Re: are cards alone good enough to build up credit... - myFICO® Forums

Anonymous · ‎08-21-2019

i'm building my credit from scratch, here's where i'm at so far

current cards:

generic mastercard (age:6mo, limit:$1500)

discoverIt (age:3mo, limit:$500)

stats:

Fico8: TransUnion = 733, Experian = 717, Equifax = none.

Average age of Accts: 4mo.

Inquires: 2 (one on EQ, one on EX)

always perfect payment history, low utils, no bad marks.

i am prequalified for:

amex: everyday card, BCE card, green card. no starting limits or aprs are mentioned.

capitalOne: anything i want including the venture w/ $5000+ starting limit.

creditOne: Platinum card, up to a $2000 starting limit.

*not* prequalified for chase or citi.

---------------------------------------------------------------------------------------------

ok, so here's the problem. i need a better and thicker credit file to qualify for mortgages. i might need to buy a house next year.

opening a credit-builder loan would drop my fico score a lot, but i can add 3 or 4 cards with only a tiny ding to my score. maybe 10 or 15pts, recoverable in 6mo.

lets say i app-spree and add 3 cards today: BCE, paypal 2%, savorOne.

that will put me at 5 cards in 7 months. would anyone take AA against me for this?

what would you suggest me to do?

HeavenOhio · ‎08-21-2019

Don't get a Credit One card.

Why are you thinking that there'd be a score drop with the loan? I think it would likely be a good move. There's probably someone who know mortgages better than I do, but I think I'd go for the loan and two cards.

FireMedic1 · ‎08-21-2019

For best FICO scoring starting out is 3 revolvers and 1 installment loan. Self Lender would be fine. You already have 2 cards. Only need 1 more. No need to go and get up to 5 cards. Thats more inq's against you. More credit doesnt mean higher scores. PayPal would be single pull. Savor1 triple pull. AMEX so soon in a rebuild might be a denial. Let them age and go from there.

Anonymous · ‎08-21-2019

Most important issue with a mortgage qualification is your income (affordability) and DTI. Your scores are already A paper. I've never (very seldom) seen a lower mortgage rate when middle Fico exceeded 740.
Update: BTW, my tone may not indicate, but major props for thinking ahead. I'm sure some tweaks and suggestions will follow to optimize your scores.

@Anonymous wrote:
ok, so here's the problem. i need a better and thicker credit file to qualify for mortgages.

Andypanda · ‎08-21-2019

Try checking out or posting in the mortgage section of the forum.

SouthJamaica · ‎08-21-2019

@Anonymous wrote:
i'm building my credit from scratch, here's where i'm at so far

current cards:
generic mastercard (age:6mo, limit:$1500)
discoverIt (age:3mo, limit:$500)

stats:
Fico8: TransUnion = 733, Experian = 717, Equifax = none.
Average age of Accts: 4mo.
Inquires: 2 (one on EQ, one on EX)
always perfect payment history, low utils, no bad marks.

i am prequalified for:
amex: everyday card, BCE card, green card. no starting limits or aprs are mentioned.
capitalOne: anything i want including the venture w/ $5000+ starting limit.
creditOne: Platinum card, up to a $2000 starting limit.
*not* prequalified for chase or citi.
---------------------------------------------------------------------------------------------

ok, so here's the problem. i need a better and thicker credit file to qualify for mortgages. i might need to buy a house next year.
opening a credit-builder loan would drop my fico score a lot, but i can add 3 or 4 cards with only a tiny ding to my score. maybe 10 or 15pts, recoverable in 6mo.

lets say i app-spree and add 3 cards today: BCE, paypal 2%, savorOne.
that will put me at 5 cards in 7 months. would anyone take AA against me for this?
what would you suggest me to do?