How easy is it to raise your credit score 9 points?

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We are 9 points shy of getting a home loan according to the lender. They advised us to get a credit card or get someone to add us as an authorized user if we were unable to get our own card. So, my mother added us on as an authorized user…however, the card is close to its limit….it has about $ 200 left on it as available credit. She always makes monthly on time payments (large amounts) but now Im afraid its going to hurt us instead of help us since its got a big balance on it.

Also, we have already signed the contract with the builder to have our home built, we just have to have the 9 points by November when we do the closing. The lender and our realtor are telling us no problem we will totally have the points but im still nervous what if we don’t. Does anyone know how credit points are assessed??

2 Comments
  1. Reply
    Calvin C
    August 15, 2012 at 5:35 pm

    your mom adding you hurts since her balance is so high until it is under 30% you are worse off. Take the time to shop around and learn more about credit and cost of home. 9 points is nothing but getting another CC is not going to help you you need to gain the points from your own debts

  2. Reply
    bdancer222
    August 15, 2012 at 5:46 pm

    Being added to as an authorized user to your mother’s maxed out account may actually work against you. The account history may not be goood enough to overcome the fact that it’s maxed out. But even worse, that account will now be considered in YOUR debt to income ratio, even tho your mother pays it.

    You should pull your credit reports from all three credit bureaus (AnnualCreditReport.com) and look at what is showing. Dispute any errors. If you are carrying any balances on credit cards, pay them off. Balances of more than 30% of your limit hurts your score. Pay off the balance and get a boost.

    Do not open or close any lines of credit within 6 months of applying for a mortgage.

    Credit is built over time. It is very difficult to say how long it will take to add 9 points to your score. It really depends on what kinds of open, active lines of credit you have. You have to show usage and payment on the accounts to build credit. Unused accounts do nothing.

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