I retired, sold my home and moved. In the process I closed down my credit cards..I honestly thought this would help my score. I pay for everything on debit cards to get higher interest on accounts. I have 3 credit cards but they were all issued by department stores, one I use and pay off as quickly as I use it..I just liked being debt free.
Now I run my credit score and it is not good. It says it is because I have no mortgage, no installment accounts and too low a credit line. Well, how do I fix this without lowering my score further? Do I go to a bank and bother money I don't need?
Do I open up a couple new credit cards?
I have no negative comments of any kind on my credit. Nothing is really there as I have been paying for everything in cash.
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I would suggest getting a major like visa/mastercard. Use for expenses instead of your debit card. pay it off every month. Choose a card that does not charge a yearly fee. This will allow you to improve your credit without changing your use of credit or expenses for credit. I don't think you need to get a loan for nothing.
The next question is why do you need a high credit score? I am sure that it is frustrating to see it go down, but if you aren't using credit then you don't need it.
sit down with your bank or mortgage broker. Can you put down 20% or more? these days that can be more important than your score. especially since you have no negatives.