revoked after they snooped into my credit and then mentioned the specifics of the charge off to me. It will change with time and effort. I'd just shoot for 2 years instead of one.



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