First post. Questions. Long time reader.

[Anonymous]

Hi.. long time reader here but just recently started to rebuild my credit. I never worried about my credit until recently when I was denied a conventional mortgage. At that point I decided to really work on it and have done so diligently for the past month or so.

I started off in the high 500s and had the following:

Shell FCU credit card- 500 limit
Capital One - 300 limit
Auto loan for 39k
Auto loan for 28k
Personal loan for 3.4k

None of these accounts were late and the cards had sub 10% uti.

I had 4 collections ( all of which are now pif and deleted)

Currently I have a paid charge off from Capital One from 2014(currently using the saturation technique)

A 60-90 day late from my credit union in 2013.

120+ late on child support from when I lost my job in 2014. Balance is 0 and has been since 2014 but still pay weekly.

My questions are these:

1) does the 120+ day late on child support from 5 years ago affect my score? From what I’ve read, most people disagree on this. I only missed 3 months when out of work but they have me for 10 consecutive missed months. I’m considering GW this once I get the paperwork from work.

2) my wife added me as a AU last month. Her discover is 20 years old with an 8k limit and her AMEX is 8 years old with a 8k limit. 0 missed payments ever. While being an AU is making my score jump, an underwriter won’t use that during a mortgage decision correct? Without her two cards, my total credit limit and age of accounts is absolutely horrible. 800 total with 5 year average.

I’ve read that having 3 or more cards is ideal for FICO. And the AZEO technique. Would her AU cards be factored into the 3 or more I need or should I apply for a third card on my own?

Currently sitting at the following scores:

TU- 634
EX- 686
EQ- 664

Sorry for the rambling. I look forward to the advice. Thanks a lot.

[Anonymous]

Yes, a 120 day late from 5 years ago is affecting your score and will until it's removed, although the effect lessens over time.

I'm not sure about authorized user's effect, but it's recommended that you have at least 3 cards, 5 cards for optimal scoring benefit.

Have you tried Discover's prequalification?

[Anonymous]

I think the biggest bang for your buck would be using good will letters to ask for the 60, 90 and 120 day late marks be removed.

I also agree that discover is a nice card for rebuilders. We have a secured one and they've been wonderful. They are also well known for moving people to unsecured at the 7 month mark or shortly after.