08-18-2012 12:23 PM
I only have a credit history for 6 months. 2 unsecured credit cards now with total limit of $2000.
I wonder if a share secured loan help me to accumulate some credits in the next 6-7 months.
After 7 months, I may apply for a mortgage at that time.
Thanks for any hints in advance.
08-19-2012 07:06 PM
From what I've read, you shouldn't be apping for anything within like, a year of thinking of buying a home (w/ mortgage). YMMV, but it seems to make sense to me. From what I've read share secured loans will report as a positive account, although how much it weighs on your credit us unknown to me. It would be good for varying up your types of credit though (revolving vs installment)
08-19-2012 07:15 PM - edited 08-19-2012 07:17 PM
It's a long story.
For sure I won't get the best rate.
What I can do now is just trying to get a credit rate as high as possible to get the best rate I can get.
But really thanks for your reply.
I'll keep the account for a period of time.
03-30-2013 07:19 PM
Thanks for all your reply.
When I applied for my mortgage, my credit score for mortgage is 722.
Though not best rate, it's good enough for me with a credit history of one year and half.
Just got my house and got my chase freedom for home improvement.
07-23-2013 10:11 AM
07-23-2013 11:23 AM
If you do not have a credit history like me, I don't think it will be a short period of time before you can have decent credit score to have a relatively low rate.
I had my first secured credit card nearly 1 year and 9 months ago.
Half a year later, I was approved a capital one credit card with low credit limit.
3 months later, I was approved for a discover more card.
I applied for the secured loan half a year before I applied for my mortgage.
I'm not sure how much the secured loan helped.
With these credit cards and loan, my credit score came to 720 when I applied for my mortgage in February.
It is nearly 1 year and 3 months for me to prepare.
If you only have a few months' credit history, I think it will be hard to be approved for a mortgage.
I also do not have any bad marks in my credit history.
According to my load officer, you need to have a credit score of 680 to be approved for a conventional loan.
I'm not sure about other loans.
07-25-2013 10:23 AM