Good morning ALL, I am looking for suggestions on the best place to apply online or call to obtain a Credit Card Visa\MC to help rebuild, plus boost my Credit Score. Because now I have no real credit activity, which of course affects my score Quick Summary: -My avg of the 3 Fico scores is 629- I know, not great -I am Pre-Approved now for $160K & looking for a house as we Speak -5/1 arm at 4.85 % -I have no Credit cards open, no debt -no credit activity so my score is 629 avg of 3 -According to Equifax simulator I need to open a credit Acct -this supposedly will help boost my score -Do you agree plus have a suggestion on where to apply -Thank all for reading-have a great day
Personally I'd hold off on getting a credit card (or any new credit) until you close on the house. Any new inquiries on your credit reports will lower the score slightly and new tradelines will also lower your score. Mortgage companies will often pull your credit report several times during the process and if your score keeps getting lower or new credit accounts show up it may concern them. Assuming the house is your top priority, then wait until you close, then apply for a credit card. With a score of 629 you shouldn't have too much trouble getting one. If you wait until the mortgage appears on your credit report it might even raise your score a bit. HTH, Brett
