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 Take the FICO Fitness Challenge
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.