Can I purchase a home after paying everyting on my credit report?

I want to payoff everything on my credit report so that my family and I can purchase a bigger home. How soon After I pay my credit off can my credit rating go up so that I can purchase our home?

Can I purchase a home after paying everyting on my credit report?
You need to go to annualcreditreport.com and pull your credit reports after about 3 months has passed since you paid it all off.


If you credit has been good for atleast 6 months to a year.


If you have been on the same job or similar job for a year or more


if you have sufficient savings to cover your closing costs


if you have your utility bills paid, and a good reference from your landlord.


I would go to your local Credit union and open an account if you don't have a regular savings at a bank. Always try to finance through your own bank or a credit union, Compare rates, try to get the best interest rate, get your loan PRE APPROVED before you shop for a new home, they will tell you what your limits are. Keep in mind what you truly can afford.


I alway look at it like this What can we afford on 1 income?


if you can't afford it on 1 income it is probably too much.


That way you know you won't get in a bind down the road should someone loose a job etc.



Reply:i would wait 6 months after you have paid everything off before you think of purchasing. then, run your credit report again and dispute any inaccuracies with the bureaus. if you do this, your credit scores should go up. however, keep in mind that any derrogatories (ie. late payments 30 days or up, charge offs, bankruptcies, etc) stay on your report for 7 years, irregardless of if you pay or not.
Reply:Once you pay everything off, I would wait about 2 months, pull your credit report again and make sure everything is correct. If so, then start looking. If not, fix the problems, then start looking. Good Luck!
Reply:You don't need a credit rating if you go through manual underwriting. This is where someone looks at you as a person and not as a FICO score. the link below should help.
Reply:I had the same situation. The bank I was dealing with only wanted to see proof that I paid in full what I owed. They gave me a mortgage very soon after.