- December 24, 2011 at 4:42 pm #240352dealpalKeymaster
I have been following this board for about a month now in hopes of rebuilding my credit enough to buy a home within 12-18 months. Currently my scores are 653 TU and 632 EQ. Those are the scores I purchased from here. I have 3 chargeoffs dating back to 2007 that I am working on getting cleared. I had good credit for years and then had a medical issue where I was off for 18 months. Recently I have gotten 2 secured cards to start getting my score higher and to show responsible use of credit once again. I have no credit useage from 2007 til just this month due to me not applying for anything knowing I had chargeoffs on my credit report. So my last positive accounts up til I just opened the secured cards are very old now. I am told i am limited due to not having recent activity. My last positive installment loan was closed in 2004. That is my truck which is still low mileage and holding up great so I really dont need another vehicle yet. But I am wondering should i go in debt on another vehicle to show an installment loan on my report when preparing for a mortgage? Or are the cards all I need as long as i keep my uti low and dont miss any payments? Would an installment loan actually help my score much or would it hurt me possibly more? I really dont even know if I could get an installment loan right now anyway cause i am told i am like an 18 year old kid again with no recent credit useage. But i am willing to try if it will help me in the long run. I currently make 60-70k a year depending on overtime each year. This credit system can get depressing at times. Anyway thanks for any help guys!
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