Thanks, I'll do that. So do you think I'll be ok with the 4 cards I already have?
An update on my family's quest. I added my wife on my WaMu, BofA, and Discover cards as an authorized user to establish her credit file and all three reported.After a month we checked her score using Scorewatch and was amazed that she had a 729 score. She then applied for a BofA card in her name and was approved with a $1000 limit and a Walmart store card with a $500 limit which now gives her 5 accounts. Before the trail period ended we checked her score again and it was 715. I know this is because of the new credit cards and inquires but this was necessary to establish credit in her name in case Fico 2008 takes over and in time her score will rise again. I think we're finished with cards unless American Express steps up to the plate.
My questions are:
1. As you all know we'll be buying a home in Dec 2009 but since my wife is pregnant she want a minivan which we will buy in Feb. which will help our mix since it'll be a joint loan. Does this time frame allow our scores enough time to recover? My score is 703.
2. Should my wife add me as and Au on her Walmart card to give me a store card which I don't have to add to my mix? I don't want to get my own card there because I don't want to shorten my average account history.
3. Please give us advice on how to proceed to get the maximum possible scores so that we can move forward with no worries. I know it's asking a lot but you may have to read this entire thread to understand where I'm coming from but as stated many times your opinions are respected and helpfull....Thank you.