Rebuilding Your Credit

[knine]

I am fringe to qualify for my VA home loan. I had a mid score of 626 in Dec. Then I had to buy a car and I had a collections removed. When they pulled my credit last week I was a 619. I do not have any revolving credit. I have 5 old accounts that are paid off and 2 recent paid collections. Student loanshave been consolidated. but not showing up yet. I recently was added as AU for an credit account. I there anything else I could do to get the one point needed?

[starry1]

You need revolving credit. When are you trying to buy a house?

. Are those fico scores or fakos?

[jadeite788]

You need revolving credit and I agree.  Try a credit union, to me this is the quickest way.   When you fill out the application they generally have  a line that asks why you are apply?  State that it is to rebuild my credit.  You should not have any problems with that.  My credit boost happened instantly the same month I applied.  Others might tell you to apply for a secured credit card.  Either way good luck.

[knine]

As doom as possible... I will try with a credit union! Thank you!!

[TrishN]

no no dont rush ! you have to ask lender first. is it ok for you to open a new credit card. If they said no. you have to look for more AU, that account over 4-5 years are good.

[zerobacan]

if you are geting a va loan, i guess you are military, try the Navy Federal Credit union, its an excellent bank.

[guiness56]

It is usally not good to apply for credit within 6 months of applying for a mortgage.

[Shogun]

+1  Pretty much the cardinal rule is no new credit within 6 months.  

[browsing1]

Do you know what the utilization is on the AU card? May be able to pay it down a bit and get a boost. Your lender may be able to "rapid rescore" to see if this will give you the point you need.