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Need to build strong credit

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Anonymous
Not applicable

Need to build strong credit

My credit score is about 650 avg. I recently got denied for a brandsmart credit card. I would like to buy a house in 6 months. Would that be enough time to raise my score to 720?
Even if I open a couple secure cards
Message 1 of 7
6 REPLIES 6
CruzImperial
Established Contributor

Re: Need to build strong credit

We would need more information about your credit profile. In your description, you give little to none.
As a general thing, depending in your credit profile, reducing your debt to less than 9% utilization of total credit limit will improve your score dramatically.
Another thing is to let accounts and inqs age and stop applying for more credit at this point. You don't want to get half a point in interest more because of a credit card.
Deleting any negative information in your reports will also help lots. Besides that, some lenders require you to pay your collections to be qualified for a mortgage so you may want to check on that.
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Message 2 of 7
Anonymous
Not applicable

Re: Need to build strong credit

If my wife has a 760 credit score and I have 650 credit score not fico! I m planing to buy a house within the next 6 months I have about 32k in student loan and no other debt. My wife and I make about 70k a year. Would I be qualify for a conventional loan? We have 20% down and what should I expect????
Message 3 of 7
bettercreditguy1
Established Contributor

Re: Need to build strong credit

For better chances, do not apply for ANY credit for at least one year before mortage shopping. No car/boat loans either. Pay all of your other debts as close to zero as possible, and have 20%or more cash in a savings account.

Updated scores 3/7/21 TU 849, EQ 829, Ex 818 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 4 of 7
Anonymous
Not applicable

Re: Need to build strong credit

What if I recently purchase a vehicle last month and the balance is10000?
But I will need to start shopping by march which is 6 months from now! What are my chances of getting approved for the best mortgage
Message 5 of 7
webhopper
Moderator Emeritus

Re: Need to build strong credit


@Anonymous wrote:
What if I recently purchase a vehicle last month and the balance of it in about 10000?
But I will need to start shopping by march which is 6 months from now

You should post in the mortgage forum....  they will be able to help you.  You should be fine for an FHA loan....  I'm going to ask the moderators to move your thread over to the mortgage forum. 2 secured cards would help your score.

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 6 of 7
llecs
Moderator Emeritus

Re: Need to build strong credit

OP, do you have any open CCs reporting on your CRs now?

 

You should pull your FICO scores just to see where you stand. If you pulled a non-FICo credit score from somewhere, your real FICO could easily be much higher or much lower than the 650.

 

What baddies, if any, do you have reporting?

 

You would see a FICO ding due to the new car, but most of those points will return by March.

Message 7 of 7
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