Will getting a CD or IRA raise my credit score?

I'm trying to find a way to improve my credit score to rent an apartment. To rent an apartment in San Diego you need to make three times the rent, or 6 months rent in savings, plus have good credit. So I was thinking about getting a IRA for $8,000. So that I can prove I have 6 months rent and I am hoping it will raise my credit score.

Public Comments

1. No.
2. CDS and IRAs do not get reported.
3. To raise your credit score you need to have a history of paying loans on time. One way to build credit is with a secured credit card. Make a deposit in your credit union and get a VISA or MasterCard secured by that deposit. That means your savings account will be frozen but still earn interest. Use the card sparingly and make the payments on time. Don't run the card up to the limit or go over the limit. If you have credit cards already, pay them on time and don't run them up to the limit.
4. Neither will raise your credit score. No financial institution reports assets to the credit bureaus...this is actually a common myth that the credit bureaus know how much you make a year, or how much assets you have.