Hello! New here...my story...

[Anonymous]

Debbi -- what is BCP!

[Anonymous]

Amex Blue Cash Preferred

[Anonymous]

Oh! Still learning to decipher some acronyms, etc 

[LuckyBird]

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@Anonymous wrote:

Oh! Still learning to decipher some acronyms, etc 

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Sorry about that!

The more I think about it, the more I think an Amex would a great choice for you, if you're interested in getting a new card right now.  Primarily because of the back-dating, but also because of the generous (and early) credit limit increases they are known for.  This would also help you with utilization, which would give your score even more of a boost. 

You can read about that here:   http://ficoforums.myfico.com/t5/Credit-Card-Applications/The-Definitive-Amex-3X-CLI-Guide/m-p/1811071

[Anonymous]

Update.....tried the Express BCP and was denied.  This is my last app. Do not want any more inquiries so gardening is what I'm doing now. 

[Anonymous]

Try to get it recon'd - at least once

It's worth the 6% on groceries and 3% in gas.

[LuckyBird]

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@Anonymous wrote:

Update.....tried the Express BCP and was denied.  This is my last app. Do not want any more inquiries so gardening is what I'm doing now. 

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Sorry about that...

Keep it in mind for the future though.  Good luck with your credit journey.  I've been a single mom before & i know it's not easy to keep all the balls in the air.

[Anonymous]

Thank you, guys! I think I'm good for now 

In the mean time I do like and appreciate this board a lot for useful information as I work back towards home ownership.  And while being single mom can be tough, I really can't complain much! I'm blessed. 

[CreditDunce]

Sorry to hear about the Amex denial.  The reason why we recommend an Amex card is they back date it on your credit report using the current month and your MSD date.  For example, if you were added as an Au to your Ex's account in July 2000 and open a new Amex card in March 2015, it will show up in your credit reports as being opened on March 2000.   It would instantly be a 15 year old credit card account.  This can give you an instant FICO boost. 

Maybe you can try again in Jan 2016.  You should have some good credit history by then.   Just be sure to give it some time after you open the Amex card before you apply for a mortgage.  The back dated Amex card will not fool anyone during the manual review for a mortgage.

I totally agree about buying a depreciating asset (car) with a loan.  However, you are penalized by FICO for not having an open installment loan and open revolving credit lines.  For most people, I don't think it matters much.  But a few FICO points can mean a huge difference in your mortgage rate.  Here is a thread with more details on the pluses and the minuses of a shared installment loan:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/penalized-for-not-having-installment-loan...

When referring to the FICO models used in mortgages I abbreviate it as FICO 04/98.  I believe they use EX-98 and TU-04 and EQ-04 scores.  If you are a member of DCU, they will provide free monthly EQ-04 scores.  (It does cost a HP/INQ to join DCU, plus you have to make a small donation to one of their charities).   Here is a thread with more details on the different FICO versions and what is currently available via myfico.  

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

Personally, I would wait for all of your baddies to be cleared up and at least 1 year of good credit history before buying any more scores.  I think you will want 1 year of revolving (and ideally an installment loan) history before applying for a mortgage.

[Anonymous]

Thank you, CreditDunce, for all the great information. I wanted to try by the end of the year, but after much thought and reading more useful information on here, realistically it looks like I need at least one more year of solid credit history rebuilding and for sure making sure those baddies have fallen off. 

Besides es a car, what is another way I can see about installment loan? I don't need a new or semi-new car for sure.