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How do you build your credit.

Im trying to save up to buy a house and i dont owe to much probably 300 dollars and everything would be paid off that is on my credit report but my mom got bills in my name and messed up my credit but i did pay it off it was like 900 dollars on a gas bill but my credit score is really low and i dotn know how to bring it up. Its hard for me to get anything because i have bad credit.

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shorty00207450

Asked by shorty00207450 at 11:47 AM on Feb. 10, 2010 in Money & Work

Level 3 (21 Credits)
Answers (4)
  • having credit means having debt! it takes a long time to build good credit. the best person i feel to listen to about credit is Suze Orman, but I prefer getting out of debt and having a zero credit score like Dave Ramsey has. Dave says that there are ways to get a mortgage without a credit score, but I'm not too familiar with it. I think it's called "mortgage underwriting".


    svalle

    Answer by svalle at 12:03 PM on Feb. 10, 2010

  • My 21 year old son was just able to buy a house. He was approved to get the loan through several lenders. It's a myth that you have to have your credit cards paid off. He opened a credit union account with direct deposit about 2 years ago. After about 6 months he got a computer loan of about $800 with automatic payments. He paid that off early.

    He went to first time homeowner classes with a community organization that gives downpayment grants. He had 3 credit cards that he didn't have paid off. I found him a house with a motivated seller. He got the downpayment grant and the loan at the credit union. The grant paid all the money you have to pay like closing fees, ect. and all he had to pay total was $1000. The house was listed at $130K and he got it at $72K. His house payment is just over $300 a month. The house was just remodeled with new kitchen & bath. It has a pool! He gets the $7,000 tax credit!
    Gailll

    Answer by Gailll at 12:31 PM on Feb. 10, 2010

  • Real estate agents should know about the tax credit. You can get loans if you have debt and if you have bad credit.

    Find out about downpayment assistance programs in your area. They are government programs and there should be one. Sometimes they run out of money. They will have classes you have to go to and they will help you with your credit score.

    Above I forgot to say the downpayment assistance program paid $4000 of the downpayment. It's a great thing!
    Gailll

    Answer by Gailll at 12:36 PM on Feb. 10, 2010

  • File a police report. That stuff that your mom opened is NOT your debt so it's NOT your problem.

    Yes she is your mom- but let's put it this way, if I did that to you, it would be identity theft. Her opening stuff in your name IS identity theft.

    If your mom put bills in your name, then she probably has other debt in your name too.
    You need to file a police report and send a copy of it to all three of the credit bureaus to get that debt off your credit report. Keep in mind that if you don't do that, then eventually they'll get around to sewing you and then putting a lien on things you do own (car, house, etc) garnishing your wages, taking your tax return. Oh and ruining your credit.

    If you aren't going to clean it up, then all the debt is on you. Plus, it's very likely that your mom will continue to STEAL your identity.
    Anonymous

    Answer by Anonymous at 1:07 PM on Feb. 10, 2010

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