@JBoswell wrote:
I had some problems with my credit in the past. I've been paying everything on time for the past 6 months, and will continue too, but I only actually have one credit card currently active. I'd heard that you shouldn't take out any new credit before trying to apply for a mortgage (which we hope to do in March of next year), but at the same time I've heard that it's better to have more than one card. So I'm a little confused.
I want to do whatever will put me in the best position to be able to get approved for the mortgage. My husband's credit is good. My score only averages around 545. But that's up from the 400 something it WAS at 6 months ago. Is it worth getting a second card? Will that actually help or hurt my credit and chances at the mortgage?
I would get 2 more, with one being a store charge card. Whenever you apply for credit, you score drops. FICO doesn't like new credit. But I had started with 0 CCs last August and saw increases with the addition of my first 3 cards. Most of the damage that comes from new credit last for 4-6 months. By the time you app for a mortgage, the damage should be gone and replaced with higher scores (keep util% in check).
Be sure to app for a CC based on the strongest FICO score. Use sites like whogavemecredit.com as a guide. But also focus on repair. Looks like you still have some to work on.
