The only way to have a good credit score is to go into debt, stay in debt, and continually pay your accounts perfectlyâ€”without adding too much debt or paying too much off. In other words, stay in debt for as long as you can. How ridiculous is that?
I'm 25 worked at the same place for 7 years make $36,000 yr. I've had one credit card(which was a prepay through my bank), got my first loan which was a car loan this past August. Have absolutely nothing negative financially in my life, you ask me I'm the perfect candidate to e a first time home buyer!
The house is a 4 bedroom 1500sq ft fixer upper listed at $14,500!
If you ask me banks don't look at someone's financial picture in the correct way, this is why we had the housing crash and why so many houses(at least in my area) sit empty!
Also how much was the home you wanted to buy for $160 per month? What about taxes and insurance? How much do you have saved for down payment and closing costs?