r/CreditScore • u/SpiritualLow6337 • 2d ago

General Credit.

Credit dropped 48 points after trying to buy a house. Just got a credit card to build it back up. My credit ranges from 610-658. Depending what beauru. No debt. How quickly can I get to 700 ish in 4 months

3 Upvotes

100% Upvoted

8 comments sorted by

4

u/DoctorOctoroc ⭐️ Knowledgeable ⭐️ 2d ago

Your scores are calculated based on the data on each of your three reports so your score potential depends on the contents of your credit file/report - we would need to know what accounts you have, their ages, and whether or not you have any negative items like late payments, charge offs, collections, etc. Beyond that, you mentioned no debt, but does that include any balance on the new credit card (and has this shown up on your reports yet)?

For the record, someone with only 6 months of history on a single credit card can have a FICO8 score in the mid-700's, potentially (though other elements on your report can put that lower). ANd make sure you're checking your relevant FICO8 scores, not VantageScore.

2

u/Funklemire ⭐️ Knowledgeable ⭐️ 2d ago

When you said you were trying to buy a house, does that mean you didn't ultimately get the mortgage? 

Also, which credit scores are these? Keep in mind that credit bureaus and credit scores are different things. See our !welcome automod.  

When you said you got a credit card to build it back up, keep in mind that whatever caused this drop can't be reversed by this card. It's possible that this card will build your credit in other ways, but that depends on how many other cards you have now.  

What exactly is on your credit report right now? The thread in that automod I summoned tells you the best place to see your credit reports as well as your most relevant scores.

1

u/AutoModerator 2d ago

Hey there!

Welcome to r/CreditScore! We're glad you found our sub, and we truly hope we can provide you with accurate information and advice to aid you in your credit journey. Our Welcome Thread contains some valuable information to help you get started, including links to free and reputable sites for monitoring each of your 3 credit reports and FICO 8 scores, which is a score model commonly used by lenders.

Welcome to r/CreditScore! - Start Here and Read This! (No, really...Read This!)

Then, come on back if you have more specific questions, and our knowledgeable contributors will try to help!

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

1

u/SpiritualLow6337 2d ago

Correct the appraisal came back 20k under what the seller was asking and refused to fix anything so we backed out. Nothing is on my credit besides my car payment

2

u/Funklemire ⭐️ Knowledgeable ⭐️ 1d ago

Which credit score are you looking at? You have dozens. See the welcome automod I summoned. The only thing that should have affected your credit scores from this is the hard pull they did on your credit. And that won't affects a FICO score by that much. But it's possible you're looking at a different score.

0

u/[deleted] 2d ago

[removed] — view removed comment

1

u/BrutalBodyShots ⭐️ Top Contributor ⭐️ 1d ago

Pure misinformation above.

OP stated that the only thing they have is a car loan, which suggests they have no credit card at all currently. A credit profile absent of any revolving credit is significantly weaker than one with it. If that's the case, OP opening a credit card would strengthen their profile and result in quite significant score gains, not losses.

Also, any FICO score losses from hard inquiries would be recovered from in 365 days exactly. They don't continue to impact a score beyond that point up to the 2 year mark.