Rebuilding credit for upcoming mortgage

[Anonymous]

Thanks in advance for any help you can provide! We are in the process of building a house and will close in the next 7-8 months. Need to improve my fico score 2 in that time frame to get a better interest rate. Current Mortgage Fico Score's are 633, 638, 634.

On the negative side I have some collections (that I'm working on cleaning up), one paid judgement (hoping it falls off in July).

My question is on the positive side.  I don't currently have any open installment loans or revolving credit accounts (I have one authorized user accont that is at 8.5% UTI).  I'm trying to determine if the alliant SSL trick, or opening a secured card account would be beneficial in the next several months?  I have cash for either/both...just not sure what the potential boost could be compared to adding a couple of newly openend accounts.

Any advice is welcome.

Thanks!

[RobertEG]

When your immediate goal is to qualify for a mortgage, you usually have the advantage of a game plan being laid out for you in the form of the underwriting requirements for the type of loan being sought or of the specific lendor you will use.

I would begin, if you are seeking a govenrment insured loan, such as VA or FHA, with carefully reviewing the current agency guidelines and requriments.

If you have a spefic lendor in mind, contact their mortgage department and schedule a chat with one of their loan officers.

That will provide you with specific guidance on the most important steps or items to consider in your improvement plan.

[Shogun]

Excellent advice from Robert.  If you know who your mortgage broker is work with them.  You may need an account or 2 though so you have something to grow on.  I started by cleaning and growing at the same time.  I came here for the same reason you did.   Work diligent at cleaning the report, but you need good to offset the bad.  Best of luck!