My husband and I are trying to build both of our credit scores over the next 12-18 months so that we can qualify for a decent interest rate when we purchase a home. We are looking to put about $ 1400 (possibly more) on a couple secured credit cards. I’ve heard that the quickest way to build your score is by having a variety of good accounts. He has a car payment on his score as well as a furniture payment. I have a school loan payment. We were thinking of getting 3 cards each with two having $ 200 on them and the 3rd having $ 300 and then only spending 10% on each a month and paying them on time.. possibly even adding to the limit now and then (basically a form of savings that looks good on our credit.
However, I am wondering if we even need to have 6 cards between us.. Or could we just have 3 Joint cards? 2 having $ 400 each and the 3rd having $ 600?
If you have a suggestion for a secured card to go with that reports to all 3 credit agencies please send me in the right direction. It would be great if they offered joint cards as well.
Right now we are looking at a CitiBank, a Wellsfargo and an Orchard Bank Card (HSBC -which is who our car payment is through)
Any advice would be great. Right now our credit scores are hovering right around 570 and I’ve been paying off old debt and charge offs and such for just over a year and my husband’s score went up for a while and then surprisingly went down.. mine is slightly hire than his and I have less accounts in good standing. I sort of feel like we’re stuck in a rut. Aside from the $ 13K we still owe on our car we have no debt left to repair so our only option seams to be getting a couple Secured Credit Cards and building credit that way.
Advice is appreciated!
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