No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hello,
I'm trying to buy a house, using the USDA guaranteed loan program. I need a credit score of 640 or above. Currently, according to this, I have a 619. According to Credit Karma, I have a 589. When I talked to the mortgage broker, he suggested that my fiance add me as an authorized user to her credit cards (which are in good standing, paid on time, low balance, etc). We added me to one (Capital One), but we're hesitant to add me to the other two (Helzberg and Kohls) right away, as I've read it's bad to open lots of credit all at once. However, there are 2 houses right down the road from us that are new developments, brand new houses, specifically for the USDA program, and all of the other houses in our price point aren't 1/4 as nice as these are, so we're hoping to get my score up like literally ASAP.
Any advice is GREATLY appreciated!
Thanks!
You need to visit the "Rebuilding Credit" forum here and learn how to do Pay for Deletes (PFD) and write Good Will letters (GW).
Unfortunately there are no really quick fixes to a credit score, but you may be able to raise your scores to the level you want in a few months if you are lucky and persistent.
How mch adding new accounts will hurt depends on how think your file is. What is holding your score down?
Well, when I was younger (between 2007-early 2009), I maxed out my credit cards. Then I joined a Debt Management-type program, gave them a monthly payment, and they paid off most of my collections. I think I had probably about 10 or so things in collections. There were still 4 left; I just paid 3 about a month ago, and there's one more that I wasn't planning on paying, because it's 7 year mark is coming (and I was planning on buying a house next year, but now that the USDA option has come up, I think I may need to pay it off now?). One of the collection agencies also brought me to court, so I have one legal/judgment thing (don't know what it's called) on my file. There are 2 or 3 that are charge-offs, that I don't plan on paying. I opened a $300 secured credit card in January, and she just added me to her Capital One card last week. Hope that's enough info. Thanks again for everyone's help.
Being added to an exisiting account gives you the same date as the account was opened, not the current date. It is not considered a NEW account unless it they were opened up in the last year.