I'm looking at buying my first house and I'm wondering if I should get another credit card before I go the bank looking for a loan.
I currently have only one credit card with a pretty low limit. I got it a few years ago for the sole purpose of building credit. Usually just a couple of small purchases a month, and then I pay it off in full. If I get a second one it will used identically.
I have decent credit but from what I understand, the 'more' credit you have available, the higher your credit score.
What does /biz/ think?
Unless you have 20% to put down on a house you arent ready and cant afford one.
>>1342622
The way you get a loan is by having long term savings and can pay 20% of the deposit upfront
>>1342622
Having more credit really only helps if you have high utilization, just getting more credit for the fuck of it doesn't really do anything.
But if there is a card you have your eye on and plan on giving it a lot of usage might as well get it before you get the loan and have a shitload of inquires on credit report
FHA loan Busta.
Be like 3.33% and shiiiet you feel me?
Get like discount property on a depressed market.
Invoke 201k, and get 30k towards house repairs.
Add 10k for closing costs on top of the 3.33%
>>1342725
Thanks
>>1342758
It's that easy, son?
>>1342622
>falling for the mortgage meme
Just rent until you can afford to retire, then buy a cheap house in the countryside.
>>1342622
Loan officer here.
U can buy 100% financed right now. banks dont give a shit about fico unless ur below like 640. Then it gets iffy.
>>1343207
>you shouldnt buy a house unless you can pay 100% cash for it.
I hope no one ever listens to you
>>1343298
he is mostly right tho
depends on the rates really and the prices
usually buying a home on a loan is financially bad move
Wells Fargo had a new product designed to compete with FHA you might like to check out. It's an overpowered loan and it's going to lead to a bunch of defaults but that isn't your problem.
Buying a house is a good decision as long as you are committed to an area, have the stability, and buy something you can afford.
My house is much much cheaper than renting.
>>1343198
I am finishing up rehab on this now. It's an FHA 301k loan, 109k purchase price and about 80k of work. I got in for 3.5 percent down and even got the seller to pay all closing.
>>1345488
FHA 203k loan, God damnit.
>>1342622
What is your current score idiot?
No if you've got a short history a CC app will hurt more.
CreditKarma.com +/- 20%
>>1345507
I was about 800 when I applied. I'm in the upper 700s now.
I knew the things affecting credit score while I was in college, so I opened a bank account and credit card I never used to get rolling on the account length. I also upped my credit card limits to have more availble.
