Trying to boost my credit score before buying a home?

I'm trying to find a way to boost my credit score. My question is that I have two credit cards (bank credit card and a department store card), and they both don't have any balances on them. I was thinking of charging at least 30% of my balance on both cards, let my credit report pick them up with balance and immediately pay them off so that the follow month it will show that I'm paying them on time. What do you all think?

Public Comments

1. what you are planning is not the best way to raise yoru score. the better way is to go to your local bank ask for a personal loan. 5-10k wait 60 days and pay off the loan. this type loan will raise your score faster and higher than what you intend to do with your credit cards! DLP mortgage banker
2. You don't necessarily have to charge that much just to show activity, small purchases ($20/month max) will do just fine. No sense going into debt trying to build credit. It doesn't matter how much of a balance, what matters is whether or not it was paid on time. 35% of your credit score depends on paying on time. Also, the 2nd poster is incorrect is telling you to take out a loan and repay it after 60 days. For installment credit it takes considerably longer, at least 6 months if not longer for it to reflect on your report. My suggestion would be to open a secured credit card. What you'll be doing is 2 things: custom building a credit card with a high limit that will help your score AND create a savings plan that will help you save up for your down payment and other new home expenses. That's why I suggest a secured card. It's easier to get than a regular card because a collateral deposit is required in which a credit line is established in the same amount. For example, you deposit $300, your credit line is $300. The deposit is sometimes linked to a savings account which earns interest while you're building credit, so the deposit isn't just sitting there. Another benefit is that the credit line can be increased by adding to the deposit, which can help your score because it creates a cushion between the total debt owed and the available credit. Also, this security deposit is going to serve as the down payment or any new home expenses when the card upgrades later on down the line. A perfect way to use the card would be to make small purchases ($20/month max), pay it off on time, and add to the deposit to increase the limit. All you want to do is show minimal activity. Usually after a year, the card upgrades to a regular card, and the deposit is given back since it's no longer needed. Then, you can use the leftover deposit towards the down payment. So not only you've improved your score, but you've managed to save up for the down payment all at the same time! I have something else that may help. Enroll with PRBC- PRBC is America's Alternative Credit Bureau, providing a helpful service to the over 50 million people with limited or no credit history. If you pay your monthly bills on time, PRBC can help you build credit to qualify for a mortgage and better interest rates.On-time payments for the following bills are not reported to the traditional credit bureaus: Rent Cable Phone Daycare Insurance Electric Natural Gas Cell Phone The only time your payments for these bills are reported to the other credit bureaus is if they're missing or late.With PRBC, your on-time payments count. You build credit for paying your bills on time, even if you have no credit history. PRBC offers two simple ways to start building credit today.
3. You don't need to charge that much. Just make a few small purchases and pay the monthly balance in full each time.
4. Honestly department store credit cards wont do much. I have some and I have had alot of bills like BGE cell phone house phones 3 department store credit cards 4 credit cards, rent and it wasnt that my credit was bad i just didnt have enough of it and i used my cards and everything payed them off always payed on time ext. Im almost 24 now and have had them since 18 & 19. Well i went to get a car loan didnt approve for it at one dealer the next dealer help me big time (cuz he knew somebody) got my loan and since then my credit finlly started showing!