Do I need another credit card????

[ramrod]

Hello, I'm the process of rebuilding my credit so I could buy my first home after some credit issues in the past. Currently, my scores are 591-EX/593-EQ/582-TU. I'm trying to get to at least 620 or better to qualify for a mortgage. I have one secured CC with a $500 limit which I'm utilizing about 9% of that. I have a large student loan bill that is currently in deferrment and car loan. I read some mortgage lenders want you have a variety of trade lines. I'm not comfortable with trying to open more credit cards if I don;t have to. Any advice?

[guiness56]

You have a good mix of types of credit.

I have heard that some lenders require a certain amount of revolving credit also.

I would open at least one more, even a secured card if you won't be applying for a mortgage in the next 6 months.  Let it age with on time payments for 6 months to a year before applying for the mortgage.

You have a thin file so it will help you

[myjourney]

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@guiness56 wrote:

You have a good mix of types of credit.

I have heard that some lenders require a certain amount of revolving credit also.

I would open at least one more, even a secured card if you won't be applying for a mortgage in the next 6 months.  Let it age with on time payments for 6 months to a year before applying for the mortgage.

You have a thin file so it will help you

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+1 great advice 

SFDCU secured card with no HP required

 https://www.sdfcu.org/emv-creditcards

6-12 months later your scores should be good to go