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Hello Everyone,
I am stuck and need some advice. I have been cleaning up my credit for over a year and have done everything I know to do. Here is my problem. I am trying to get my credit score to at least 640, currently at 620. Should I apply for a credit card to have a another revolving credit line? I am not sure because I am in the middle of acquiring a mortgage.
Open Credit - good
Car Payment - Open since 2010 - on time payments
Student loan -open since 2004 - reported 90 days late in Dec 2011 - on time payments
Personal loan - open since Nov 2012 - on time payments
Closed/Collections
GMAC - Charged off - settled for less amount - Resolved Nov 2012
Capital One Card - 30 day late - April 2012 - on time payments going forward
ReVL Collection - paid September 2012
Thanks!
Do you currently have any revolving credit?
@chevyman wrote:
Try to GW lates ur DTI might be high
actually, DTI is strictly an UW process...it doesnt factor into the FICO model for scoring.
its more like:
step #1: check credit itself (score, manual review, etc)
step #2: figure DTI to make sure you can afford the payment
my recommendation in this situation, assuming you just want a revolving TL, and not looking for a specific TL, would be to use the shopping cart trick for one of the WFFNB backed stores (vic secret, express, etc), or the walmart trick (GE Cap Bank). that way you could add a revolving TL with just a soft pull.
I don't have any revolving credit. The Capital One Credit Card is closed.
How soon are hoping to get a mortgage?
By June of this year.