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How to improve your credit score of 650? should I take out a credit card? or what? I dont owe anythi

I do not have any credit cards . Should I take one out? I need to improve my credit score before I purchase a house?
  • August 22 2013 - Socastee
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Answers (2)

Best Answer

Having available credit and open accounts is definitely a way to establish and build your credit rating.  Obviously staying on time with all bills is most important, but how much of your credit you use and the type of credit account also plays a big role. You should always keep your credit balance to limit ratio at about 30-40%.  Most lenders would want to see some kind of credit history and some might even require a certain amount of credit trade-lines to be approved for a loan.  With a 650 score, you should be able to open up a credit card or two to start building your rating.  Capital One usually has great promo offers for newly established or less then perfect credit borrowers.
  • August 22 2013
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650 is descend score my friend. Not great but not bad. With that score you should be able to qualify for any Conv, FHA, VA, or USDA loan. If you have plateaued at 650 it's because you have no current revolving credit accounts. If you are looking for a quick fix - sure fire way to get your score up 50-75 points, contact me and I will share my secrets with you. I am not licensed in SC, but it don't matter,  I'll still clue you in.

Best of Luck!
  • August 22 2013
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