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Question about Credit Cards

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Established Contributor

Question about Credit Cards

I want to get a house for next year and I know that I qualify for one right now.  However I decided to wait.  But Fico is saying what is hurting my credit score the most is that I don't have any revolving credit.  I have not had a credit card in over 10 years.  Scared to get one.  However I heard that if I get one it will boost my credit score tremondously, plus my auto loan will be paid off by the end of 2012.  Any advice???


Starting Score: 565
Current Experian Score: 634 (Lender pull)
Current Equifax Score: previous 668, 680 as of 11/12/13 lender pull
Current Transunion Score: previous 675,677 as of 09/23/13
Goal Score: 750

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1 REPLY
Moderator Emeritus

Re: Question about Credit Cards

You need to add a revolving acct. to get the most of your scores.  Rule is don't app for new credit within 6 months of your mortgage so I would try now.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.