- Posts: 1
- Joined: Mon Jul 21, 2014 12:26 am
- Location: USA
I currently only possess one line of credit- a Bank of America Visa credit card that I obtained in February 2013. I have no student loan debt and purchased an older practical car for cash. I have no loans as well. I originally was given a $900 credit limit, which was upped to a $2400 by Bank of America last month. Since opening this credit line, I have paid on-time every time and have not placed over $500 a month on this card. More often than not, I will only spend $200-300 a month on the card. There were some issues with being re-mailed a replacement card and I have not had a single purchase on the card in the last three months. (I mention this because I believe this may have negatively affected my credit score.)
I recently opened a Verizon Wireless account and was mailed a letter that stated my "Verizon Wireless credit score was 462" based upon the information provided by Equifax. I haven't checked my credit score since opening my credit card account but I would assume that my credit score would at least be in the low 600s. It's currently almost 2 a.m. now where I live but I wanted to get this posted in the meantime before I can gather more information in the morning. So, I have a few questions for you guys...
1). Could my three month hiatus from credit card purchases driven my score down?
2). In what ways could I raise my credit score?
3). I plan to become a first time home owner a year from now. Is it wise to open another form of credit? If so, what kind? Or will the decrease in my average credit line life decrease my success of obtaining a mortgage?