blue_moon wrote:
I am trying to rebuild my credit. I have a secured credit card with Orchard ($500.00 limit) and I try to use less than 10% of the available credit and pay that off each month. I have spent the past year paying everything on time and correcting errors in my credit report and my credit score has increased to 663 (Equifax..don't know the others). I want to try to purchase a home in October/November and would like to get my score up to 700 before I try to get pre-approved for a mortgage. What credit score will I need to get a nonsecured credit card? What bank issued credit card companies [besides Capital because I paid that account off after it went into collections] do I have the best opportunity of getting approval? How much will applying for and getting another credit card impact my credit score? I'm also terrified of applying for a nonsecured card and getting declined.
Thanks so much any help you can provide.
Message Edited by blue_moon on
06-15-2008 10:05 PM
Your score is good. I would pull TU and EX though. Especially if you are goung to buy a home in the Fall. You need to repair the other two reports if items are on those two and not EQ.
Also, if you are going to buy a home in Oct/Nov., then I wouldn't app for anything new. The new credit may or may not harm your score and if there's damage, then you may not recover by then. However, I'd also bet that you may see a score increase if you app for 1 more card, maybe even a store charge card (improving mix of credit - also helps with utilization). BUT, lenders may not like to see this new credit.
Per the score, 663 is good. But it may be an uphill pattle due to a lack of revolving experience. I'd check out your other scores and pull from the strongest CR and use sites like whogavemecredit.com as a guide.
