This is for DW. Here is her credit profile:
Almost 11 months post bk-7 DC
FICO8 - 672 (EX), 680 (EQ), 660 (TU)
New Accounts - 12 months - 0; 24 months - 2
Inquiry - 12 months - 0; 24 months - 4 (EX), 2 (EQ), 2 (TU)
AAoA - 5.6 years
AoOA - 11+ years
AoYA - 1 year
Open accounts (4 of 19):
2 student loans (2.5 years old)
Cap1 QS - 1 yr old; 3.8K CL; platinum pc'ed to QS; 2 CLI's (credit step $500 and a $300 CLI last week)
Discover secured - 1 yr old; 2.5K CL waiting for graduation
Util - 87% installment accts, 3% on revolving accts
Baddies - 5 accounts IIB and the BK itself
Here are the questions:
1. Given that her rebuilding is progressing pretty well, does she really need a 3rd CC from FICO scoring perspective? Our next credit goal is to be in the best possible shape for a mortgage early next year as soon as we hit the 2 years post bk mark. Not a fan of accumulating a lot of CC's. My FICO8's are 5 to 7 points behind her, and I already have 5 CC's (including a 2nd Discover that I just got approved for with a very nice SL). Her 3rd CC if she goes for one will be soley for credit rebuilding purpose leading upto our mortgage app.
2. I am thinking of applying for a 2nd Cap One for her which she can probably combine with her first one at a later stage. She is prequal'ed only for the Platinum and QS1; but not interested in either. What are her chances of getting approved for a QS or Venture at this stage with a decent SL (> 5K)? Cap One approved me a 2nd CC (a QS) 6 months ago at 5 moths post-dc but only with 1K SL.
3. Any other cards recommended for her with a higher chance of getting a > 5K SL?
4. Another option is for me to add her as a joint-account holder on one of my cards. I have 2 Cap One QS, 2 Discover and a secured CC from a local CU. Discover may not approve the joint-account app since her Disco is still not graduated. But I can probably add her on one of my QS cards.
Thanks for reading the long post, and any feedback welcome.
Thanks @CreditInspired . Appreciate your feedback
I am not going to apply for any more cards. As for DW, she doesn't have a need for another card either. But since we wouldn't be eligible for a mortgage till late Feb next year, we were thinking of applying for a 3rd card for her this month if that's going to help raise her mortgage score in a year. Surprisingly our EX mortgage scores are about 25 points higher than our FICO8's. Her EX mortgage is 699 and mine 692. Don't know the EQ/TU scores.
Regarding bringing her installment util down, that's unfortunately not going to be possible. Those are student loans and still over 70K outstanding between the two accounts at 87% util. Slow horses. At the time of our mortage app, they should be at below 80% util.