My husband recently cleaned up his credit to where it was like new baby credit. His score is in the mid 500s which isn't horrible but it isn't good.
We are currently trying to purchase a house and would like to get a decent interest rate. His solution was to purchase a car at a horrendous interest rate and an already jacked up car price rather than to ask a relative for a co-sign. Are there programs or resources out there for people like us who have credit like an 18 year old?
And wouldn't it be better to purchase a house at a higher APR and then later refinance than to purchase a car at double what it's worth?
ooh sweetie both of you got it all wrong
you want a LOWER APR….not higher
and though you feel and think a credit score of mid 500s isn't horrible…..IT IS
these lenders wont bother financing you with a score that low….you are considered subprime (something predators look for); as bad as you all are wanting to buy a home you shouldn't because your score is too weak
it needs to be in low 700s at MINIMUM to even be considered for a decent loan
clean up your credit and apply for a secured credit card (dont go crazy applying for all kinds of cards) and give it about a year of on time payments; paying more than mininum and the score will improve