Whats your recommendation?

[Anonymous]

Hey folks, newbie to this board, yall give great advice so I'm going to try to jump on the bandwagon and get some. Hubby and I are looking to get an FHA loan to buy a home this year, but the only thing keeping us from doing so is our scores (both in mid to high 500's). We've paid all the bad stuff off our reports. We opened a secured CC last month, and are current on a car loan but from the Fico simulator its saying that I need to get another CC. Thing is, I had a Cap 1 and a Household that I let get bad that resulted in chargeoffs, but they are both paid off now and I didnt know if applying for another with either one would be favorabe? I'd hate to get denied and have that ding on my report. So are there any recs for a CC in my situation? Or even other avenues to add some credit to my report? Thanks in advance!

[Anonymous]

Unless youre certain that you can get approved, I would go for another secured card or a BOA secured cc. As long as it is paid on time it would be changed after 6mths or so.

The only problem is that youre going to have to wait for the account to age before you gain points you need.

I was trying to get approved for a mortgage and was unable to, until I talked to a broker who had a manual review done and then I was approved.

Message Edited by hp44 on 05-29-2009 10:55 AM

[Anonymous]

Go for a secured card. Check with your local credit union, or if you have a military affiliation, check with Navy Federal or PenFed.