Will opening a credit card raise my score if I have never had one

[tangerinze]

Need 14 points to be where I want for an fha mortgage. Everything on my reports has been resolved (as best it can be)... And I still need 14 points to go after the mortgage I want. I have never had a credit card although I have student and car loans- would the increase in debt/ credit ratio help enough or would that be a bad idea? Thanks!

[Gunnar419]

Opening a credit card and giving it six months to a year of reliable use would almost certainly raise your score. In fact, three credit cards is usually the recommended number to have for long long term score building. However if you're planning to apply for a mortgage in the next six months, you should not have any new credit applications on your record, so you may have to choose between score building and a later mortgage or getting the mortgage sooner but with a lower score.

Ask your banker, though because YMMV.

[primeonetx]

I don't agree that three credit cards is recommended.  You are having a problem getting your score higher because you need to have different types of credit in order to even get to a higher level.  The one you're missing is revolving.  If you get one credit card it will give you a higher potential.  Then if you are never late on it and have a low to no balance when the scores are pulled you'll have a higher score.  And don't ask "your banker" because most banks aren't employing quality loan officers anymore.  You need to call a great mortgage lender.

Scott Drescher

[DallasLoanGuy]

mixed use of credit is a big part of scores.

i think there are some resources on this site that explain in detail.....