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re: Credit Score Questions - Future home and car purchase
Posted on 8/10/16 at 3:21 pm to LSUFanHouston
Posted on 8/10/16 at 3:21 pm to LSUFanHouston
quote:
your score may actually go up, since you will still have pretty low utilization and you now have another form of borrowing on your report, with good payment history.
It almost assuredly will go down. Your credit mix is ~10% of your credit score while your credit history length is 15% and new credit 10%
I am assuming that the OP is a younger person with more limited credit history. This will negatively affect him in the following ways (% weight for credit score)
-Lower Average Credit Account Age (15%)
-Credit Inquiry / New credit account added to history (10%)
-Amounts owed (30%)
This post was edited on 8/10/16 at 3:22 pm
2
Posted on 8/10/16 at 3:53 pm to GenesChin
Thanks for all the help from everyone.
Is there a sweet spot for Debt/Income ratio? It looks like if I didn't put anything down on the car and bought something a little above my ideal price range on the house, I'm right around 30% debt/income. Like I said, that's definitely at the higher end of where I would want to be, but I could do it. Just curious what the banks would say.
Correct, but not super limited, just not old. Avg Age of accounts is 3.75 years per Creditkarma. Oldest account is about 8.5 years. Total of 10 accounts
Is there a sweet spot for Debt/Income ratio? It looks like if I didn't put anything down on the car and bought something a little above my ideal price range on the house, I'm right around 30% debt/income. Like I said, that's definitely at the higher end of where I would want to be, but I could do it. Just curious what the banks would say.
quote:
I am assuming that the OP is a younger person with more limited credit history.
Correct, but not super limited, just not old. Avg Age of accounts is 3.75 years per Creditkarma. Oldest account is about 8.5 years. Total of 10 accounts
Posted on 8/10/16 at 4:50 pm to GenesChin
quote:
It almost assuredly will go down. Your credit mix is ~10% of your credit score while your credit history length is 15% and new credit 10%
I am assuming that the OP is a younger person with more limited credit history. This will negatively affect him in the following ways (% weight for credit score)
-Lower Average Credit Account Age (15%)
-Credit Inquiry / New credit account added to history (10%)
-Amounts owed (30%)
If he is younger, average age won't be much of an issue as they will all be low.
Inquiry will be gone before he goes to underwriting. New account will help him.
He should have no issues at all in underwriting, provided he goes to an actual mortgage company that knows how to underwrite a loan, and not some company that only looks at credit scores when you push a button after a countdown from 10 to 1.
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