topic Need help with credit building in Credit Cards

Need help with credit building

Anonymous — Tue, 20 Jan 2015 05:29:03 GMT

I am pretty new to all of this. I found this site and join back in December. I have been lurking and reading and learning a lot from all of the smart people on this site. I have a lot of questions,

I am trying to build my score up to be able to purchase a home in the next couple of months. The home we live in the landlord is not renewing the lease because his daughter is going through a tough divorce and need to come back to live in the home. We have about 4-5 more months before we have to move. The area we live in do not have a lot of rental homes so purchase is the only option because we have to stay in this area for my husbands job.

My husband and I are trying to see how we can get our scores up to qualify for a home loan.

I have had alot of the baddies removed. There are some things that is currently in dispute that was on my report in a state that I never lived. Then I have some lates from student loans back in 2010. Other than that I just did not have any current credit. I only have 3 inquires for the cards that I did receive.

I went ahead and got a CAP1 secure CL $200, Cap1 unsecured CL $300 and Kohls CL $300

I have use and paid and this helped and brought my score up. My scores right now per this site is EQ 588 have not updated in a while, TU 664 updated today and EX 611 have not updated since 1/11/15.

Questions are, should I apply for any more cards? Is there a way to see if your prequalified before applyng. Since I am trying to quailify for a home mortgage should I wait to apply for any more cards?

Any help would be greatly appreciated.

Thank you

Re: Need help with credit building

Anonymous — Tue, 20 Jan 2015 05:35:11 GMT

@Anonymous wrote:
I am pretty new to all of this. I found this site and join back in December. I have been lurking and reading and learning a lot from all of the smart people on this site. I have a lot of questions,
I am trying to build my score up to be able to purchase a home in the next couple of months. The home we live in the landlord is not renewing the lease because his daughter is going through a tough divorce and need to come back to live in the home. We have about 4-5 more months before we have to move. The area we live in do not have a lot of rental homes so purchase is the only option because we have to stay in this area for my husbands job.
My husband and I are trying to see how we can get our scores up to qualify for a home loan.
I have had alot of the baddies removed. There are some things that is currently in dispute that was on my report in a state that I never lived. Then I have some lates from student loans back in 2010. Other than that I just did not have any current credit. I only have 3 inquires for the cards that I did receive.

I went ahead and got a CAP1 secure CL $200, Cap1 unsecured CL $300 and Kohls CL $300
I have use and paid and this helped and brought my score up. My scores right now per this site is EQ 588 have not updated in a while, TU 664 updated today and EX 611 have not updated since 1/11/15.

Questions are, should I apply for any more cards? Is there a way to see if your prequalified before applyng. Since I am trying to quailify for a home mortgage should I wait to apply for any more cards?

Any help would be greatly appreciated.

Thank you

I do not recommend applying for anything until more negatives are removed, Especially since you are looking to buy a home within the next year. You currently have enough CC's to maximize your FICO's by letting a balance report on one card and none on the other two.

Keep up the good work.

Re: Need help with credit building

Chris679 — Tue, 20 Jan 2015 06:34:45 GMT

I agree, no need to add more cards. Check out the rebuilding forum for all kinds of great advice on how to eliminate any negatives from your report. Start searching for goodwill letters for any creditor on your report with negative info. Chances are lots of people have posted their experience. I'm willing to bet that most of us started there before we came over here to argue about when to pay our statements and if we should close all of ours cards or not.

Re: Need help with credit building

Anonymous — Tue, 20 Jan 2015 12:12:12 GMT

Thank I will go checkout the other board. I really appreciate all the help you guys give.

Re: Need help with credit building

takeshi74 — Tue, 20 Jan 2015 15:03:38 GMT

@Anonymous wrote:
I am trying to build my score up to be able to purchase a home in the next couple of months.

@Anonymous wrote:
Questions are, should I apply for any more cards?

Standard advice is no new credit 6 months to 1 year prior to a mortgage. If you're planning on buying in a couple of months, have you not already discussed such things with your mortgage lender? Continue to work on removing the derogs as they will hold your score down. Keep your utilization in check and optimize (ensure that you do so in time for your accounts to report) just prior to your mortgage.

@Anonymous wrote:
Is there a way to see if your prequalified before applyng.

There are prequals but you can't rely on them.