Ok, my situation is (credit bureau).....?

Question

I am planning to get a house and I need a specific credit score or better to be able to give the monthly dues I can afford. Unfortunately, my move in date is on the second week of February. So I that is why I am hoping the credit bureau will include that on my credit report within 30 days not 60, that is the reason why I did that thing in joining on to a person's credit card to boost my credit. Comments....please...please reply!! I appreciate it!

Answer 1

not clear on the question.
You have to increase your credit score to meet a lender's requirement so you added your name to someone elses credit card to get the account onto your credit report to boost your score?

The problem is time. Any changes you make will not hit until the next reporting cycle (30 days). You may be able to make a dent in the score with corrections of bad info in 48 hrs, but only with good documentation. Without that there may not be enough time.

Be VERY careful about merging someone else's credit onto your report. YOU are personally liable on that card now. It is not just a technique to boost your score, it is a legal obligation to pay. (I hope its your mom...)

Answer 2

But you don't say how much you need to boost your score. If it is anything more than a few points I don't think it would go up enough in less than a month.

As for becoming a Cosigner, you may have actually done more damage than good. As you have created an Inquiry to your record which will knock it down at least a couple of points. Then if that Credit Card is near maxed out you have hurt your debt ratio and again have lowered your score.

On top of this a lot of lenders do not like to see any new credit opened while you are in the process of buying a house.

Answer 3

If I am reading this correctly-- You are now just an authorized user on someone else's credit card, and you are hoping that the new reporting will boost your score! If that is it then it may not and probably will not boost your scores at all. The reason is not all companies report monthly. And you may not ever get picked up in this reporting until the primary goes bad for a month. Whom ever told you to do this was dumb as h--l! You can realy only boost your score by opting out of unsolicited offers in the mail. Call 888-567-8688 To OPT OUT. This can boost your score by as much as 6-10 points in just a couple of days. Also any collections that you may have pay them off and have the mortgage banker do a line item update and that will help your score.
Good Luck to you!!
I am a mortgage banker in Tennessee

Answer 4

I undertsnd what you are doing, but there's really only a 50/50 chance it will make it there on time.

Also, take into account the fact that by adding it, the bank may also consider it a payment for each month, and lower the amounty ou qualify for- so hopefully you have a buffer.

I woudl NOT sit around and just hope it pops up on your credit in time. I'd use a contingency and get out of this particular house, to ensure you dont lose the deposit/earnest money you probably put forth.

Answer 5

Do not take out anymore credit. It is not a good sign to lenders that you are able to spend more money than when they qualified you. If you are working with a good mortgage broker he should be able to do a credit repair and a rapid rescore. This can easily change your score by twenty to thirty points. If this is not enough, you may want to wait a few monthes to purchase a home. If you don't have a broker, my e-mail is [e-mail].

Answer 6

your credit score is your credit history, not someone elses, as long as you score is 580 or higher you can do 100% financing but you still need money for closing costs, the higher your credit score the better interest rate you can get if you score is down in the low 500's you can still get a loan but not for 100%, maybe 80% or 90% of the loan and you still need closing cost money