Building credit Fast

[Anonymous]

Hi All:

I have been improving my Credit Score , with purpose of getting a Mortgage ASAP .

Last month , I brought my Util down to about 10% , and score went up from 635 to 668 , only had a cap1 secured card, applied for Savor Card only for Credit score to go up , I was approved for 5K instantly, HP brought it down 3 points, am waiting for CS refresh after the approval, I hope it increases it, 

Main Question is.....what do you all think is the next step to try and increase CS ASAP...BTW not planning on using Credit cards if it is not needed , so I can keep my Util Down..

[Anonymous]

Get your UTI under 8.9% first - you’re almost there and that’s the final scoring threshold to cross. Only have a balance on one card when you do this.

Beyond that, we can’t really advise without knowing what else your files contain - any loans, other open accounts, closed accounts with or without derogatory history, etc. All of that is needed in order to figure your next steps, but regardless, credit isn’t a sprint. It takes time to build a solid history.

[radfam]

Adding that you may have difficulty in underwriting for having new credit lines opened last month. Lenders typically don’t want to see any new accounts within 6 months of applying for a mortgage. While not impossible to do, it will require multiple letters and extra paperwork to explain why you opened new credit.

[Anonymous]

Thanks for the advice..

Not many accounts on file , everything up to date , except , Best Buy CC , which was 60 day past due las year twice..

Anyhow, I think I will just wait and hope in about 6 months  how my CS improves...

[radfam]

There is a Mortgage board here on myFICO that has been instrumental in my rebuilding, in conjunction with this rebuilding board. There is so much information on both.

[Anonymous]

A 60 late is a major derog and will hurt your score the entire 7 years it reports. You’d do well to invest time and effort in a goodwill campaign asking them to remove the lates. It may or may not work but can have a huge positive impact if you can get them removed.

[radfam]

A 30 or 60d should hurt less around the 3 year mark, according to the vast amount of data points on these boards. 90d and up will hurt the entire 7-7.5years.