03-09-2013 08:06 AM
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.
03-09-2013 08:19 AM
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?
03-09-2013 08:40 AM
03-09-2013 08:49 AM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.