Need Advice/Suggestions

QuestionsNeed Advice/Suggestions
asked 3 years ago

Hello, been rebuilding my credit for about 1.5 years now and have come a long way not only in just credit rebuilding but also income.  I have done good except for the new car purchase recently (1 month ago) but going from 28 percent interest to 11.5 percent (even though more expensive vehicle) sounds more appealing to me.  


I am currently renting a house in a rural community (biggest house on the block);  It’s a great house and right next door to my in-laws (not sure if thats a plus but ok) but the great thing about it to me is that the guy only wants his payments so its cheap..figure-wise, it used to be on zillow and its zestimate for rent is 1200-1500 and we are paying 750.  My credit is currently 620 equifax, 640 transunion, 650 experian and my annual income is about 55k – 100k (pre-tax) and it’s 1099.  I’m 23 years old and have never purchased a home. 


Any advice is greatly appreciated!  Is the cheap rent worth it for now until I save a ton of money and get my credit higher?  I am now starting to save and have 3k in savings with intentions on about 1500 – 2500/ month to fund to it from here on out.  Can I even get a mortgage with collections unpaid?  I don’t want to really have any new activity on the collection accounts so paying off is usually a negative least I thought.. 

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