12 Months to establish credit... Can it be done?

First let me say, this is my first post on Reddit, and I apologize in advance if I make any faux-pas.

A few weeks ago I found myself in a rather unique situation. I was applying for a new car loan, only to be told that even though my Equifax report showed a credit score of TU 640, Equifax 649, Experian 697, only the Experian score was real. Apparently, my credit union only reports to Experian, and since my last two car loans were through them, I have no other credit.

Some history, my wife and I made some bad financial choices in our early 20's, choices we were still paying off into our mid 20's. To consolidate everything, we put all of our loans in my name, and used my credit union as a means of re-establishing credit and working ourselves back towards fiscal responsibility.

So, the long and the short of it, I got a car loan, but only because they found a lender who used Experian exclusively for qualifying. Problem solved, right? Wrong! My wife found out, two days later, that she was pregnant. This prompted me to scramble and try to make an offer on my grandfather's house, which has been sitting on the market for months. But, you guessed it, I have only one credit score, and she has none. After negotiating with my uncle (who handles my grandfather's finances) I have worked out a deal that gives me one year to buy the house. I must close by 11/30/11. This gives me one year to get my and my wife's credit scores established.

My new car loan should help, and I have ordered a secured credit card. My wife has ordered two secured credit cards. When I can, we will apply for some store credit cards as well.

My question is this, can we, in one year, establish credit enough to qualify for a mortgage? If there are steps we should be taking that we are not, what are they?

TL;DR I have one year to establish credit for my wife and I to qualify for a mortgage, can it be done?

Posted Nov 3, 2010, 2:23 PM UTC

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