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CREDIT CARD

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soulshine615 Guest	Posted: Wed Nov 04, 2009 8:33 am    Post subject: CREDIT CARD Like 0 Dislike 0 I have been advised by my lender to seek a credit card, make good payments for several months and that will boost my credit score the 6 points I need to get a mortgage loan. Can someone tell me with a credit scores of 642, 614 and 594 where is the best place to start getting a credit card? I have searched the internet and I can get a credit card for people with poor or bad credit, I have to deposit money (which is no problem), but then I have to turn around and pay $99.95 for the card. Is this normal? I would appreciate any information you can give.
sonjakracine Joined: 24 Oct 2007 Posts: 77 15.05 Dollars($)	Posted: Wed Nov 04, 2009 9:35 am    Post subject: Like 0 Dislike 0 Try shopping for a different lender. Although your scores are not stellar you may be able to qualify for an FHA loan elsewhere. Some lenders (like me) will use your middle score, so at 614 you would be ok.
soulshine615 Guest	Posted: Wed Nov 04, 2009 10:20 am    Post subject: Like 0 Dislike 0 Sonja, I can qualify with my lender for FHA, but I don't have the down payment. I want to quality for USDA rural housing, which is no money down, but they tell me I have to have a 620 credit score.
sonjakracine Joined: 24 Oct 2007 Posts: 77 15.05 Dollars($)	Posted: Wed Nov 04, 2009 11:23 am    Post subject: Like 0 Dislike 0 Ahhh, I see. In that case opening up a secured credit card should hopefully help just don't charge more than 35% of the available balance. As far as fees, a lot of cards do come with fees. You should just shop around to get the best rate.
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Wed Nov 04, 2009 12:09 pm    Post subject: Like 0 Dislike 0 soulshine, i forgot what the topic was, but we've gone back and forth on this site before. anyway...i strongly advise you not to pay "administrative fees" in order to get a secured card. bank of america does secured credit cards and you don't have to pay some silly fee to get it. deposit your money and move on. these outfits that charge these fees are ripoffs. you can also try a credit union, if you have access to one. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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