My name is James and I am looking to purchase a home sometime early 2016 with my girlfriend. I currently have a low credit score of 582. I have my 3-Bureau Credit Report, but I am not an expert at looking at it. I made some mistakes 9 -10 years ago with my money and got myself into debt. This is what affected my credit score. I want to turn this around and be able to buy a house. I just don’t know how to.
I currently have $ 3,500.00, but plan to have $ 15,000 saved by 2016. I have a stable job that I have been at for 6 years and I can provide proof of that. I make $ 45,000 / year. My girlfriend makes $ 35,000 / year. I am looking to purchase a home in the range of $ 130,000 – $ 160,000.
Can anyone help me by looking at my 3 Bureau Credit Report and point me in the right direction? Do I need to improve my credit score before purchasing a home next year? Can I consolidate the debt and turn it into one payment? Should I get a credit card? I don’t know what to do, as I have never purchased a home before.
Please, any help would be greatly appreciated.