[El Bastardo]

The following is a submission from an anonymous Revscene member


So I have a pretty low credit score (yes I screw up when I was in my early twenties and I don't blame anyone). But I have paid off all my credit card debt 7 years ago, paid off my student loan last year. There was one debt that I wasn't aware off till this Jan which I paid off right away. It was a $7.10 charge from a cell phone company(funny story because when I call in and want to pay them, they don't even have my account info........).

Right now the only active account under my name are my Fido account and my credit card with capital one. I try to apply for another credit card but got decline. I went to the bank to see about this as I purchase a pre sale apartment that's to be completed in 3 years.

Most of the banks I went to either deny the mortgage because it is so far in the future and those that will pre approve the mortgage wants a co-signer for it. Most people I talk to suggest I should wait till about 3 to 6 months before the completion date of the apartment and try again. However, I am afraid the outcome will be same where I am going to get rejected or needs a co-singer. In terms of the apartment it is about 300k and I have enough to pay for half myself so I need to borrow about 160k to 180k from the bank. My credit score is around 680atm.

So is there anyway to increase my credit score from now till when I needed to apply for the mortgage in a few years? I could get co-singer but I really prefer now to if possible.

One of financial guys I talk to at the bank suggest I start apply for loans from his bank, take it out and put it in a chequeing account for at least 30days and then pay the loan back. That way it will show I am able to pay the loan back and thus increase my credit score but honestly this seems a bit weird.