I have only 1 card, do I need more?

[fot1]

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@NikoD wrote:

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.

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That was what i was trying to say.. just skipped through to fast.

[myjourney]

If you use this process you'll have to push the home purchase back maybe 4 extra months 

Solution have someone parents or siblings add you as an AU to a old low UTL card.

Underwriting will see it but it should give you a quick boost to scores 

[user5387]

Seems like you want to find out specifically what the requirements are before making any moves.

If you have some lenders in mind, you can ask them about this.

[fot1]

OP I would suggest going over to the Mortgage board and laying out your file and see what is said over there..  My personal suggestion would be to add one or two cards and plan top apply this time next year.. Right now you have as many negative items  as postive items  And with scores in that range that will be a tough sale.

[fot1]

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@myjourney wrote:

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@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.

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+1 correct no apps within 6 months of mortgage 

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That is if you have nothing bad on your report.. If you have prior negatives you should have nothing new the year before.

[Jbb2788]

Myjourney has it correct. We did this for my wife to bump her scores up a little before we applied for our mortgage. This way she did not take any HP's and her credit score jumped enough for us to get a better rate on our loan. 

[AndySoCal]

When is the las time you used your old navy card?

[chemtech]

I used my card last about a month ago.  It's relatively new, got it last November.  Currently, has a balance of $37 with a $300 limit.  I got my car loan in December 2012 and somehow got a decent rate of 2.99%, maybe because it was the end of the year.

 The Old Navy card is the first credit card I've qualified for since my credit score tanked at the end of my failed marriage about four years ago.  Late mortgage payments and credit card payments at the end screwed me.  My score bottomed at 534, at least to my knowledge and has been slowly rising for the last couple of years.

[takeshi74]

I'd suggest a multi-pronged apporach.  Definitely pull all 3 reports.  Deal with your derogs.  Get what you can removed (visit the rebuilding subforum).  Push back the home purchase and verify what the mortgage lender specifically wants.  Obtain and responsibly use 1-2 more cards to rebuild your credit.  Rebuilding is a slow process and buying a home in a few months in your current situation is going to be very difficult if at all possible.

[fot1]

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@chemtech wrote:

I used my card last about a month ago.  It's relatively new, got it last November.  Currently, has a balance of $37 with a $300 limit.  I got my car loan in December 2012 and somehow got a decent rate of 2.99%, maybe because it was the end of the year.

 The Old Navy card is the first credit card I've qualified for since my credit score tanked at the end of my failed marriage about four years ago.  Late mortgage payments and credit card payments at the end screwed me.  My score bottomed at 534, at least to my knowledge and has been slowly rising for the last couple of years.

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You have a bunch of lates that are four years old aslo? Sorry I don't see you being able to get a mortgage in a short time. Again I would suggest going to the Mortage board and laying out your full credit file and ask what you should do.. I think you are probably a year away. Best of luck