A couple NOOB questions. .

[ThunderCat33]

Hello all. Have been stalking the boards for a bit and reading everything I possibly can. Great people here and tons of informative information. .THANK YOU!

A bit of history. Had 5 or so credit cards and Co-signed a car loan for my brother (never again! ) that all went into collections. I was in my 20's and completely ignorant of how good/bad credit affects your life. My daughter will have this important key to life pounded into her brain!

I have recently decided to build a responsible credit portfolio, and pulled my cR's last week. No negatives showing anymore and my experian FICO was 711. I have 3 car loans paid off showing, as well as my wife's visa that I am an AU on.

MY GOAL: To get into the 800's (long term) To position myself for a new home purchase in 5 years. (I am not on our current mortgage due to bad credit) nor am I on either car loan.

Now for the questions.
1. How many Cc's should I apply for and over what period of time? I was approved yesterday for a Lowes card ($2000.00)

2. Should I try to add myself to the car loans or become an AU on any of my wifes low balance cards to gain age in my length of history category?

Thanks guys in advance. Im sure I'll have many more questions over time and hopefully some contributions as well.

[sarahcatherinemay]

Welcome to the forums!

You're not in too bad of a position which is nice. You've got a decent score, just no open revolving accounts.

I would say 2 cards is a good starting point. You got approved for the Lowe's card with a decent CL so you are off to a good start! I would try applying for another card (Discover IT for example is great!) and then just let those gain some positive payment history. I'm sure you know the importance of keeping the utilization low when it reports so once you figure out the day it reports, you can get your payment pattern down! And never never be late again on your payment!! Then off to the garden you should go for a while!

Becoming an AU is a great thing as long as she has great payment history and keeps her util low! So you know better than we do if that's a good idea for you I wouldn't worry about the auto loan if I were you - installment loans don't do much and you have 3 closed (good payment hitory?) so that's fine.

You can expect a dip in your score from the inquiries along with your AAoA going down (unless your wife's account is going to help with that) but good payment history for even a few months will make that up in no time!!

Good luck with this rollercoaster we call credit repair! Just when you want to get off the ride, you'll get a SW alert and you're back for more! Keep us updated with your progress! 711 isn't too bad to start with though

[guiness56]

An open installment loan would help with credit mix.  Closed installment loans still factor into your AAoA.  As mentioned, they don't do a lot for your score on their own.

How old is your wifes card you are considering becoming an AU on?  Older than yours?

[ThunderCat33]

Hey guys..Thanx for the replies!!!

 My wife's cards are over 10 years old and she carries a couple that have zero balance currently. (Best Buy and another I can't think of at the moment)  

I agree with the mix of credit type as the reason for getting put on the auto loan.  All of the closed auto loans on my report were in good standing.

  Any recommendations on credit monitoring?  I read on here about a couple cards that offer your credit score every month.  I believe they were Walmart and DCU?  Do you know what that is?  So I was thinking of applying for one of those along with joining my work's credit union and getting a Visa through them.

This is so surreal to me to be on a site like this discussing this stuff after so many years of having bad credit and being irresponsible.  I love it!

[guiness56]

Yes, this is an awesome and very helpful site.  Everyone here has or has had the same problems and many have worked through the problems and are still here to offer their help.  Couldn't ask for a better place.

I would get put on as AU to a few of her cards.  Before you do, make sure they will report as not all do.

The auto loan also.

DCU is a credit union. 

[ThunderCat33]

Is. DCU. A national credit union? Do they have atms nationally or is that a local thing?

[guiness56]

They are in NH and MA.  But the do have ATMs all over.  I live in a tiny town in AR and there is a surcharge free ATM here.

[blk8]

90% of auto lenders will not just "add you on". You may find yourself having to refi the loan to add you as a co-applicant.

[ThunderCat33]

Sorry blk.. That's what I meant. . Refi.. However our rate is pretty good so I don't know if I wanna touch that.

Guiness.. is that credit unions card that good or is everyone talking about it on here from that area?

[guiness56]

I couldn't tell you.  I don't have the CC and I have no clue where everyone is from lol.