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I have a low credit score because i have no debt and no credit history. I'd like to apply for a mortgage soon but my mortgage counsellor told me that my credit score is too low. if i open a credit card now, how soon will it increase my score? also, I've paid off 1 delinquent item on my credit report. how soon will that be reflected and how much would my credit score increase from taking something off the delinquent side?
You will need to apply for a credit card or some type of credit that will report to the credit reporting agencies so that you can build your credit up.
I applied for a fashion bug account and a fingerhut, got them both and have charged stuff and then make the minimum payment for a few months and establish a payment history. So far it has really helped me.