Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007
Re: Brand New to credit scores, need advice building from where I am.
[ Edited ]

If your oldest credit is 6 months old it is unlikely your FICO is 711. This would be the first month that a FICO score could even be calculated. Where did you get that score? If you want to know one of the 3 FICO scores that will be used for a mortgage, purchase the EQ FICO here.

 

No need to pay interest if you charge on a card and then pay it after the statement is generated but before the due date.

 

You need to get a normal credit card of some sort. You will have a problem with short history and a lack of accounts.

 

20% down is the minimum required to avoid PMI, which is an additional expense every month. More than 20% certainly helps you qualify.