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Ask Savvy- Is this a good way of rebuilding my credit?

Hi everyone,

I recently got married and want to buy a house in a year. Problem is, my husband bought one about a year and a half ago (before we got married). He cannot take out another mortgage yet so it will have to be in my name. I have poor/fair credit but am trying to fix it. I messed up my credit when I was 18 (those first time savings are tempting!), let it get bad until two years ago, and have raised my score almost 70 points since March.Its still not good enough though. I have a new secured credit card which should help, but I also have three student loans in deferment. Is it better to wait for my score to improve since some negative things will be cleared from my credit report within 6-8 months, or take the smallest loan out of deferment and start paying it off? We need to save for a down payment, but a good credit score is important too.

Thank you!

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jillkipnis jillkipnis 4 years
Now is certainly a good time to consider buying a home with historically low interest rates and the availability of inventory. However, whether you move forward now or delay should be based on your personal financial situation. As a first-time homebuyer, you'll want to make sure your credit score is in good shape--this will be critical when getting pre-qualified for a loan. Also, you'll want to set money aside for a down payment. The more you can put down, the better deals you can get on a mortgage. You'll also want to determine what you can afford on a monthly basis. A mortgage is only some of the costs you'll need to consider: think about what your average bills will cost in addition to homeowner's insurance and unexpected maintenance. Make sure to connect with a professional Realtor once you're ready to start looking. Good luck! For more information: http://bit.ly/pYW4PT

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