Increasing Credit Score Quickly

[Anonymous]

I am in the process of purchasing a house and when they ran my credit report it came back 2 points shy of getting me approved.  I need to get my score raised 2 points ASAP.  The analyzer is telling me to get a $500 secured credit card.  Is this the right thing to do?  How long will it take to report?

[llecs]

Welcome to the forums!

Do you have any CCs reporting right now (either open, with or without a balance, or closed with a balance)?

[MarineVietVet]

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@Anonymous wrote:

I am in the process of purchasing a house and when they ran my credit report it came back 2 points shy of getting me approved.  I need to get my score raised 2 points ASAP.  The analyzer is telling me to get a $500 secured credit card.  Is this the right thing to do?  How long will it take to report?

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Hello and welcome.

What analyzer gave you that advice? I'm just curious. Getting a new card might actually lower your score because of:

A new inquiry

New credit on your report

Possible lowering of your AAoA and credit length hostory

Do you have credit cards now and if so what is the utilization on them? Reducing revolving utilization is the fastest way to improve your score.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

I do not have any credit cards reporting at this time.

[Anonymous]

The loan officer that I am working with told me the analyzer with their company told him this.  I do not have any credit cards reporting at this time.

[Anonymous]

FICO likes to see a credit card, and they like to see a bank revolving account; so you can do both with only one card.

If you don't have any cards or revolving accounts, opening your first will definitely give you a boost.

You can choose secured or unsecured as long as they report to all 3 credit bureaus.

Choosing a bank/national cc will yield a higher FICO score - by quite a bit.

There's actually a poll right now on the main page on builder/rebuilder cards - that may be helpful to you.

Your biggest challenge will be choosing a well-behaved card and getting it to report.  They usually report when the first statement cuts, and that can be about a month or so.

[Anonymous]

OP -

what are your current scores?

and

what's currently on your report?  good accounts, bad accounts, oldest account, AAofA.....

If you could share some info, we might be able to give you some good ideas.

[MarineVietVet]

I was beat out by beamMEup for most of what I was going to say but I will try to address your question as to how long it would take for a new card to report to the CRA's.

The new inquiry will show up very quickly (Of course) but after that it's hard to say. Your application will need to be processed and then the information sent along to the CRA's. It is generally not a quick process. How soon do you need your score to increase?

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

My Equifax FICO score is 618.  I have installment loans of $79,000 and zero balance for revolving accounts.  Everything shows a positive status of paying as agreed.  I had one collection show up on my report for $138 but it now has a status of paid. 

[Anonymous]

I really appreciate your advice.  I need the score to increase ASAP.  When I started the process for purchasing a home I had a FICO score of 653 but in one month it went down to 618.  The only thing that I can find is a collection for $138 that was reported in late Sept. but then reported as paid less than 2 weeks later.