@Bronyaur wrote:
I just joined today. myFico scores show Equifax 618 and Transunion 612. I have mortgage and a home equity loan. Both show several 30 day lates but are both paid up to date for the last 4 months. I paid off 2 car loans late last year. Those are the only 2 accounts I have. No credit cards, no revolving loans, etc.
My question is: Would it help improve my Fico if I opened a credit card? Do I have to use the card?
Thanks for the help.
Welcome to the forums? Yes, having a credit card would add the mixture of credit FICO likes to see. But you want to hold off applying for credit cards right now. Your recent late payments on the mortgage and HELOC need to age. Had you already had credit cards, the banks probably would have reduced your credit lines or close the account because of the mortgage and HELOC trouble. Write a goodwill letter to your lenders to remove the late payments. But don't expect for them to remove legitimate lates. If you can get someone to add you as a authorzie user on their account that may help. Good luck!
Message Edited by DI on 02-11-2010 03:44 PM
Starting Score: TU:612--EQ:618
