Need to raise my credit score 15 points for a mortgage
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My mortgage broker said that I need to raise my score by 15 points to be approved for my home loan. I don’t have much time to do this. I was planning to actually go thru with the loan a month from now. I’ve already paid off all of my credit cards balances (it’s $0 right now), so I was thinking of getting another secured card. What do you think?
No. No. No…
NEVER open another credit card or any other new line of credit 6 months prior to applying for a mortgage, and especially not a secured credit card (they are for people with bad or no credit history). Opening a new line of credit will only lower your score, and it will take you 6 months to level off again.
Increasing the limit on any of your existing credit cards as suggested below won’t help either, because you carry no balances. Your utilization is 0% anyway, and having a higher credit limit won’t improve that. It can only help if your utilization is higher than 30%.
Having a month to raise your score by 15 points is almost impossible. The only thing that can do this is good stream of timely payments, but that would take a couple of months. Each time you make a timely payment, your score inches up a bit. 16 points is just too much of an increase to achieve in just one month.
Ask your credit card company to increase your credit limit
That’s about the only thing you can do to quickly raise your score. It will lower your utilization and your score will go up. Ask your credit card company to raise it w/o pulling your credit reports, so that you won’t have another hard inquiry on your report.
Good luck.
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