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How can i build my credit fast

how can i build my credit fast

I pulled my reports Dec. 6. TU fico is 606, EF fico is 602. I want to obtain a mortgage and was told to try and get my score above 620. I have never had a credit card and have been told to apply for a secured card and that could help. I used the fico simulator and it projected my scores to jump to the 650-690 range if i applied for and recieve a credit card with a balance of $300. How accurate could that be. Am I closer to a mortgage that the year I originally thought it would take to build up my scores? Thanks in advance for any help.

Hi jpstieber, welcome aboard!

Have you pulled your full credit reports from If not, you should do so. Do you have any derogatory (lates, collections, charge-offs, public records, etc. ) information on your reports? I'm assuming, because you have a score, that you must have or had

installment loans.

Not having any revolving lines of credit will certainly limit your scores. And, where a mortgage app is concerned, you may have difficulty obtaining a loan due to a "thin" file. On the other hand, newish accounts should be at least a year old before you app for a mortgage. I think (contingent upon your answers to questions in my 1st paragraph) that you would greatly benefit from opening 1 to 3 revolving accounts if you've got time to wait, letting them age. And, you don't need to carry a balance at all. Ideally, you should wait for 1 year before apping for a mortgage.

If you're going to apply for a mortgage within the next 12 months, you might want to hold off on the apps, make certan that you don't have any derogs to work on, and then talk to your prospective mortgage lender about how the underwriters might view new accounts, less than a year old.

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