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New to the credit game - scores are low - TU 610 EQ 546 E...

New to the credit game - scores are low - TU 610 EQ 546 Ex 549 - want to buy a house - no credit cards - total of 4 acct with good - 2 acct 30 late 1 year ago - couple of coll paying off or already paid. How can I increase scores quickly.
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Re: New to the credit game - scores are low - TU 610 EQ 546 E...

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Re: New to the credit game - scores are low - TU 610 EQ 546 E...

Lilly,
 
Welcome to the boards. First off how fast do you want to buy a house?? My suggestion is to open 2 credit card accounts and pay on them for 6 months. Dont go over 10% of the credit limit. at this time the mortgage company would go off your mid score of 546 and you could probably get an Adjustable Rate Mortgage with 10-15% down at around 9-11%. However opening up a couple credit cards would do wonders for your score provided that you pay it on time and dont go over 10% utilization.
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Re: New to the credit game - scores are low - TU 610 EQ 546 E...



chartley3 wrote:
Lilly,
Welcome to the boards. First off how fast do you want to buy a house?? My suggestion is to open 2 credit card accounts and pay on them for 6 months. Dont go over 10% of the credit limit. at this time the mortgage company would go off your mid score of 546 and you could probably get an Adjustable Rate Mortgage with 10-15% down at around 9-11%. However opening up a couple credit cards would do wonders for your score provided that you pay it on time and dont go over 10% utilization.



how could 546 be her mid score if that is the lowest? Explain...

July 2014: EX 790, TU 810, EQ 828

Starting Scores: EX 521, TU 508, EQ 486

I came straight out of Hell
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