Should I or Shouldn't I

[ChrisW]

I currently have one CC with Orchard Bank with a CL of 850, the only other TL I have is a auto loan with HSBC.  I have a BK that was Discharged in 6-05.  I am going to be purchasing my first home in March of 08 when construction is complete.  My question is should I apply for another card or two to help boost my score, or would it hurt me more since I will have to get a mortgage in 6 months.  I am trying everything in my power to boost my score as much as possible as quick as possible.  Thanks in advance

[Anonymous]

Chris, good that you are thinking in advance. You need at least 3 cards and build some history on them. Some thoughts: pull a CR and see where you stand...if you have any baddies,be proactive and try to eliminate them, by taking immediate action; check in here daily, and learn. This place is a great learning tool for credit,(and read how others in your exact same situation are/have handled it)..how to build...how to repair credit; join a credit union, open up a savings acct with them, and apply for one of their cards. I'm thinking of doing just that with CCCU(Community Christian Credit Union..or something like that). Good luck!

[ChrisW]

I have done just that, I have spent the last week going over everything and disputing what needed to be and am awaiting the results.  When it is all said and done there will be only 2 baddies on my CR that will be falling off in the first part of next year.  I'm worried about applying for new cards and it dropping my score, but I've also heard of them falling at first but quickly bouncing back and then some once you use the cards and keep them under 10% util.

[Anonymous]

Good for you! You are working the system to YOUR advantage. You still may want to consider adding another 2 or 3 cards, one of which I suggest a credit union card. The sooner the better. and yes, your score may drop a little, but should rebound by mortgage hunting time(a CU may be a good source for shopping for mortgages too!)BTW, our 2 scores are not that far apart. TU: 649, EXP: 637. And with those scores I just applied for and received a BoA 99/500 card, and they are a Prime CCC.