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Will buying a used car before buying a house hurt your credit score?
Wiki User
∙ 13y ago
Not necessarily. However if you take on a payment that is too big it could cause you not to qualify. The bank has a formula they use to determine if you make enough money to handle your debt load and if they feel your payments will put your house payment in question, they will deny the loan. Also, once you qualify for a home loan, don't rush out and but new furniture and such before closing because that will also cause the bank to back out of the agreement. Once you have closed you can take on additional debt if you feel like you can afford it but be very careful. Many factors such as inflation, gas and food prices and so on can go up in a hurry and leave you strapped if you are not careful. Just take it easy and pay as you go whenever possible. Good luck to you.
Wiki User
∙ 13y ago
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How does credit affect an individual financial standing?
Your credit can raise or lower your credit score. It is what consumer credit for buying a house or car is based on.
Which is the best credit score required before getting financing for his or her house.?
This is dependent on the individual. You can find out a lot of information about your credit score in relation to home buying on about.com. Here's the website: http://homebuying.about.com/cs/yourcreditrating/a/credit_score.htm
When buying a house, will a loan company tell you your credit score?
Any type of loan company you talk to will be able to let you know your credit score. As long as you have a really good credit score you should have no problem getting a second home.
Where can I get Credit Score Advice before I apply for house financing?
There are several companies where you can credit score advice before applying for financing when looking into housing. One website that provides credit score advice is: http://www.bills.com/loans/.
What are the main reasons that someone would want to get a copy of their credit report?
It depends, maybe someone wants to buy a car, they might need proof of their credit score, some dealerships require you to have a decent credit score; also, when buying a house, your credit score sometimes kicks in, so evidence of your credit score/report are necessary.
How much can buying a new car lower your credit score?
Buying a new car changes what's called your utilization ratio. This is the amount of debt you to the amount of credit you have available. The lower your ratio, the better it is for your credit score. Additionally, before lenders give you a car loan, they'll want to see your credit score. Checking your score for this reason causes a "hard inquiry" to be placed on your credit report. Hard inquiries can lower your score and remain on your credit report for up to two years.
How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
How can someone with bad credit purchase a home?
Buying a home with bad credit can be difficult but not impossible. First check your credit score then try to have your card limits raised which will help the credit score. Then talk to a loan officer to see which debts are best to eliminate before applying for credit.
Can you get a house with a 570 credit score?
no
What if you don't have any credit do you still have a credit score?
Yes you can have credit from before that might be a very bad credit score:(
What happens if you misuse credit?
if you misuse credit then more than likely it will go on your credit score and affect you in life. One way is by buying a house or car. You would never ben able to purchase them kind of things if you misuse or credit
Does medical debt from years past affect my credit?
Medical debt does affect your overall credit score. However, when buying a house or car, most of the time medical debt is not factored into the equation.
