New and need to build credit

[steveo88]

I want to buy a house so i need my credit score to be around 640. Right now it is averaged at 562. I have $168 balance from a  fingerhut card and no other balances on my reports. The fingerhut card is the only thing on my report except for inquiries from sprint and capitol one. I got a secured credit card in February and an auto loan in february. I keep my card balance low and pay it off within the week of using it. I also pay my car payment on time. Can anyone tell me what i have to do and how long it could take to reach my 640 goal?

[dodfire]

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@steveo88 wrote:

I want to buy a house so i need my credit score to be around 640. Right now it is averaged at 562. I have $168 balance from a  fingerhut card and no other balances on my reports. The fingerhut card is the only thing on my report except for inquiries from sprint and capitol one. I got a secured credit card in February and an auto loan in february. I keep my card balance low and pay it off within the week of using it. I also pay my car payment on time. Can anyone tell me what i have to do and how long it could take to reach my 640 goal?

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Hello and welcome to the forums....

Help me understand better...

You said you have:

1. Fingerhut Card

2. Secured Credit Card

3. Car Payment

But, the only thing on your credit report is the Fingerhut card??

[steveo88]

The only thing I owe on is the fingerhut card. And the only inquiries it is showing are the sprint and credit cap one card. But yes i have a secured credit card with a $300 limit and a 14k car loan through a credit union.

[steveo88]

oh yah and a fingerhut inquiry oops

[dodfire]

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@steveo88 wrote:

The only thing I owe on is the fingerhut card. And the only inquiries it is showing are the sprint and credit cap one card. But yes i have a secured credit card with a $300 limit and a 14k car loan through a credit union.

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I would contact whoever your card is with and the credit union and ask them if why they are not reporting to the credit bureaus. If you can get these to report it will help your score.

Next, where are you pulling your report / score from? Have you looked at all 3 CRA's?

[CashOnDelivery]

I'm sure others will follow with further questions, but how far out are you looking to buy a house? What's the Average Age of Accounts? Balances and limits (You mentioned a secured card in Feb)? These things may paint a better picture for your answer.

[steveo88]

i just got the EQ and TU through fico. EQ is 562 and TU is 563. And is that why my score isnt really changing is because they are not reporting?? I dont really understand how credit works, ive done the research and read several sites but I just dont understand it. I have only had my credit card and auto loan almost 3 months now.

[steveo88]

Also, is there a way i can pay off the fingerhut and make the account fall off of my credit?

[steveo88]

IDEALLY I want to start the loan process in 6 months. I really dont want to go more than a year. My decured card has a $300 limit on it i only spend about 120 bux on it at most and i pay it off almost right away. i have had my car loan for almost 3 months. The fingerhut account is from feb of last year.

[CashOnDelivery]

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@steveo88 wrote:

Also, is there a way i can pay off the fingerhut and make the account fall off of my credit?

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Do you mean pay off and close the account? You really don't want to do that because that is the only card reporting. Keeping this card will establish credit history.