Bankruptcy Car Loans Lenders
Does my short credit history hurt my chances to get a mortgage loan?
I am thinking of purchasing my first home next year. My credit score is at 720 and my credit history shows no delinquency, bankruptcy or anything remotely bad. I pay my credit card balances in full every month and have never a balance of more than 20% of my credit card limit. The only problem I have with my credit history is, that it is too short. My two credit cards are only four years old and my only installment loan has been one car loan (one year). Will my short credit history hurt my chances of getting a mortgage loan (especially now that lenders are tightening requirements)?
No, my credit history is about the same as yours, I’ve had a car loan for 3 years and I have 11 credit cards that I just keep open and don’t use. I only use my American Express card but very rarely. The longest card I’ve had is been for about 2 years. My mid FICO score is 703 and I was able to get a FHA loan with 100% financing.
Best advice, save as much money as possible for a down payment and closing costs and don’t put anything on your credit cards. Sometimes mortgage lenders will run your credit report twice, once when you first apply and second right before you are about to close. If you go out and buy some furniture before you close, you might lose the loan or it might give you a higher interest rate.
CAR LOAN DANGERS, Repossessions, Surrenders, Deficiency Lawsuits, and Bankruptcy
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.