Posted on: 07th Jan, 2011 10:04 am
my husband and I are trying to get our first home. We both have good job history but we need to clean up our credit. can you give me some advise on what you look for on credit and how to tackle this huge task?
What exactly is it you need to clean up? Makes a big difference of what you need to do based on what the problems are. Are you talking about a bankruptcy, default on a prior loan, late payments, collections, etc and how long ago did the event occur?
Of key importance is to also get a copy of your FICO score. You can get this from either myfico or Equifax. To get the best rates/fees today you usually need a credit score of 740 or higher. Other key scores are 660, 680, 700, 720. Hitting each of these scores will typically lower the cost of your loan.
Depending on some other factors, you may also want to consider a loan through the FHA, VA, RD or credit union.
As always, there is no simple answer without having more information.
Of key importance is to also get a copy of your FICO score. You can get this from either myfico or Equifax. To get the best rates/fees today you usually need a credit score of 740 or higher. Other key scores are 660, 680, 700, 720. Hitting each of these scores will typically lower the cost of your loan.
Depending on some other factors, you may also want to consider a loan through the FHA, VA, RD or credit union.
As always, there is no simple answer without having more information.