I think you will have to be 2 years post discharge to qualify for a mortgage.
You already have another installment account (bank loan), and would be starting another so it shouldn't lower your scores, but you will probably see a little dip due to new credit inquiries plus a new account is going to lower you AAoA, which could drop it a few points.
What I would do is focus on paying your cards off in full rather than carrying a balance. This will look better on your report, and save you money from interest.
Ideally you would want to add one more card to your mix. Make sure that 2 of them are paid in full BEFORE the statement cuts, and pay the other down to <10% of the credit limit before the statement cuts, then pay the remaining balance in full BEFORE the due date.
Also, are you both on the cards? If not, add the other person as an AU to help both credit scores.
If you have any innacuracies or things on your credit report you should dispute them. If you have old lates or COs that were paid, you can write GW letters to get them removed.
Good Luck! CO is awesome!!
A goodwill letter....
you can search on here for examples.
Basically lets say you had an account that had late payments and was charged off, but you paid it after it was charged off.
You can write a goodwill letter(s) to the creditor and explain your situation, apologize for being late, take responsibility, tell them you are looking to get a mortgage and would appreciate if they could remove the lates and/or account all together, and thank them for being helpful and allowing you to pay the charged off account in a time of crisis or whatever your situation was....
Be careful asking for accounts to be removed entirely if they are your oldest accounts it could remove them and lower your AAoA and drop your scores some, but in some instances it's easier to get a removal of the whole account vs removal of a lot of late payments.
