Hi everyone, Trying to buy a house next year and I need 3 open lines of credit. Should I go with another secured card I have Orchard Bank currecntly or should I go with some type of installment loan. Just so you know can't use Target included in bankruptcy, forget about 1st Premier bank. Exp 595 EQ 582 TU 547
Who says you need three lines of credit??? I would think the lender would love to see you with some good credit history but with very little credit cards of which you could charge up and then not be able to pay your mortgage. I would get a second and third opinion on obtaining more credit prior to trying to buy a house. Doesn't sound right to me.
The reason they told me to get a 3rd account is because my bankruptcy has only been discharged for 1yr. I need to show a stable payment history. Plus I'm trying to get and Fico of about 650 by next summer. Thanks
I'd try for a CD-secured installment loan. Works wonders, from personal experience (although, to start with, there were no baddies; only short history). Go to a credit union (or a smaller community bank that's willing to do this) ... open a CD for 6 months. Then, with that CD as security, open up an installment loan for the same 6 months. To lend your own money to you, they shouldn't pull a report. If you're a member of more than one credit union, try this with both, you will have more positive tradelines on your report ...
