Quote:
Originally Posted by Sly
Important thing to remember:
As far as investments go, a house is one of the worst "investments" one can have. They are money pits and the rate of profit is just abysmal compared to other actual investments. Buy a home because you want to buy a home, not because you are "tired of paying rent." In many markets, purchasing will cost you a few hundred dollars more a month than renting... save/invest that money instead.
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I have no problem at all with renting, but where I'm at, its pretty difficult to find a decent place to rent. my apt now is nice, but id like to have more room and closer to the city area.
the only reason why I was thinking of buying is so I can have a physical house, instead of living in an apt where i can hear my neighbors at 7am going to work. ive been trying to look for a house to rent in the area, but nearly impossible
Quote:
Originally Posted by After Shock Media
Only 1 of the 3 credit bureaus really count often as your real score, 2 of them do not report your correct score via their reports. Pretty sure it is Equifax that you want to pay attention to (my mind is off today, but positive that is the one - if not then Experian which I just do not feel is correct).
You would want to free up as much of a balance as possible before a mortgage anyways. So paying down the cards first makes a great deal of sense. Plus it will also boost your overall score. As Sly said this can save you tens of thousands or even more over the life of your mortgage.
Also go over your credit file with a fine tooth comb while you do this. Make sure there are no inaccuracies on there at all right now as fixing them can take a little time but is easy and worth to do.
Most credit agencies also ave a simulator in their system. Where you can run what if scenarios. Run those to see which actions will help the most with your report. They can really help establish a game plan and where to start first.
Watch out for those other cards that have no balance. Them fuckers have been cancelling people who have not been using them. I have gotten a few cancelled myself this past 3 months. They always were paid on time and no balance. They flat out killed my account and thus fucked my score even more since there was less credit ratio available to play with. I would charge a small amount on such cards and carry a tiny ass balance to make sure they stay open.
Then of course do join a good monitoring service while you plan this whole process so you can keep your finger on the pulse. Make sure they update often.
Lastly get all your pay stubs, check stubs, tax reports, you name it all together and organized and ready to show. Get copies if needed, especially if your missing certain stubs etc.
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BofA fucked me hard almost a year ago. I had some 18 months no interest with them and going into month 10 they cut my available credit limit in half, where now I am using 90% of the available credit... on top of that, they took away the 0% and gave me an interest rate of 15.99%, but they were so kind not to charge me back interest. I sent them letters saying this is bullshit and they cant do this.
they followed up with a letter saying they are closing my account and I can not use the card anymore. best part was three days later i get a "preapproved" application for a new card.