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Question By
miamoramw

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The best way to go about improving my overall credit score for purchasing my 1st house in 6 months??
I am wondering what would be more beneficial to me in the form of improving my credit even more before I dive in to purchasing my 1st house ever (Seeking advice on a great line of credit to have under my belt, type?..credit card?)...Right now my credit score is at 700, which is not bad by any means, but I would still like it to be a little more established. I have never had a late payment of any sort...about half the time or maybe even a quarter of the time I pay my bills off way ahead of time. I am still pretty young (in my 20's), and so I don't have a great deal of credit under my name (only 2 lines right now) a credit card from my credit union & "care credit", but I am concerned about having too many lines of credit out, to where they look at that as a bad sign. Although, I am aware that I do need more lines of credit under my name, I want to know what would be the most beneficial to me when it comes to help building my credit faster, and looks better in the credit bureu's "eyes". And I do know that the longer time period I have the credit lines (yrs), the better (and to never close them, unless absolutely necessary) I do think another thing that's kind of hindering my credit score at the moment is the average length of time I've have my established lines of credit...only about 2 and a half yrs. Any advice, would be greatly appreciated. Another one of my concerns is that if I'm looking to purchase my first house within 6 months from now, or even a yr, would it even be a wise decision for me to try to acquire more lines of credit before then?..Because I don't want to have to many "hard inquires" outstanding on my credit report before then, right?!?! Also, I have one more quick question, just out of curiosity if anyone knows, would raising my current credit limit on my bank credit card, improve my credit faster or more, or would seeking & acquiring another line of credit be even more beneficial? By the way, the highest my credit score has ever been is like a 745 I think! Thank you in advance for all your advice and insight, it is very much appreciated!

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"Hard Inquires"

I also have one more quick question, For how long does a "hard inquiry" stay on your credit report? And about how many does the average person have on theirs for any length of time? Or what is the average rule of thumb?

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Reply by
nguyenq66850

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Helpful to 2 out of 2 people

A hard inquiry will stay 2 years in your credit report. I would say the smaller your # of hard inquiries is, the better for your report. With your score of 700 and your responsibility of paying everything on time, you can try to apply for a new credit card. The hard inquiry for that card will lower your score a bit, but if you keep paying everything on time, after a few months you may get a much better score. Even if you don't have higher score, your credit report for sure will look better to any credit grantor. Good luck and keep up the good work.

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