TheNewWorldMan wrote: Yes, I think you could benefit from another revolving charge account. Just be aware of what I call the "six-month rule": for six months before attempting to secure a mortgage, you should refrain from all credit-related activities EXCEPT:
* Paying down CC balances (this is ALWAYS a positive) * Trying to GW or PFD your most recent charge-off or delinquent account
Now, generally getting a new credit card is not going to tank your FICO. At most, you'll take a 3-5 point hit for that inquiry. The exception to this is if you have a long, thin credit history (i.e., you've had those two cards and only those two cards for many years). In that instance, opening a new account can lop years off your average length of accounts, and cost you 20 to 30 FICO points.
Thanks for including the snippet about six-month rule NewWorld. I'm in the market for a mortgage and now I'm going to have to put off my plans since I've had recent activity. It makes sense, but when you get house-hungry you lose all reason...hehe.
