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Question By
aperez487

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Looking for advice on raising credit score
No debt, no loans, just 2 credit cards.

One credit card through a school credit union over 9 years old, kohls card 8 months old. I have $1,100 limit and I use about $400 on the credit union card a month. Pay off in full every month. No derogatory marks.

So why do I have a poor rating of 639?

I'd like to add a cash back card and I am thinking about buying a car in the next year or so, and maybe a house in the next five years.

Could anyone offer me advice?

Much appreciated!

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If you keep a small balance on your credit card each month ($20.00 will do it) you score will increase.  Otherwise, the Kohl's card is pretty new, so time will help your scores with that account as it gets older.  You could open up another loan account to help boost your score (of course, your score will drop a bit at first but then move back up after 6 months or so).  If you already have a bank account, you can ask them about a CD Secured Loan.  Or visit your local credit union and ask them for a Credit Builder Loan.  Those are both secured loans so you'll need the money up front (about $500.00) to set them up, but it will be a different type of loan which also helps your credit score.  Best of luck!

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Give these guys a call 1  877  235  0324  Credit Pro's they can help you with your score. As far a buying a house in five years; look for an (FHA) loan it is one of the best loans to get. It usually only requires 3% down of the total loan amount. They usually give you the current national interest rate. It usually takes a score of about 630 to qualify. Good luck my friend..

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Great, thanks for the advice!

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