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Have good scores, no credit cards, need help

Contributor

Have good scores, no credit cards, need help

I have scores in the 730's - 740's, but I haven't used my credit for years. Old tradelines are good, and TU report has a no-lates, 8 year mortgage on it.

 

Now I want to start building my score with an eye to a mortgage.

 

So if I understand, I need at least 3 cards, right? What kind? I've been avoiding this because I don't want the hard hits. I already have 3 unauthorized hard hits on EX, and I don't like it.

 

I need expert advice on how to do this with the least damage to my score.

Message 1 of 14
13 REPLIES
Senior Contributor

Re: Have good scores, no credit cards, need help

It all depends on when you are looking for a mortgage.   If you are at least 9 months away, I would get some cards.   If not, this is tricky to predict, you might want to ask a loan broker for advice.   

 

 

I suggest a mix from VISA, MC, Discover, AMEX, store cards.   Pick cards that fit your spending habits and goals.  You need to use these cards and develop some payment history to increase your FICO.  Look at cards from some of your favorite stores, especially if they are cobranded (like Sears MC, Nordstom Visa, Costco AMEX)  There a cards associated with nonprofits and alumina that might interest you.  You should pick banks or credit unions that you like and trust. (Check out JDPowers ratings).  You should investigate getting a card from where you have your checking, savings, IRA, Mortgage, Car Loan.     

 

Spend some time and try to pick a few good cards that you would want to use and keep for a long time. 

 

You might post some of your choices for opinions.  

 

Message 2 of 14
Contributor

Re: Have good scores, no credit cards, need help

I'd like a mortgage now, but it's looking complicated, so I think I'll start on a card. I just thought I could waltz in a get a self-employed type mortgage. Smiley Happy NOT!

 

My credit usage is 0-0-0-0 right now. I guess I'm afraid I'll take  the hit and get denied. I'd be happy with any card, but the Costco and the Nordstom catch my eye.

 

I have a 8 year banking relationship with Woodforest Bank (Texas). If there's a chance I'll be denied because of having old-as-rocks tradelines, I could start with them.

Message 3 of 14
Senior Contributor

Re: Have good scores, no credit cards, need help

Nordstorm and Coscto are excellent choices.   I will be applying for those in the future.    I would guess it should be easy with your bank

 

 

    

Message 4 of 14
Senior Contributor

Re: Have good scores, no credit cards, need help

I would start with either your bank or your scores look good for the Nationwide Visa.  The approved me with a few cards posting, 49% util & 0 inq's & I believe, a 735 ish FICO.  They check TU.


Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 12/2017 TU 779 - EQ 779 - EX 782
Goal Score: 850

Bury me in the garden...last app 07.27.17

Message 5 of 14
Contributor

Re: Have good scores, no credit cards, need help

Is it possible I will be denied with that score?
Message 6 of 14
Regular Contributor

Re: Have good scores, no credit cards, need help


woozy wrote:
Is it possible I will be denied with that score?

 

Not likely.  In you first post you stated scores of 730 - 740.  Nothing wrong with those!  If you're interested in the Costco Amex (cash-back) you can apply in the store and have an answer in minutes.  It's easy to check out on their website.

 

D-R

Message 7 of 14
Contributor

Re: Have good scores, no credit cards, need help

I'm going to do it. It feels all shivvery, the end of a long road of screwed up credit. I can't believe how much those old tradelines have helped my score to recover.

 

I just read that hard inquiries done within 14 days count as one.

 

Does this mean I should get more than one card in the 14 day period? I don't care much about using the cards, I am forever snakebit by my experiences. I just want to build my credit for important things.

Message 8 of 14
Moderator Emerita

Re: Have good scores, no credit cards, need help


woozy wrote:

I'm going to do it. It feels all shivvery, the end of a long road of screwed up credit. I can't believe how much those old tradelines have helped my score to recover.

 

I just read that hard inquiries done within 14 days count as one.

 

Does this mean I should get more than one card in the 14 day period? I don't care much about using the cards, I am forever snakebit by my experiences. I just want to build my credit for important things.


Hi Woozy-- love the screen name!

 

No, it's not true. When mortgage or auto loan shopping, INQs within 30 days count as one, as a sort of acknowlegment that you were shopping for the right loan. There's no such provision for other types of credit apping, including credit cards. Each INQ will count.

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Message 9 of 14
Regular Contributor

Re: Have good scores, no credit cards, need help

woozy,

Which CC's did you have before, and in what condition did you leave them?  (Paid or un-paid)

D-R

Message 10 of 14