Home Buying in Jersey City>Question Details

Tiffany, Renter in Jersey City, NJ

My husband and I bought a car ....almost four mos ago and we are contemplating on buying a condo will that effect our. Chances of buying

Asked by Tiffany, Jersey City, NJ Tue Nov 20, 2012

Help the community by answering this question:


It might be affected if you haven't made the last 4 payments!
Seriously, it will effect your DEBT/INCOME ratio.
1 vote Thank Flag Link Tue Nov 20, 2012
Great answers here for you. As long as yous are keeping up with your payments it shouldn't have a bad effect on your credit rating. Step one would be to see if you can be pre-qualified for a mortgage. If you need some help finding a good mortgage broker or if you'd just like to see what things are out there for you, please contact me. Have a Happy Thanksgiving!
0 votes Thank Flag Link Wed Nov 21, 2012
It changed your credit score, one way or the other. Most new debts initially lower credit scores then over time it builds them back up. As previously mentioned by the other experts it will also change your debt to income ratios.

As for the impact on scores, watching a single account is not the best method, that isn’t how the matrix works, it looks at everything on the report. If the new car loan lowered the score 15 points and a recent payment on a credit card balance changed the band on that account and raised the score 50 points over all you get an improvement. Lots of info on this subject on my site, linked to the main page below, good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Wed Nov 21, 2012
Hello Tiffany. Assuming that you made the car payments on time, the only way it will affect you is if your income to debt ratio is too high. This may lower the amount a Lender is willing to lend you. I suggest you order a free copy of your credit reports from https://www.annualcreditreport.com/cra/index.jsp (no credit card necessary) to look over your credit reports. This is the time to try to take care of anything that you may think will hinder you from obtaining a home loan.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!
0 votes Thank Flag Link Wed Nov 21, 2012
Hello Tiffany that will depend on lots of factors.
First things first, you should contact a local reputable mortgage lender/broker and get pre-qualified. Explain to them your situation and they will review your options.
If it has affected you negatively they can assist you with a buying plan.
If you need a referral please let me know.
Hope that helps!
0 votes Thank Flag Link Wed Nov 21, 2012
All correct! If you are up to date with paying all monetary obligations, you are actually increasing your credit score but debt to income ratio is a big factor. If you would like the names of some EXCEPTIONAL mortgage brokers, contact me and I'll be happy to share, no obligation. I just like to help make it "happen."
0 votes Thank Flag Link Tue Nov 20, 2012
Ron is correct. Debt to income ratio is a big part of your ability to obtain a mortgage. Feel free to reach out to me to discuss your intentions, and I will provide you with the information you'll need as well as the proper contacts to obtain, or possibly in your case, work towards obtaining that extremely necessary prequalification letter for a mortgage.
0 votes Thank Flag Link Tue Nov 20, 2012
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