@Anonymous wrote:I haven't used the BoA card once since the end of 2006...
Use the card immediately for one ore two hundred dollars, let the statement drop so the balance shows in your credit files. Once the balance reports PIF before the next statement drops. You can then sock drawer the card until you obtain your mortgage.
You might get a small FICO ding until the next statement reports a $0 balance. On the other hand you might get a FICO bump by using an inactive card especially if the CL is not being factored into your utilization.
You may not at present be receiving the full value of the BoA card for FICO scorning since it might fall into an "Inactive" category. The card might also be in danger of being closed for inactivity.
Once you use the card, BoA might even offer you some kind of "Luv" to use the card some more.
@Anonymous wrote:it's JOINT. Although now that it's at a zero balance dad is thinking about removing his name off of the account altogether since he doesn't use it. I'm advising him against it as it's his first major credit card also and will drastically lower his "length" of credit history without it....
Keep in mind that Bank of America is one of the few banks which will allow a (primary) joint holder to remove himself from a credit card account without closing it. Of course your credit profile (soft pull) would have to be approved by BoA to be worthy enough to assume sole responsibility for the account. I wouldn't take that step until your other balances are substantially paid down or off. Although BoA probably won't pull a hard inquiry for the conversion, anything is possible. Definitely don't rock that boat until after obtaining the mortgage.
If you decide to do the sole responsibility conversion in the future, you may simply add your father as an AU afterwards. Taking that step would allow you to add or remove him from the account as his credit needs might change even later in life.
It you are going to avoid asking for CLIs until you get the mortgage, can you find an extra $3,000 to pay on card #4? Perhaps a family member might provide a 6-12 month term loan? After 6 months of a mortgage reporting and paying down your credit card balances, you might get a decent CLI and low teaser rate on the BoA card.