Hi guys!
I just started trying to rebuild my credit about a year ago. I am trying to purchase my first home! So far I have gone from a 496 to 589 (TU / EXP) and a 593 (EQ). Of course , you have to be at a certain level to even qualify for a home mortgage loan. I have come a long way and very passionate about rebuilding and keeping my credit in great standing. Everyone dreams of great credit , right?! I have one Amazon CC that I've been using , as an authorized signer, since Decemberand that has helped a little. The limit is $400. The score hasn't gone up dramatically as I had hoped.
Any suggestions?!! Should I get another CC with a higher limit?
Help!
I just started trying to rebuild my credit about a year ago. I am trying to purchase my first home! So far I have gone from a 496 to 589 (TU / EXP) and a 593 (EQ). Of course , you have to be at a certain level to even qualify for a home mortgage loan. I have come a long way and very passionate about rebuilding and keeping my credit in great standing. Everyone dreams of great credit , right?! I have one Amazon CC that I've been using , as an authorized signer, since Decemberand that has helped a little. The limit is $400. The score hasn't gone up dramatically as I had hoped.
Any suggestions?!! Should I get another CC with a higher limit?
Help!
@Anonymous wrote:
Hi guys!
I just started trying to rebuild my credit about a year ago. I am trying to purchase my first home! So far I have gone from a 496 to 589 (TU / EXP) and a 593 (EQ). Of course , you have to be at a certain level to even qualify for a home mortgage loan. I have come a long way and very passionate about rebuilding and keeping my credit in great standing. Everyone dreams of great credit , right?! I have one Amazon CC that I've been using , as an authorized signer, since Decemberand that has helped a little. The limit is $400. The score hasn't gone up dramatically as I had hoped.
Any suggestions?!! Should I get another CC with a higher limit?
Help!
Idealy you need 3 tradelines of your own reporting.
you should check capitalone and chase preapproval sites, see if anything pops up, if not give capitalone a try, they may approve you with a small limit card or they may offer you a secured credit card where you deposit a few hundred dollars and they give you a card with that limit, try the same with Bank of america, or a local credit union, if you get two of these you can try for a Shopping cart trick store card to round out your 3rd card, it most likely won't involve a INQ's. use the cards for 6 months try for any SP CLI's, especially on the shopping card trick card. This should increase your score. Its best to wait 6 months of no AP's or inquirey's before you apply for your morgage.
Welcome!
With those scores, you might want to address your baddies as well as look into 1-2 secured cards. You can visit the rebuilding forum for some advice/support of getting rid of the baddies on your report. Good payment history will help you build up some good scores over time -- you are an AU on an Amazon card? Do you have any cards of your own? I recommend looking into secured cards (SDFCU's secured card is good but will not graduate but no hard credit pull or Bank of America's is popular as well and you can get rewards added to it. Cap1 is also a good choice; probably won't graduate but you can easily qualify for one of their unsecured cards short after I'm sure).
Good luck!
Quicksilver $10,000 | Better Balance Rewards $2000 | Sallie Mae $3500 | Freedom $3500
Delete.
Of course, don't know why I didn't think about secured cards.. Search the forums, some credit unions will approve without a HP! Forget absolutely everything else I just said..
I bet 2-3 secured cards improve your scores a lot. But get them soon, your first several accounts have immediate impact (positive impact) and will raise a few points monthly.
No promises but I would not be shocked if you were able to get there by Aug.
@Anonymous wrote:
Hi guys!
I just started trying to rebuild my credit about a year ago. I am trying to purchase my first home! So far I have gone from a 496 to 589 (TU / EXP) and a 593 (EQ). Of course , you have to be at a certain level to even qualify for a home mortgage loan. I have come a long way and very passionate about rebuilding and keeping my credit in great standing. Everyone dreams of great credit , right?! I have one Amazon CC that I've been using , as an authorized signer, since Decemberand that has helped a little. The limit is $400. The score hasn't gone up dramatically as I had hoped.
Any suggestions?!! Should I get another CC with a higher limit?
Help!
Welcome to the forum. Since you already have 1 card, I'd add 2 secure cards to add to what you have now. CAP 1 and BOA secured cards are very good. Once you get, use it and pay as usually and after 6 months, should be able to get some good unsecured cards with good starting limits.