That your ability to get credit is not just based on credit accounts reported in your credit report, but also on your stability and assets - how long you have been in the same job or in the same field, how long you have been in the same job or in the same field, how long you have been living at the same address, and whether you have bank accounts.
You also can improve your credit by providing information to creditors that is not already in your credit reports. (inquire to learn how to do this) .
***Be Sure that you are Ready***
Trying to get new credit too soon can be risky. If you apply for credit, but don't qualify, your credit report will reflect credit inquiries that can reduce your credit score and make it harder to get credit (ask about our no credit requirements secure card).
If you want to take out a government-backed home loan (such as an FHA or VA loan), the mortgage lender will check your name against a specialized database called the Credit Alert Interactive Voice Response System (CAIVRS). The lender uses the database to determine if a loan applicant has federal debt that is currently in default or foreclosure, or if the reporting agency has paid a claim within the last three years. A few of the government agencies that might report to CAIVRS are:
If your name shows up on a CAIVRS search, your chances of getting another government-backed loan, including a home loan, might be delayed. Two of the most common hits on a CAIVRS search are federal student loan and FHA loan defaults. A borrower won't be eligible for a new government-backed loan until the CAIVRS record gets cleared. For student loan borrowers, this usually means paying off the debt in full or establishing a repayment plan with the debt holder. If your name shows up on a CAIVRS search because you lost a government-backed loan to foreclosure, you'll have a three-year waiting period.
~Attorneys Amy Loftsgordon & Cara O'Neill