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Other suggestion building credit so I can buy a house

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sybasedba23
New Member

Other suggestion building credit so I can buy a house

Hello everyone. I just wana ask some more suggestion on how to improved my journey on rebuilding credit. I really wana buy a house in maybe 2 years from now. I had BK7 about a year ago due to divorce. I burned majority of my cc except BOA. So my chances are very light with cc.

I'm now 27 , single
Income : $12k - $18k / month ( I Own a business )
My monthly expenses: $2,600


I currently own a secured master card from capital one $600 CL and I use below 30% every monthly..Had it for about 4 months now.
Then everything are paid just by my debit card or cash.

My current score are T/U : 667 , EXQ: 640 , EXP: 631

I know that I can get FHA loan after 2 years of post BK but what are the other pointers that will help me to get a strong approval for a home loan?

I don't have any car loan as I paid everything cash. If I would have to get a car loan, do you think it will add points in the future for getting me approved on FHA as long as I will keep my payment on time? I know my interest rate is gona be high due to BK..

As for credit card, I tried others but no luck. So now I'm kinda scared to make another application and would make a hard pull on my cs.

Any response is really appreciated. Thanks!
Message 1 of 4
3 REPLIES 3
gdale6
Moderator Emeritus

Re: Other suggestion building credit so I can buy a house

You need 3 open CCs to drive score even if they all have to be secured. Open Sky issues one with no credit check and I would get in with a CU that has one and is willing to issue you one, also get a share secured loan from a CU that will help with credit mix and show capacity in being able repay installment loans. Do all this as quickly as possible so at your 6 month mark you can ask for an unsecured card or two and then do nothing but use and pay them off every month until you app for your home. You want to only let 1 card report a small balance each month so your Fico is at its highest possible prior to the app for your home.

Message 2 of 4
sybasedba23
New Member

Re: Other suggestion building credit so I can buy a house

Thank you for the advice. I followed your advice, I went and apply for another cc today in OLLO and I got approved for a less cl for unsecured credit card. Anyone tried it? They also did a hard pull in my EQ.


For CU I just applied for a new account and I will give them a call tomorow morning about applying for a secured loan so I can rebuild credit.

What do you meant by " only let 1 card report with low balance ? "

I have to keep all my cc 30% below my CL? Or have to go over it but pay everything off every month?

I also signed up for Self Lender. I'm on my second payment but nothing are showing up on my report it..Maybe few more months.


Once I hit 6 months with my CapitalOne I will try to apply for unsecured QuickSilver. Maybe they will give me another chance.

How is the payment with Opensky? Can i pay online? I will give it a try too.
Message 3 of 4
cjane1
Frequent Contributor

Re: Other suggestion building credit so I can buy a house

Your utilization should be approx 9%

Message 4 of 4
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