ADVICE Please! Add another account?

[Anonymous]

Working in DH's credit and mine. He only has one CC. Cap 1 - just gave him CLI up to $2000. He's an AU in one of my 2 CCs.  His scores are going up. Paying off a $300 balance on his card this month. No installment accounts - his car loan was paid a few years ago.

He's around 660-679 across CRAs right now. Expect another bump up from reduced UTIL and CLI next month. We are applying for an auto loan in 3-6 months. Should we get him 2 more cards before the loan - add the inquiries? Or just wait until after we buy a car?

[Pway]

If it was me I would personally wait until you have guranteed financing for a new car. 

[Anonymous]

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@Anonymous wrote:

Working in DH's credit and mine. He only has one CC. Cap 1 - just gave him CLI up to $2000. He's an AU in one of my 2 CCs.  His scores are going up. Paying off a $300 balance on his card this month. No installment accounts - his car loan was paid a few years ago.

He's around 660-679 across CRAs right now. Expect another bump up from reduced UTIL and CLI next month. We are applying for an auto loan in 3-6 months. Should we get him 2 more cards before the loan - add the inquiries? Or just wait until after we buy a car?

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I would go ahead and app for a second Cap One card now. Auto lenders are not nearly as picky as mortgage lender are when it comes to new credit. Your planned purchase is far enough out, that the card will be "working for him" by that time. Another thing you might consider is a small secured personal loan to fill the installment loan gap in his credit mix. 680 scores are generally going to get pretty good rates for autos loans.

[Anonymous]

My scores are almost the same, between 670 - 700. I have 2 secured cards (US Bank - $1000. & Wells Fargo - $2000.). I chose those two because they are large banks and they both graduate, unlike many of the smaller banks and CC company's. I also opened a new checking and savings account with Wells Fargo. My credit information from all 3 CA's said my scores were hurt because I didn't have an installment or mortgage loan. So I took out a 3K secured 12 month personal loan from Wells Fargo at 8% APR. I had the money sitting in my savings account, so I figured for the $100. + it's going to cost me in interest, it hopefully will help my scores. They basically put a freeze on the 3K in my savings account and than add 3K to my checking account, and I make 12 monthly payments. Just an idea if your looking for an installment loan. Wells Fargo obviously report's to all 3 CA's.

[Anonymous]

Thank you so much. This really helpful! Will look into another CC and loan after I confirm his scores next month.