- July 6, 2008 at 6:55 am #259566
banks are tightning up..
just a couple of years ago, all you needed was a credit score of 580,good payment history with your cable company, car ins or your power bill..
the subprime crises has made it much more difficult to buy a house…
the banks have raised the minimum qualifications…
you need a much higher credit score…you need a credit history….it’s harder to use a lease agreement as income to support a mortgage on an investment property..
and the credit bureaus are rivising the way they calculate your credit score
they are really hammering the middle class
— On Mon, 7/7/08, firstname.lastname@example.org
Subject: Re: Budget101.com : Questions about getting rid of all credit cards
To: “Yahoo budget 101”
Date: Monday, July 7, 2008, 6:32 pm
If you read dave ramsey’s book you will see that you actually do not need a formal “credit history” to buy a house. So I would say bye bye credit cards!!
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