Credit Cards

[jiffenir]

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! 

[Saabu]

how long do you have to get the score up?

[Red22]

I got a BofA secured CC just this month and it boosted my EX score by 20points.  Of course I don't have any CC cards at all.  I am in the rebuilding stage and showing progress.

[sidewinder]

Do you have other CC reporting?

If so, what is your util?

[jiffenir]

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.

[debc]

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.

deb

[sidewinder]

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.

[jiffenir]

Sadly, I do not.

[LilMirth]

Hi!

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?