How much will it hurt my chances of buying a house if I.....?

finance a motorcyle that costs $10,000. My equifax score is 687 and my experian score is 724 and I don't have my TransUnion score. Also, I wont be buying a house until October.

I currently have the following debt on my record:
1. 22,000 Truck Loan
2. 17,000 Car Loan that I co-signed on
3. 4,250 Boobs for my fiance
4. 1,800 television
5. 2,800 student loan

I am fixing to pay off either #4 or #5 (which one would be better to pay off?) and also an aswer to the original question.

Thanks

i currently make $35,000 a year but am graduating college in may and will be making at least $50,000. My fiance pays the co-signed loan and helps pay the other debts because we had to use my credit for everything because hers sucks.

The tv loan is interest free for another 9 months and my student loan the interest is actually pretty high.

The motorcycle purchase will hurt your chances on the home mortgage. Lending standards have dramically tightened because of the whole credit crisis we are in. The motorcycle purchase will do two things. It will lower your credit score and increase your DTI (Debt-to-income ratio). Both of these things factor into whether or not you will get approved for your mortgage. I would suggest waiting to purchase the bike until after you get your home. It would be much less painful to be turned down for the bike because of the house than to be turned down for the house because of the bike. It would also be less likely because it is easier to get a loan for a $10k motorcycle than a house.

As for which loan to pay off, the answer is the student loan if you can pay off the television within 9 months. If not, then you will probably want to pay off the television because the interest rate after the introductory period will probably be very high. If you are willing to look at more than 4 or 5, then pay off the one with the highest interest rate. You might still have all 5 loans, but you will be paying less each month.

Finally, you might want to consider debt consolidation. Paying down your debt is the best way to ensure you get your mortgage. You have a wide range of debt, most of which usually carries a high interest rate (the student loan is usually the exception, although yours is high). I would suggest that you look into something like social lending. With your credit score and income, you can consolidate all of your debt (except the co-sign, which I assume you don't want to take over) for a very reasonable rate which I would estimate to be much lower than your other interest rates. Check out this site, https://secure.lendingclub.com/landing.a... and see if it is something that can help you. It is free to sign up, so you don't have to worry about some catch. Good Luck.

what's your income? that's a key issue to determine. tba

Get the house and then the motorcycle. You don;t say what you make, but you have a high debt load. You owe almost $48,000 right now. As a cosigner, the whole debt counts against you.

Pay off the one that has the highest interest rate first.

I would definitely not buy the motorcycle now if you are thinking about buying a house because you have a lot of debt (unless you make a ton of money, but I am guessing you don't or else you wouldn't finance numbers 3 through 5). So, yes, it will hurt your chances at getting a house.

As for which item to pay off, number 4 or 5...pay off whichever one has the higher interest rate (which I would assume is the TV).

It really depends how much your income is and what your debt ratio from your credit will become. If you make a lot of money it wouldn't matter but when buying a house lenderwill require your monthly debt to income ratio to be less than 40% including the mortgage, taxes, insurance plus the liabilities shown on your credit report. Sorry I can't fully answer the question without knowing how much you pay per month on these debts.

Pay off the television since the student loan probably has a lower interest rate and looks better then a loan for a T.V.

You're going to get 1,000 different answers here. Your best bet is to see a local lender (not a LOAN BROKER, so go to a BANK or Mortgage institution like Countrywide) and have them run your credit and give advice on what is best paid off, how much your credit score will go down should you purchase the bike, and so on. It's usually free to get a pre-approval and advice from the lender.

You have a truck that you owe a LOT on (way more than your income suggests you should have). Why would you buy a motorcycle at this point in your life?

I personally think you are already too much in debt.

owning 39K on vehicles on a salary of 35K ?

and adding another 10K to it to make it 49K on a salary of 35K

nope...not a good idea

rather than adding 10000 in debt, try to remove 10,000 off your debt.

Good Luck

Even without the motorcycle, you may have too much debt to qualify for a mortgage. You should concentrate on paying off #3, 4, and 5, before you consider taking on anymore debt, including a house.

Geez....on paper you are bankrupt.....you currently make $35K and have $47K in debt......even when you graduate and magically increase your salary to $50k.....

your current debt load is way tooooo high....if you can't be a television outright....I'd stay away from real estate.