All Forum Posts by: Isaac Hemingway

Issac,

Quickest way to get a 700+ fico score is have a family member (Mom, Dad) put you on one of their credit cards as an "Authorized User" which means that have to call the credit card company and add you using your date of birth and social security number. *Important notes - you have to make certain that the card they choose has a 30-35% credit limit to balance ratio. Make sure that that cards has had not lates in the last 5 years.

Credit cards that have a balance every month being paid down versus paid off every month with earn you a faster score improvement. You can also go to your bank and ask them to open up a "secured credit card". Which means you deposit cash into an account that is used similar as a debit card but reports to the bureaus.

The most important thing is the more you deposit the higher the limit. Keep in mind the ratio requirement is 30-35% so you never want to spend or use more than 35% of the limit. So if you deposit $800 into an account you want to keep your balance under $280.00. You make monthly payment for at least 6 months and your score should be where you need it to be for a mortgage.

This card can be used for gas, coffee, lunch etc monthly keeping the balance under 35% but do not pay off the balance each month just a minimum payment to keep the balance revolving. Once your sore is up to 680 go and apply for a credit card (No annual fee) do not fall victim to an annual fee. Capital one has cards like Savor one, Chase has a Freedom card, Mission Lane has a card again No annual fee.

If you set automatic debit payment on your credit cards you will never be late. Also request your payment be on the 28th of every month so that you can pay all of your cards same time every month. You might have to request that 28th once you have made a few payment but try right away.