Typically when giving advice to folks building / rebuilding, I'd suggest getting 2-3 right out the gate.
In this instance, how long have you had the card open? If it's recent call it within 2 months, I'd go open another right now: will likely be a straight boost to your score in the short term and will help mid and longer term as well.
If you're closer to 6 months, I'd wait and look at what I wanted: depending on your needs things like Amex charge cards and Discover last I checked open up at this point, but personally I wouldn't wait till a year, can always close a starter card later if you so desire, though if you abhor the thought of that, wait till your current card ticks over a year then you're qualified for what I consider to be the entry rewards cards (Chase Freedom, definitely Discover by that point, and an Amex revolver or similar if your file supports them, 12 months on a revolving tradeline is a pretty common underwriting standard for a lot of things).
@Anonymous wrote:
@nickerson wrote:I would say wait 1 year before adding a second card. Adding a second card helps by giving you a higher credit limit, helping with utilization. Also as the accounts age your AAoA goes down less when you add more cards in the future.
But apart from those factors, we are told (possibly reliably) that the FICO algorithm scores 3 revolving credit lines higher than 0, 1 or 2. (And more than 3 doesn't add extra). So that would imply something like it gives more weight to good payment histories from 3 or more lenders than it does from just one (with just one lender it is easier to pay on time?) We don't know the details, but this has been confirmed. Like credit score-based auto insurance, there doesn't have to be an obvious "reason", just FICO and others claim the data shows there is a correlation (in this case, 3 or more lines reduces the default risk) so their algorithm models that.
I think the bulk of the scorecard is maxxed at 2 revolving tradelines TBH; however, can't really optimize balances ideally with less than 3. When that third card gets added is slightly fungible (or when the second one does) typically get it as soon as possible in my opinion, but if you're close to a common underwriting boundary where you get more / better options opening to you, it can make sense to wait for a few months to round out the portfolio.
End of the day, 4 tradelines whether revolving or installment has been a pretty typical underwriting standard, and people should aim to get to that level, ideally with a mix of credit cards and installment tradelines, but I think 5 is probably optimal: 3 open revolving, 2 open installment, but this is not science.
@jamesdwi wrote:I agree you should get the second and possibly a third card now. I would also suggest that you avoid the joint credit cards, it could been seen as a negative, as if one or both of you couldn't get the credit card alone. I understand how you like the idea of joint finances but for credit cards its a bad thing,not a good thing. It may be wise for each of you to have 3 credit cards so you are independent. Its best to have both people setup with good credit, than if one depends on the other, you never know what the future may hold, so hope for the best, prepare for the worst. If you like you can be AU's on each other cards those are easy enough to seperate from each others if things go bad.
Joint counts aren't a negative, where they become a problem is if you have to strategically take a negative at some point in the future if you simply run out of cash / liquidable assets: you can torch one partner's credit while leaving the other unscathed which can be an advantage when you get back on your feet again and even assist in getting back to righteousness.
Optimally other than mortgage and maybe auto loan, nobody does joint accounts, but that just isn't practical sometimes and I personally wouldn't pick the fight over it if my theoretical wife wanted a joint credit card for whatever reason.