Should I open another credit card account at this time?

[blacklotus]

I have never been an AU mainly because no one wants to add you when your credit is bad like mine was for a long time.  And I would never add an AU because of my research into this whole AU business.

IMHO (I really don't have a lot of experience as far as AU goes) it seems that doing the right thing would definitely be to separate your finances and that might include the AU account.  But I have a feeling that when the AU account is delisted your score will suffer a sharp drop because you only have one other revolving account.

I would suffer through the delisting.

A person is NOT their FICO score.

[smallfry]

No good reason to wait to get another card. I would be tempted to pull at least an Equifax FICO score to see where you stand. If you wait until you are off the AU card you might be disappointed in the possible sub prime card you will get. Just my opinion but you look better to an issuer now.

[MarineVietVet]

Well Senatorii,

You've received different opinions and advice. Only you can decide what you think is best for your situation. In any case we all wish you the best.

[Senatorii]

Thanks to all of you for your advice and views.  My head (and heart) aches.

I don't know what I ultimately will do, but I think at a minimum, my first step will be to see what my current FICO scores are through this site.

To all, yes, "my" AU account is the strength of my credit scores (at least as it relates to revolving credit).  The AU is an impeccable, high limit, long-held account.

So, the argument that the posters who advise that removing myself from the AU account may not be the best idea (at least not immediately) appeals to me b/c removing it likely will (1) lower my scores significantly, and (2) make it impossible to open a new cc account.

But, I just don't know.  Life is very difficult right now.

Again, thanks to everyone who has taken his/her time to offer their advice and views.

Regards,
Senatorii

[smallfry]

Sorry to hear about your situation. Take good care of yourself.

[Anonymous]

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@smallfry wrote:

Sorry to hear about your situation. Take good care of yourself.

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I would say +1, but I am truly sorry to hear about your situation, and I hope you do take very good care of yourself; and +1 might not express that clearly enough.

I'll just add my two cents to the pot.  If nothing else, it will give you something to think about.

I do believe you should open another credit card account at this time.  I wouldn't wait.  Spend some time researching credit cards here - maybe post some detailed info on the two cards you have and anything else on your credit report.  

I would get one or even two cards at this point - and then you will have several months of aging on them and your inquiries when you do take yourself off as an AU.  Whatever score hit you receive at that time, will be somewhat softened by having that six months or so of age.  And hopefully, you will be carrying three cards reporting at the time the AU is pulled.

[Senatorii]

Hi all,

Thanks again for your help.

I just pulled my scores: TU = 782 (up 3 pts from Feb.) and EQ (down 3 pts from Feb.).

B/c beamMEup asked, here's a sort of summary of what is on my CR:

TU Info:

(-)  you have not established a long revolving credit history (first opened 8 years, 9 months ago)

(+) you have no missed payments on your credit accounts

(+) you've limited use of your available credit

(+) you have an established credit history

(+) you're not actively looking for credit               NOTE: (odd, b/c I opened a new CC in Feb 2010 - but I guess the CC co. didn't inquire on TU, but on EQ instead (see below))

EQ Info:

(-) you opened a new credit account relatively recently         NOTE: (obviously, the CC account I opened in Feb 2010)

(-) you have not established a long revolving credit history (first opened 8 years, 9 months ago)

(+) you have no missed payments on your credit accounts

(+) you've limited use of your available credit

(+) you have an established credit history

Both (TU and EQ) Info:

Credit-At-A-Glance:

No accounts past due

8 year credit history

0 late payments

Total balance of:

revolving: $3,356       NOTE: (this is the AU account plus my new one in Feb 2010)

mortgages: ~$290,000

installment loans: none     NOTE: (I don't have any)

Total Number of:

Accounts: 7

Accounts with balances: 3

Accounts opened in past year: 2             NOTE: (this would be a refinance of our mortgage and my new CC account from Feb 2010)

Recent inquiries: TU = 0, EQ = 1             NOTE:  (this is the only difference between TU and EQ on this portion of the CR)

Collections: 0

Public Records: 0

NOTE: Of the 7 accounts, only three are "open/active" (if that is even the correct term for it). 

The 3 open accounts are:

1 AU revolving account opened 8/2007 (spouse opened this to replace the one listed below (that was eventually closed 11/2007)

• limit is $11,700, current balance is ~ $3,900

1 revolving account opened 2/2010 (this is the one that the good folks here advised me to open)

• limit is $13,400, current balance is ~ $11

1 mortgage (our current mortgage, which was a refi (5/2009) of our prior mortgage)

• balance is ~ $290,000

The other 4 accounts are (they are closed):

1 old CC account (also where I was an AU) opened 7/2001, closed ~11/2007

3 old mortgages (1 - our original mtge for our first house, plus 1 - a refi of that mtge (to get a better rate), plus 1 - our original mtge for our current home (it has been refinanced 5/2009 (as noted above) - and that refi is one of the "3 accounts with balances" listed above

I think that is about all the information I can give w/out posting the entire reports.

Does this change any advice/opinions?

Thanks,
Senatorii

[smallfry]

Those mortgages are helping your scores a bit to be sure. Even the closed ones. The AU card is not near optimum utilization. Your husband could rack up debts quickly on that and hurt your scores. I would go for a card at this point maybe even 2. But at least 1 and see what kind of CL you get. I suspect in a worst case scenario the one newish card you have on your own is really enough to handle your credit needs.

[smallfry]

It might not be so easy as you might think to have yourself removed as an AU from the account if it goes bad. I saw a thread on another creditboard about this topic just now. Things always do not go according to Hoyle. Use it to get your card(s) and get off. The risks are not worth the trouble.