I guess I'll start with the basics. My name is Jesyka. Akira is the name of my gorgeous Siberian Husky puppy. At this point in time I really don't have that much debt (just a few student loans), but this is just the beginning for me, and the way it's looking I'm going to be in a quite a bit more debt in the very near future. I'm sure it won't be an entirely bad experience, and even somewhat necessary when it comes to purchasing a home, and such, but it's still an intimidating venture from the outset. My current goals include purchasing a home in the next 6-8 months, but my credit history is pretty blank except for the student loans. So I guess my real reason for being here is needing a good way to build a solid credit history without getting in over my head to begin with. Hopefully getting started on the right foot can keep me out of the situation my mother is currently in (more than $1 million in debt ).

Have a wonderful day!
~Jesyka

Welcome aboard!  What strategies have you used to stay out of debt so far?

Last edited by cluttercutie (2007-08-30 14:47:01)

Thus far the only thing I have really done is wait til I have the money first and then buying what I want, but I'm afraid that system won't work when it comes to buying my house...

Good credit takes time. pay your student loans on time, establish a few credit card tradline if poss. I don't know about balance transfers to a student loan, but many ccs have a 0% balance transfer don't max it out only utilize 1/3 of the limit pay it off early then get another. Avoid too many inquiries. Each one is 2 points.

That is very helpful information! My only problem is that I want to start building good credit now, instead of waiting 18 months, so I'm not sure how to go about it.

Welcome to the forum

Building credit by nature takes time.  Two main factors are on time payments and payment history as well as available credit which will gradually improve your score.

Welcome to the forum!

Can I ask why you want to buy a house so soon?  How big of a home loan are you thinking of?

Also, how big are your student loans?  Maybe you could start paying those to help build your credit score.  Additionally, the bigger downpayment you have on your home, the easier it will be to get a mortgage (and with the added benefit of smaller payments over fewer years!)  So take your time to save one up!

Unless there's some dire need, maybe you can keep your debt managed by having only one big bill at a time (i.e. wait to buy your home until your student loans are paid off).

Welcome, and good luck!  Tell us how things go!

Well at the moment my student loans are only $7500, and by next december there will only be another $6000 added to that, but the school has their loan program set up so that payments are deferred until six months after graduation, and after that they're only $50 a month, which would take forever to pay off, so I intend to make substantially larger payments than that, but nonetheless. In any case, my fiance and I are looking to buy a house in the near future because I'm living with my parents and he's living with his, and there is a lot of drama between the two houses, so it's kind of going to be our escape.

I did a bit of research today about my student loans and I learned that I can pay them off early, but the payments won't show up on my credit history because the loan will still be considered in deferment, so I decided that I would just wait to pay them off since there is no penalty for waiting til after I graduate to make payments.

Welcome to the forum and that is good to know you figured it out.