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kimycamp

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Will a new line of credit help boast your credit while in escrow for a home? One had 1 credit card
My daughter's fiance is in escrow for a home. His FICO is 637. His lender suggested he open a Home Depot Card and make a small purchase. His limit is $500 and he charged $166.44. When will it post to the credit bureaus and will it help his score go up. Also, should he pay it off completely or just minimum payment? Thank you!

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At first his score will probably go down because of the new line of credit. However if he continues to make small purchases and pays them off each month; he should see some increase. If you are going to let a balance remain on the card or over 30 days; make sure that it is under 30% of his credit limit or else it will reflect in a negative fashion.

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