Tax Credit Electric Cars
March 20th, 2009
Question: credit question and wantting to buy a house?
ok so me and my gf are 24 and 23 years old. both of our credits are in the high 500 which is pretty bad. i have one bill that is medical from 6 years ago and she has one medical bill and a sprint bill on hers. i have cell phones in my name 2 cars worth about 10k in my name that are paid off ive never missed a payment on my cell phone , electric , car insurance, gas bill or anything why are none of these bumping up my credit. we have about 15k saved up for a down payment looking at townhouse worth about 130k or so. how high of credit do we need to get it there and is that enouph down payment. she is a hairstylist makes about 5-900 a week after taxes i sell on the internet make about 2k a month. any ideas my dad will sign for something he said as a cosigner so i can build our credit.
Answer: Utilities, insurance, cell phones none of these are reported to the credit bureaus, they do not build credit. The only way they are reported is if you just do not pay the account.
The minimum credit score required for a home mortgage is 620.
You both need to build your credit by establishing new lines of credit and making on time payments every month.
Go to the bank you do business with, ask them if they have a secured credit card, if they do open a new account with $300 – $500 tell them you want a secured credit card against that account. Use the card for small purchases like gas or food and pay the card off entirely each month on time.
Also you can take your savings account and save until you have $1,000. Tell your banker you want to take a installment loan out against the savings account. Take the money you receive and put it in your checking account to repay the loan. Pay it off in 12 months. Lenders like to see a mixture of credit, revolving, installments, personal loans.
After a few months you can try for an unsecured card again. Retail store cards and gas cards are normally easier to get.
It will take 24 months of consistent on time payments to re-establish your credit rating.
Business news briefs: Ford to test electrics in Germany
Ford Motor Co. is to start a two-year test program of electric Focus compact cars and Transit vans in Germany on Monday as the U.S. company prepares to introduce battery-powered models as early as next year.
GEM Tax Credit Television Commercial
Posted in 
Tags: