I'm looking to add a second major credit card as a backup after I (stupidly) never used my old backup card and the company closed the account after the credit reform laws came into effect (ironically designed to help credit-ignorant people improve their scored, but hurt this credit-ignorant guy’s score by necessitating a newer account). I also plan to apply for a mortgage in August 2012. My question is whether it would be best to get a 2nd card now or wait until after I set up my mortgage.
My score is 800 and my wife's is 780. I'd like to get the best rates, which are available to people over 760 according my credit report from myFICO.com. Since my wife is close to that threshold, I'm wondering if the extra inquiry (it would be 13 months old when we apply) and reduction in average credit age associated with getting a card now will put her below 760. On the other hand, our credit utilization would go down with the increase in credit, although we can get it below 9% with our current limits. Also, the sooner I get the 2nd card, the older the account will be when I apply for financing down the road.
Can I get the 2nd card now and still get the best rates 13 months from now or should I wait to apply for the 2nd card?
