New Visitor
zeroscore
Posts: 1
Registered: ‎12-21-2012
how to start building credit score from ZERO

hi

i am new here and want to apply for home mortgage as soon as possible. i called mortgage people and they said i need atleast 620 credit score.

can you please tell me how can i get 620 in shortest period of time and what is possible shortest time to get 620, i mean 1 year, 2 years or more???

i am ready to do anything like taking small loans, car loan and using credit cards and paying bills...... what else??//

thanks a lot for your help

Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012
Re: how to start building credit score from ZERO

ask your family whoever have credit card over 5 years history add you for AU. then you need to opend another 2 secured credit card. 6 months or 1 year later you can buy a house 

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
Re: how to start building credit score from ZERO

I would start with a secured card, possibly 2.  In about 6 months, you'll be ready for an unsecured and in about a year you'll be ready for a mortgage.


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!
Blogger
HiLine
Posts: 2,878
Registered: ‎10-19-2012
Re: how to start building credit score from ZERO

I would start with a secured personal loan and a credit card. Talk to your bank about these products. If you've had a long history with them they may give you a non-secured card, which is better than a secured card, hopefully with a decent credit limit. If you play the cards right, you'll reach a 720+ FICO score by the end of next year.