Consumer Credit Reports – equifax experian score

Anon Y. Mous asked:


I am 23, turning 24 this year. I am a PhD graduate student and will be for another 3-4 years. I am paid a stipend of $24k/yr and my tuition and health insurance is covered as long as I’m in school. My FICO is 760. I have $16k in student loans from undergrad that are currently deferred until I’m finished with school. I have no credit card or consumer debt, never had. I have $4k in retirement funds and $2k in an emergency fund. My savings account should be up to $6k by December, unless something goes wrong. All this I have saved from my measely income for 2 years. I also own my car outright, paid for in cash. (In that timeframe I’ve also covered moving expenses and an apartment full of new furniture + electronics.) So I would say I’m pretty good with money for my age.

My current rent is $675, nothing included. I’m wondering if it is smarter to buy. I will stay in the area for another 3 years, perhaps more if I decide to stay and work here after graduation. I have a good FICO score so I think I would get a reasonable rate (5.0%?). My credit report shows 5 years of history, all my accounts are in good standing, nothing negative. My available credit limit is approx. $10k and I never carry balances. In my area, I can get a 1bd/1ba condo for $100k, HOA fees approx $150/mo. If I apply for a 30yr mortgage, according to the calculators my monthly payment can range $530-730. I will only have the $6k from savings to put down though. But with Obama’s $8k incentive…. do you think I should even be thinking about buying? I would just really like to have a “home” and not have to apartment-hop after every lease due to management, move furniture, not allowed pets or this or that anymore.

Would they even look at me if I walked into a bank to ask about my loan eligibility?

TIA. Advice from loan officers or those experienced in mortgages are greatly appreciated!
I want to add that I would do the FHA.

Antonio

lostintranslation asked:


I am getting ready to rent out my house and I want to be able to check a prospective tenants credit before making a decision on who to rent to. Where can I check their credit and what kind of fee should I charge the tenant?

NICOLAS

Independent_guy asked:


Hi Everyone,

A non-married couple is applying to rent a 1-bedroom apartment. She is working he is not. For those who pull potential tenants’ credit reports, would you pull both credit reports or just hers and put just her as the one responsible for rent payments?

Same question regarding filling the rental application itself – would you require both to fill that or just the lady who is currently working?

THANKS AND HAPPY NEW YEAR!
Thank You Everyone! Your Great Advice is so helpful! Regards, Neil.

DOUGLAS

*cupcakes* asked:


My credit isnt excellent or anything like that but its pretty ok. But my boyfriend’s is horrible though. Is that going to affect us getting a decent one bedroom apartment? Or do most renters only check one person’s credit, whoever puts the name on the lease? I’m a newbie at this, please help.

JOE

Texas Girl asked:


My boyfriend, my sister, her boyfriend, and I are all getting a place together. We all must be on the applications. One of us has TERRIBLE credit, 2 of us have no credit, and one of us have credit but its not great. Other than that, our rental histories are good and so is everything else. Do we have a pretty good chance of getting this place??

AUGUST