I have only 1 card, do I need more?

[Anonymous]

I'm hoping to get a mortgage in the next few months, so trying to rebuild my credit.  Currently my equifax score is 629 (only paying for one).

The only credit card I have currently is an Old Navy card, with almost a zero balance.  I'm wondering if adding another card will build my credit faster, or will it just knock it down temporarily when I apply?

the only other open credit I have now is a car loan.  I have one collections bill I'm paying on and an IRS debt (which I know doesn't affect my score).  

[Anonymous]

Adding more cards will probably knock down your scores in the short term.

However, you typically want more than one card in your portfolio for a mortgage, and I would suggest finding out as quickly as you can what the specific requirements are for typical mortgage lenders.

There are various threads around here that suggest that at least 2-3 cards are best for scoring purposes.

[fot1]

General rule of thumb is Mortgage lenders want to see three open tradelines ( a year old) at the time of application. This is more so if you have had anything negative as this is waht is considered re-establishing credit.

[Shock]

I would personally open up a couple more non-store credit cards if I were you. Your score will get dinged for th first year, but after that youll be good. I just dont know what you can get approved for with a 629 score. Others can probably chime in more.

[Anonymous]

Another angle might be whether secured cards will satisfy the mortgage requirement.

If so, then you can get the SDFCU one, which is highly recommended around here.  It doesn't require a hard pull, but would still hit you with a new tradeline and reduced AAoA in the short term.

[Leadberry]

OP is looking to secure a mortgage within the next few months.  I'm not sure he/she wants to be applying for new credit.

[myjourney]

---

@Leadberry wrote:

OP is looking to secure a mortgage within the next few months.  I'm not sure he/she wants to be applying for new credit.

---

+1 correct no apps within 6 months of mortgage 

[plasectomy]

Grabbing a card close to applying for a mortgage may hurt you more than help you unless you are being manually underwritten. It will also look bad if they pull the credit before closing and see that a new account is reporting.

[NikoD]

I believe the people telling you to get more tradelines are implying that getting a mortgage in the next few months is premature and that you should get the new CCs then wait a year or more for the mortgage so the new accounts are no longer new. At least that was how I was interpreting it.

[Shock]

Well, OP is in a bind then. Either app for the mortgage with one store card on file, or app for a couple cards, and then app for the mortgage in 6 months.