I have been reading this forum (and its various topics) for the last couple of days, so this is my first time posting. I have spent all of my adult life paying cash for everything, as I was a single parent and not getting any help financially. I have always lived within my means. I am now realizing that in order to purchase my first home (condo) I have to have a credit score. I have a secured credit card (6 mos. ago), and just received a credit line increase. I also have one store cc (I was just approved for), and a car loan (paid a large down payment and financed the remainder). The car loan with principle and interest was $5500. (Less now, since I’ve already made two payments). Readings from the forum, however, seemingly advises five (or more) cc’s, and carrying a balance. I am not understanding why. I spoke with the individual CR agencies, and this isn’t what they told me. My “mix” of credit is good, and as long as my cc utilization is under 30% (I have 0% since I pay the balance as soon as it is posted online; I don’t wait for the statement), and no late payments. Age of the accounts is also important. Where did the five credit cards come from for a good FICO score? Thanks in advance for any insight.
Starting Score: 784
It's covered in the scoring section of the board .I .Don't have a link, but search "AZEO". That will answer both questions.
