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Achillia

My Credit File is Thin

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Hey all, years ago I had deplorable credit, but now it seems I have a credit file that is "thin." I would like to be able to get an FHA mortgage sometime in 2020, and need to fatten this baby up. 

 

Would I be better off increasing the limits on my four existing open credit cards (thus increasing my available credit), or should I just get a couple of new credit cards? Will recently added credit lines hurt me? Should I take out and pay off a secured loan? I am in a situation where I now have much more cash than credit, so I would like to do whatever will do the most to beef up my file.

 

All four of my cards are very low limit, $1000 and below. One is a secured. Thanks!

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43 minutes ago, Achillia said:

I have a credit file that is "thin." I would like to be able to get an FHA mortgage sometime in 2020, and need to fatten this baby up. 

Who told you that your file is too thin for an FHA loan?

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Nobody said it is too thin for an FHA loan; Privacy Guard however said that a reason for my lower score is that I have a very thin file.

 

I would like to raise my scores as much as I can before applying for the mortgage and would like to know the most effective way to go about that. Maybe this is completely unnecessary?

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27 minutes ago, Achillia said:

Nobody said it is too thin for an FHA loan; Privacy Guard however said that a reason for my lower score is that I have a very thin file.

 

I would like to raise my scores as much as I can before applying for the mortgage and would like to know the most effective way to go about that. Maybe this is completely unnecessary?

Privacy Guard gives fake skores.  Use that as a source of entertainment, if you must use it at all.

 

This is a good introduction to mortgage FICO scores:

 

 

Talk to a couple of experienced mortgage originators about your current (real mortgage FICO) scores and what's currently in your reports.  

 

You can get an FHA loan with nothing down, no savings, awful credit, and a lengthy history of drugging and disemboweling European tourists, so I can't imagine being short a couple of trade lines is going to be an obstacle.

 

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