First Time Buyer with Bad Credit

[Anonymous]

I am going to try to purchase my first home in approx 1 year. I have approx $50,000 to use as a down payment but have poor credit (562) and am trying to raise my score. I have paid off some old medical bills (that hasnt helped much) since everything I paid off still shows in the negative column of my report. I qualified for a target card and am using it and paying most of the balance off each month. Any other ideas on how I can increase my credit score? should I get a secured credit card (one that reports to all 3 credit companys) ???

[Anonymous]

Yes - get a secured card

Write GW letters for paid collections.

Read the Credit 101 thread.

[Anonymous]

Hi I was hoping you could answer a question for me? I was reading some more information on the Forums and noticed that some people advise not to get a secured credit card to boost credit scores, especially if a person is trying to make a large purchase, since part of the credit score is based on how long I have had the account. I was wondering if you actually tried this for yourself (opening a secured credit card??? how long di it take for your credit score to raise???? thanks for any information

[autofly]

You want to not apply for any credit roughly 6 months before you try to get a home loan.  If you are waiting a year to buy the house then you are good.  Go get an Orchard Bank secured card.

Auto

[Anonymous]

thanks just curious is there a reason I should go with Orchand and not my own bank???

[Anonymous]

No- If you have a relationship with your bank - try there first.

[Anonymous]

well I have a account with them ???? will that work?? I thought since it is a secured card I would automatically qualify for the amount I deposit... is that correct so I can really go anywhere right?? thanks again for taking the time to explain to me.... I really apprecitate it