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I want to buy an house but I never had the opportunity to establish credit. My wife is a veteran

  • September 02 2011 - Miami
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Answers (2)

I agree with the advice provided by Jim Stevenson with one exception. I strongly suggest you avoid store credit cards. Go for the universally accepted cards like Visa and Mastercard. Store cards, such as Sears, usually charge much higher interest than Visa and Mastercard. And most people that get cards like that do it because they are broke but want to spend money on a particular item in that store. You cannot use a store card anywhere other than that store.
  • September 02 2011
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Well, at least you don't have bad credit! Time for you to get a credit card, use it and pay it off every month. Don't go crazy with it ... charge some groceries and gas and pay it off. Try to find a credit card that offers some sort of an annual rebate or discounts on some of your purchases. Also get a checking account if you don't already have one.

Sometimes stores will offer a discount on your first purchase if you open a credit card. So if you're considering an appliance, furniture or building materials, see what different stores have to offer. You might get 10% off on the purchase.

Do not over extend yourself. If you are making a major purchase, plan on paying off in less than 12 months. Do not get to many credit cards. To much available "unsecured" credit is bad.
  • September 02 2011
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