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Another Credit ?
We have been working on DH's credit since August 2012. It started out at 539 (yikes!) and since then we had paid off all his debt. Our mortage lady told us to get 2 secured credit cards since he has no new and/or revolving credit.
We called her back at the end of Jan to run his credit again. It improved, but only to a 589. She told us not to use any of his credit cards for at least a month to see if that helps.
Fast forward to yesterday, and she ran our credit again. I'm sitting at a 663 and his is at 617!!! But he's still 23 points short of the required 640 score.
She said that she doesn't know what else we can do to try and raise his score. We don't think that getting another secured credit card would do us good at this time. He just wants to wait until May and run his credit again to see if it's gone up.
So what else can we do, in let's say the next 2 months, to give his credit score a bit of a bump????
Thanks ladies!
TTC 07/2010, Dx with PCOS 11/2011, H's S/A= Perfect!!! HSG= both tubes clear!Round #6- 7.5mg Femara+ .5mg Dex+ 75iu Gonal-F+ hCG trigger+ IUI=BFP!!!
Beta #1(14dpo)- 94 Beta#2(22dpo)- 1,619 Beta#3 (28dpo)- 11,396!!!
Re: Another Credit ?
No. This is the time to just sit and be patient. Too many credit cards opened in a short time can also ding credit.
Credit rebuilding takes time. The progress made so far is great, but just sit tight for now.
Also, it's possible that the repeated credit pulls are also harming his score. Repeated "inquiries" lower it as well (often several points at a time).
I work for a financial institution and I myself had damaged my credit when I went to university . Something that help improve credit scores is paying your credit card in full by the payment due date. Use the credit card about once a month for something like filling up on gas or a grocery shop and pay it off right when you get home. That shows that you can maintain your payments while using the card. It won't benefit you too much not using the card or opening up another credit card.
Now is the time for patience. Part of the credit score is the average age of accounts. Adding the 2 new accounts lowered the average age of his accounts. By being patient, you allow for that average age to start increasing again, which raises the credit score.
Use the card a little bit (like if it's a card with a $500 credit limit, never have more than a $100 charge balance) and pay it off in full every single month. That's something else you can do, actually, for any of your accounts. Creditors want to see that you have credit available that you do not max out. So if you have a card with a $500 balance, and you charge $450 to that card, that's not helping you. Keep the balance to no more that 20ish% of the available credit limit for each account.
Good luck!
I agree wit the patience thing. We had to be very patient when repairing our credit scores. If you want our story, It's here: http://www.lotsofsteps.com/2012/05/youre-clear-for-take-offyoure-cleared.html
We had to sit for a while once we got the cards. In fact, we never spent anything on them, and they helped our score tremendously. Be proud of the fact that you have worked so hard and it is paying off. In a little bit more time, you'll be in the position to buy a house!