Different credit issue

[Anonymous]

My credit issue is the opposite of some.  My dad drilled into my head to pay cash. If I didn't have cash, I couldn't afford it or didn't need it. Most of my life, I have lived by this. I have had a couple car loans many years ago and had a house but sold it after a divorce. In the past 10 years, I haven't utilized credit. I have rented and paid cash for my car. Two years ago, I got married and moved. The only thing my credit report shows us one outstanding medical bill for $150. I know this bill was paid but since I moved, I couldn't track that down. My husband and I want to buy a house. Because of a rough divorce, he was forced to file bankruptcy and his house was foreclosed. He has been rebuilding credit (672 TU) but mine being "blank" will hurt. I did get approved for a capital one card a couple weeks ago. Credit karma recommended a card to increase my credit score. Questions: what else can I do to help boost me enough that it won't kill our chances to get a mortgage loan (possibly FHA)?  Thanks!

[RobertEG]

You can offer a pay for delete to the party reporting the medical bill delinquency.

[Anonymous]

Since you have been approved for Cap 1 you are really not nearly as bad off as you may think. 

Get the old medical bill cleared - PFD if you can but make sure it gets paid, since its a relatively small amount.

Next get one or two more lines of revolving credit. I would join a credit union such as SDFCU and get a credit card from them - a secured card if you don't get approved.

Then put some money in a savings account with them and get a secured installment loan.

Keep on top of all payments, use the card as much as you can and pay it down before the due date, but leave a small balance to carry over to the next billing cycle - less than ten percent of the limit.

Ask for regular credit limit increases every 6 months or so.

It will only take 12-24 months to see your FICO scores in the mid 700's.

[Anonymous]

Thanks for taking the time to respond! The capital one card is a quicksilver card with a $1,000 cl. I didn't plan on even using it but will try what you said. Unfortunately, my credit score dropped 10 pts for the credit inquiry. Will that bounce back with use of the card? Also, the medical bill is via a collection agency. How do I go about getting the PFD and paying this off?