General Credit Topics

[haoniukun]

Hi,

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.

[jsucool76]

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) 

[haoniukun]

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.

[haoniukun]

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.

[Supawest]

Wow congrats!!