Rent or Own?
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| Fri, 09-16-2005 - 9:45am |
My boyfriend and I have been talking "future" talk for the past few days, such as when we think it would be a good time to get married (i'm still in school, he's done) do we want to move from where we live now, and should we rent or own.
My biggest question is the rent or own. His best friends, both whom have parents that are better off than either of ours, got married and bought their first home together the same summer of their wedding. I know my boyfriend has this thought in the back of his mind, but I'm questioning how hard it will actually be to do this.
He makes 35,000 a year, not bad for only being a little over a year out of school. I won't be finished for at least another 3-4 years (master's degree) and although I'm guarrenteed a job out of school, the exact salary is still unknown.
Since we'll be so new to starting out and merging our lives, especially money, which route would you suggest is best? Renting for a few years to pay off school loans and save for our home, or flat out try to buy our first house?
My other question is this... He has a very good credit score, well within the 700 range. Mine is fair, around 630, but I'd like to get it up to that 700 mark. I am working to pay off my credit cards and only having one with the lowest intrest rate as an emergency card for "just in cases". In three or four years, can I definatly get myself over that 700 mark? Or how long will it take and what will it take to get me there?
Thanks!

To get your score over the 700 mark you need to be actively using your credit.