05-04-2009 07:39 AM
Hello all! I would really appreciate any advice you can give me.
I am so very close to getting a 620 and qualifying for a mortgage loan.
I've never used credit cards, don't like the temptation of them and try to only buy what
I can afford within reason. Of course, my credit has suffered so I signed up for a secured card
with a $320 limit. My mortgage lender says that once that card starts reporting, I will see a jump of @25-30
points on my scores (she's run it through a simulator).
I have used the card, paid it down twice and received a statement but nothing yet.
It's been around 45 days and it's driving me nuts waiting. I have to be out of my rental in
40 days or so and I am poised to make an offer...as soon as this freaking card shows up.
**To those with experience with this sort of thing, how long did it take your cards to start reporting?
**Is there anything else I can do other than waiting to speed up this process?
Thanks so much for listening!
05-04-2009 07:45 AM
If you pay it down before the ccc reports, your credit will alsways show a "0" balance.
Buy something for (for instance) $75. Wait for statement...then pay $40.00 This balance will soon show up on your CR. Then if you wantpay it off. It's good to have some usage showing.
05-04-2009 08:18 AM
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