Prepping credit for first time property buyer.
Hello Everyone!
New to the forum but love all the info I've been absorbing since starting. Little about me.
23yrs old
Part time 25hrs/week @$14/hr
3 credit cards. 2 with balance
Paid vehicle cash no car loans ever
Moved back home
I have come to the realization that if I don't start in real estate now it will take me exponentially longer later in life. Step dad has couple rental properties so I have someone to teach me the ropes. My problem is getting my credit at an acceptable level to receive a FHA Florida first time buyer home loan. I've run my credit with Equifax and Experian.
Equifax=704
Experian=675
Since my only form of credit is revolving credit cards with no home or car loans, am I in bad shape for a home loan for first time buyers in Florida?
Father said I may need to get a car loan and build some loan history that way. Good idea? In the next few months I will be converting to full time so that will help. Also hitting my credit cards hard so in next 3 months they should be around 10% credit usage. Any advice will be greatly appreciated.
Thanks, Jordan