I'm 25, have almost $50,000 worth of debt. What can I do to clean up my credit so I can buy a house?

Answers:1   |   LastUpdateAt:2012-09-04 10:40:06  

Question
Jiya
Asked at 2012-09-01 11:11:04
I have good credit , never made a late payment and always atleast make my minimum payments , and more . I recently consolidated some credit card debt and the debt of my fiance with a private loan of $ 30,000 we paid together. So I have about $ 20,000 worth of debt consolidated student loan , car loan and some credit cards shopping related household items ( tv , furniture , etc ) that are purchased with 0 % financing or low . All my debt and most of my boyfriend is in my name because his credit was too bad for any loan , etc. So , if everything is in my name , we have no problem making payments every month as there are 2 of paying us . But as we work on getting your credit in line with what one day will be a co -signer of a house , what can we do to get my credit up seeings how I have most of my credit tied for the two of us? I've closed all zero balance credit cards that had opened , but what else I can do? ? Thanks for any advice anyone may have :)
Answer1malik jacksonAnswered at 2012-09-04 10:40:06
Rachel , MedlinePlus Getting a mortgage is the last thing I would be trying to do at this point in time. Piling more debt would not be prudent . MedlinePlus MedlinePlus It makes more sense to wait back better manage their debt load first. MedlinePlus MedlinePlus I recommend you pay at least half of the total debt before trying to obtain a mortgage loan . This will also give your BF a little time to get your score up . MedlinePlus MedlinePlus Currently on a lot of debt , estimated $ 80,000 "combined " income . I imgaine that's before taxes . MedlinePlus In addition ... if things do not work out with your boyfriend , that would mean less income you have available to use to pay $ 70,000 in debt over a mortgage . ( this happens every day ) . MedlinePlus MedlinePlus I do not know you or your boyfriend , but I'm trying to tell you what I think is in your best interest , and that you are the person who posted the question and not him. MedlinePlus SUMMARY : MedlinePlus Most pay debts first , then create a small saving of several thousand cases of emergency , then in a year or two , start looking for a mortgage . MedlinePlus Good Luck .
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