03-06-2009 11:03 AM
Greetings all. I am working towards buying a house and have a preapproval. However, my mid score is 611 and I need to get that up to at least 620. I am unable to spend too much because I have just enough for my 3.5% down payment saved. Do you guys think that obtaining a BoA secured card would be the boost needed, or would it be more detrimental. Your advice is greatly appreciated!
03-06-2009 11:22 AM
03-06-2009 12:14 PM
03-06-2009 12:24 PM
I currently have no cc at all. I actually got overexcited and went ahead and applied for the BoA secured card. I have banked with BoA for ages and havent even had an overdraft in the past six years and yet today I was DENIED for a secured card.
Seriously that makes all sorts of hopes plummet and I have no idea what to do next.
03-06-2009 01:37 PM
i know that there are issues out there with household, also know as orchard bank cards, but, if you have an secure card the limit usually starts at 200.00. My husband got a secured orchard a year ago, all has been fine with it, even now. I dont exactly remember the jump of his score, but there was one, and now, a year later, we are using just HIS credit and should close end of April on a NEW house for 240,000.....give them a try, as long as you pay ....in my opinion it should be fine.
03-06-2009 02:39 PM
Adding inquiries to your report is not a way to increase score.
Do you have a close family member who would add you as an AU on card with good payment history?
Then after you close on the home, you could get your own card.
03-06-2009 05:29 PM
First, now is not the greatest time to be applying for credit if you plan to buy a new home within the next 12 months. Can you tell us (without revealing personally identifying information) what is on your credit reports? You mentioned that you don't have any credit cards, but the fact that you have a credit score means that you do have a history. If you have any baddies, can you give us the detail about them?
And, someone else asked what your timeline to purchase is. Have you already found a home? Or, do you have some time to work on getting your score up?
Friendly, Supportive & Respectful
"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.