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Rebuilding credit

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New Member

Rebuilding credit

It’s been 2 years since my DC. I would like to purchase a new home. I have not opened any cc, little concerned what it will do to my score. I will be starting the home buying process soon. Should I be looking into credit card as well?
Message 1 of 6
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Super Contributor

Re: Rebuilding credit

Welcome to the forums. You didnt open any credit after DC? Do you happen to know your 3 FICO scores? Not CK/Vantage scoes. You can get your 3 FICO's here and cancel before the trial ends. https://www.creditchecktotal.com/





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 6
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New Member

Re: Rebuilding credit

Thanks for the link. My score is 650. What’s the difference between the prequalified cc’s. I do receive a lot in the mail. I am just hesitant to move forward. I don’t want any hard pulls on my credit report.

Thanks so much for the input!
Message 3 of 6
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Super Contributor

Re: Rebuilding credit

Well there's no way to avoid a HP when applying for credit. Unless you want only 2 secured cards like Open Sky and Green Dot. Going to try and lead you to the unsecured way. HP's are not a big factor in a FICO score of you spread them out. Without any history. You can try the Cap1 pre-qual and grab a Plat, no QS1 to start off with. If they show up its a solid approval. If you get approved that can keep you away from the secured route. In 3 months go for another card like Discover. Slowly build as you go. HP's only count on FICO for 1 year and only accounts for 10% of your score. Without knowing the past. Thats all I can say for now. Give Cap a shot and see where your at. And which route you'll have to take.

https://www.capitalone.com/credit-cards/prequalify/

If something shows up. Post which ones. It isnt a HP to check.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 6
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New Member

Re: Rebuilding credit

Ok, I did a preQ with disc and cap one. Both came back with 2 I pre qualify for. But with home buying process soon to start around Nov. should I move forward and deal with the HP on my already fair credit score?
Message 5 of 6
Super Contributor

Re: Rebuilding credit

Well thats good. Its best not to apply for credit 6 months before applying for a mortgage. So you see. Once you get the house. You wont have to go the secured route which is what I was trying for you to see which route would have had to be taken. After the house. Then more opportunities will open up. Good Luck on your new home!

 

Only if you want to. You can pull all 3 FICO's from here for a 1 time pull and it will show your Mortgage scores and where you sit at this moment.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 6 of 6
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