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Catina, Home Buyer in New York, NY

How long do it take to establish credit 650, if I never had a credit card ? I have 1 secured credit card and 580 CS

Asked by Catina, New York, NY Mon Jan 9, 2012

How long do it take to establish credit 650, if I never had a credit card ? I have 1 secured credit card and 580 credit score right now. I want to buy a house this year. I have a son in college and a parent student loan. His student loan in 3,000$ should I pay it off right now ? if I do will it get my credit sore up to 650 to get a home loan faster? should I start paying on it now and not wait for him to finish school ? This is the only thing on my credit report? I have a copy of my credit report from all 3 credit companies from last year. My son loan was in November and it is in good standers on my credit report. My first credit card payment is due in jan 22 and I already payed of half very early. I want to get a house as soon as possible in Atlanta Ga. I have 22% down payment already toward a house. I am paying 1,400 dollars in rent now and worked at my job for 3 years now.

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Catina,

I have run into this situation a lot over the last 6 months. You need to get 2 more secured or other credit cards and just charge $10.00 a month and pay them off. Right now time is the only thing that is going to work. Keep the student loan is it gives you another tradeline on your credit.

If you can get those 2 cards right away and don't charge them up you should "probably" have a good enough score by June 2012.

If you want to talk further offline just email me or call me on the number below. Hope this helps!

Justin Herring
Southeast Mortgage
404-312-3459
justin.herring@southeastmortgage.com
Southeastmortgage.com
1 vote Thank Flag Link Mon Jan 9, 2012
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