How to quickly build credit to buy a home in 1 year?

For just about anything you want to get off your chest about credit cards.
2 posts
SWADE23
Green Member
Green Member
 
Posts: 23
Joined: Thu Apr 12, 2012 8:08 am
Location: QUEENS, NEW YORK

How to quickly build credit to buy a home in 1 year?

Postby SWADE23 » Thu Apr 12, 2012 8:27 am

Morning Boardies....

I just stumbled upon this site via google while surfing general questions about rebuilding credit.... Never thought there was a site dedicated to credit (silly me)

I was wondering if anyone could shed some light on my situation...

  • Got my 1st couple cards in college (2000), and like others, charged them all up and almost never paid... ended up going to a credit counselor... paid off all a year or so later...
  • Never used credit or tried to apply to any till 2006... had 3-4 various cards... Charged up most of them, then had job issues and it fell by the waist side....
  • Speed it up to now.... I paid those cards off... Had a friend at a mortgage co. run my numbers and was a 580-600...
Realizing NOW (lol) how important credit is I'm looking to rebuild... Was added as a co-signer to my moms best credit card.... I also applied for a Capital One Secured Card and apparently the lady on the phone didn't hear when I said SECURED because I was approved for a Capital One Platinum Card... $500 limit lol. I tried yesterday to apply for a basic Citi card and was rejected...

What else can I do to quickly rebuild a positive history??? I would like to be house shopping by end of year/beginning of next...


amexguy321
Centurion Member
Centurion Member
 
Posts: 115
Joined: Wed Nov 16, 2011 4:28 pm
Location: Massachusetts

Postby amexguy321 » Thu Apr 12, 2012 8:16 pm

i dont understand why you would apply for another card after being approved for the capital one card. if you ran your numbers than you should be aware that part of your score is made up of the number of inquires made. basically you shot yourself in both feet if you asked me. the credit line you would have gotten from the citi would not have balanced the inq anyway... i really don't understand your thought process there...

based on your info i am willing to bet that your score is well below a 600. if your buddy "ran the numbers" why are you only giving us a range and not a specific score..? did he just use one of those credit estimators?? again, does not make sense to me if you are looking the buy a house, why are you only looking up a guess of your score and not the specific one?

next thing i don't agree with is with your first bullet point, "like others". i don't know anyone that maxed out all of their cc's and never paid them off. in college you should be a bit smarter then that... i got mine right out of HS, and never bought anything i knew i couldn't pay for... sorry but you have much to learn before you buy a home for yourself. there is absolutely no chance you can build good or even average credit based on the info you stated in one year.

you need to:
a) pay off all debts
b) use the cards you have responsibly (NO LATES) for at least 2-3 years to get somewhat ok interest rates

btw this goes for most if not all members here... if we maxed out all cards we own, we would be in great financial sh**

again, use the cards responsibly for some years and keep and eye one your credit score, i guarantee you will see an improvement. remember that credit can be ruined in a very short time and takes years or even decades to rebuild properly



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: nohnigeMlkt71 and 2 guests