Phoenix said:
How do you have 50% down?
savings and inheritance.
Why don’t you use some of that to fix your credit?
Drew said:
Phoenix said:
How do you have 50% down?
savings and inheritance.
Why don’t you use some of that to fix your credit?
Why did someone downvote this? It’s a legitimate suggestion, even just 20 more points can really help your rate and likelihood of being approved. OP there might be some quick steps you could take to improve your credit, most loan officers can review your credit and give you some advice. If you have some revolving accounts with high balances, or a bunch of collections or something, you should at least find out about it and see if it it might help to use some of your savings to build up your scores.
Drew said:
Phoenix said:
How do you have 50% down?
savings and inheritance.
Why don’t you use some of that to fix your credit?
I had some slow car payments when I lost my job a couple years ago after 26 years. I now have a better job and my car will be paid off in 2 months. I have been working really hard to fix it, but it is really slow. Once the car is paid off, I will have no debt.
@Drew
Just a heads up there is a large chance of your credit dropping a bit once the car is paid off.
@Drew
Sounds like you need to establish some credit. Do you have any open CCs?
Max said:
@Drew
Sounds like you need to establish some credit. Do you have any open CCs?
I just opened a CC late last month. I have set up automatic payments eow for the balance in full and only plan on keeping it under 30% utilization
Drew said:
Phoenix said:
How do you have 50% down?
savings and inheritance.
Why don’t you use some of that to fix your credit?
Only time can fix credit. Even if you were able to boost it higher lots thing will say it doesn’t count unless it stays like that for x amount of time.
@Phoenix
When you get credit pulled it is a point in time score that established your credit charge (interest rate) for the life of the loan. they aren’t re-pricing your financing every time your score changes. so I’m not sure what you’re trying to say.
@Max
If their credit is bad because of missed payments, money won’t fix that. They still need to wait until those missed payments fall off the report and the score will gradually increase
@Phoenix
if your credit is down due to collections you can get it removed pretty easily.
@Phoenix
Wrong. If he gets his score to a 800 today it doesn’t matter what it was last month.
Hayden said:
@Phoenix
Wrong. If he gets his score to a 800 today it doesn’t matter what it was last month.
Wrong, they are going to look at your entire credit history?
Phoenix said:
How do you have 50% down?
125k down isn’t that much, especially if he’s 62.
Phoenix said:
How do you have 50% down?
125k down isn’t that much, especially if he’s 62.
It’s a lot to me but what do I know?
Dakota said:
Phoenix said:
How do you have 50% down?
125k down isn’t that much, especially if he’s 62.
It’s a lot to me but what do I know?
Meh, a lot of people make 100k+/ year and it’s actually the median average in order to qualify for a lot of houses in cities around me. That’s just my perspective though, just because I’m broke doesn’t mean someone isn’t easily saving 100k. At 62 the amount of assets and whatnot one could have his large. If OP would’ve thrown money into the stock market in 2000s where would it be now? 10k would be 70k? Millionaires being made daily through crypto and gambling. Risk > Reward. Takes money to make money. 125k takes ~5 years to reach putting away 2000$/month which is equivalent to working a minimum wage job full - time for those 5 years (17.2/hour - Canadian Min Wage) , I don’t think that’s a particularly long time. I’ve got friends in the mines making 150-200k/ year in their early 20s and had they not financed the 100k truck or spent 10k on rims etc they’d be laughing financially
Dakota said:
Phoenix said:
How do you have 50% down?
125k down isn’t that much, especially if he’s 62.
It’s a lot to me but what do I know?
Easier to say it’s not a lot when you can make it yearly. It would depend on your occupation and upbringing I suppose. The largest thing is since people make X amount they now need the more expensive things. Easy come easy go, unsure of if you’re American but 100k Cad is only 69k USD
Phoenix said:
How do you have 50% down?
125k down isn’t that much, especially if he’s 62.
Seriously? what banks won’t want to take that type of down payment?