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I'm looking to build my credit score to apply for a home loan.
I've paid-off the 2 credit cards I got back in college that went delinquent (so they've been removed from my reports) and currently have a WF student loan that has less than $700 left on it (NEVER a late payment) There is nothing else on my report - no collections, other accts, etc)
To build my score I got a Mastercard 3 months ago and have never charged over 20% of the limit and have always paid it in full - which of course has helped - and I'm aware time, and continuing to do that will help, but I was wondering should I get another card to help build? Or will that just damage my credit score?
I know the credit check to apply will knock me down a few points, but I want to do the most I can to boost my score, which is currently 692.
Do I stick with the 1 card? Or get another?
@FutureHomeBuyer12 wrote:To build my score I got a Mastercard 3 months ago and have never charged over 20% of the limit and have always paid it in full - which of course has helped
You can use more jut don't let it report more.
@FutureHomeBuyer12 wrote:Do I stick with the 1 card? Or get another?
How soon are you looking to buy a home? More accounts is generally better and your file sounds thin. More available credit makes it easier to keep utilization low. However, you have to consider your specific goals. If you're applying for a mortgage in the near future you'll want to be careful with applying for new credit.
Agree with the others. If you're looking to begin the pre-qualification process in the next say, 90 days, just avoid adding unneeded INQ and new accounts. Might as well leave well enough alone. If your FICO is 690+ you won't have any issues being qualified at whatever your income allows. If it's still 6+ months off, no real harm. 2-3 open revolving accounts would normally help. I also agree with the other poster about checking into the charged-off/closed cards.
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