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[Cray91]

I actually just got approved for a loan.  The guy said they were looking for 625 or better on the credit score and less than 45% debt-to-income.  I have two charge-off accounts on my credit.  I paid one and am leaving the other.

I did have to provide 3yrs tax returns with W2s, 3 months checking stmts, and a month of pay stubs.  They really want a good picture of your finances.

As for getting your credit up you really only have a couple options.

The charged off accounts are about equal on the score, so that is not much help.  (they may ask you to pay them in order to approve the loan though)
Get all of your balances down to $0, this will get your utilization ratio down
Then just waiting for accounts to get some age on them (no fast way to do this)

It will take a few months for things to change though. The score is only updated monthly, so any affects could take a while to show up.

If you are trying to cash in on the $8k your window is getting smaller.  You have to go under contract by April and close by June.

[Cray91]

So based off that how is throwing away money in rent a good idea?

Because once you sign the note to the house you are on the fuckn' wheel, and you don't get to stop running.

With an apartment you can tell the landlord to fuck off.  You lose what...your deposit?  That is nothing compared to defaulting on a home loan.

I am just buying now because my financial situation has become more secure and I have decided that I want to stay in one area.

[90dx]

Remember they are not making any more land

[Joseph Davis]

not when the dollar is worthless and continues to slide into worthlessness

Your home is based on the dollar, so what's your point?  Real estate is based on whatever the local currency is.  So your point is...........

His point is the home will be worth increasingly large numbers of dollars (inflation) while the average wage earned hardly grows, a trend you can plot out over the last 20+ years.

Treating the home as a fixed amount of money dumped into some bank account or low yield investment, as opposed to something that grows dramatically in value as both demand for real estate goes up and the value of the dollar goes down is exactly why you don't know what you are talking about.

even if the dollar collapses property will be worth something.

if you have pieces of paper and the dollar is worthless you have pieces of paper

Johnny, imagine a world where you don't have to buy toilet paper anymore - change for a 50 provides for a week.

[Ntrain2k]

not when the dollar is worthless and continues to slide into worthlessness

Your home is based on the dollar, so what's your point?  Real estate is based on whatever the local currency is.  So your point is...........

His point is the home will be worth increasingly large numbers of dollars (inflation) while the average wage earned hardly grows, a trend you can plot out over the last 20+ years.

Treating the home as a fixed amount of money dumped into some bank account or low yield investment, as opposed to something that grows dramatically in value as both demand for real estate goes up and the value of the dollar goes down is exactly why you don't know what you are talking about.

even if the dollar collapses property will be worth something.

if you have pieces of paper and the dollar is worthless you have pieces of paper

Johnny, imagine a world where you don't have to buy toilet paper anymore - change for a 50 provides for a week.

He has. It's rednecktopia. Corn cobs for everyone.