Opening new credit to help score

[MePlusThree]

My wife and I would like to buy a house in October so we're working on our credit. She just pointed out to me that after one of my credit cards was closed due to inactivity (right after I requested a new card so I could use it.) that I have no credit cards of my own. I have what appears as a 'conventional mortgage' on my CR (but is really a land contract) and I'm on a joint line of credit with her. That that is the only credit I actually own. I am listed as a AU on 3 of her accounts however. Would applying for new credit right now allow enough time for it to 'age' and help me in October? My biggest 'credit issue' is a bunch of deliquencies from 3 years ago when I hit a hard spot.

[guiness56]

Getting something now would put it very close.  You shouldn't apply for new credit 6 months out from applying for a mortgatge.

Many lenders won't use the AU accounts, they want to see your real score.

What are the delinquencies?  Lates?  Collections?

[MePlusThree]

Lates. They're all about 3 years old. Mostly 30 days, one or two 90 days.

[guiness56]

I would start sending out GWs for the lates.  Make it clear in the GW letter, it is NOT a dispute, otherwise it may end up on your CR as such.

[igids1]

I think you should first find out what your credit scores are. If they are even close to a mortgage limit, I would apply today.I would get at least 2-3 cards. You need credit, to build credit. An authorized user account with your wife should not be an issue. If it was with a friend, that would be a problem. I got a credit card less than 2 months before applying for a mortgage, and was never even asked about it.