Need advice on which CC to apply for with high 5 scores
Ok so I'm working on my dh credit report as I posted in other threads and I'm stuck as to what I need to do next in conjuction with paying off collections and bring down util on card.
DH has only 2 installment accounts (auto) in good standing. One is 2 years old, the other only 7 months old. In addition he has 1 bank card with a cu that his maxed out (we're working to bring this down) but paying on time.
He has 4 collections, 1 repo, 1 charge off.
Question: In order to be able to build enough history in time for the purchase of our first house next spring, should he apply for a new revolving card in order for him to have at least 2 cc's?
His scores as of 7/19/08 are:
EQ: 581; EX: 584; TU: 604
Hard Inqs: (7) in 2007 mostly from trying to find a bank for his car loan and mortgage banks; (1) in 2008 so far
I haven't pulled recent scores because nothing has changed except for TU deleting a very recent collection but we did get our free reports online so i know nothing has changed in the other 2.
Does he even stand a chance at being approved? If so, I was hoping someone could tell me if a chevron gas card would work or if i should try for another one? I don't want to add him as AU on my cards because my history stinks but I've never paid late.
Re: Need advice on which CC to apply for with high 5 scores
His two options are a secured credit card from a credit union (especially if he already has a relationship) or from a bank that he has an auto loan with that he has never been late on. Or he can apply for a rebuilder card like an Orchard. I don't know if that will improve things enough by Spring, but it will improve his score in the long haul.
The best bet is to hit the goodwill letter campaign hard and pay down those balances as much as you can.