Opening another card will hurt in your case. The card will look like potential debt to the bank and will not increase your credit score. If you were waiting a few years and were using the cards and paying them off on a consistent basis with no late charges this would add to your credit score. If you had a number of open cards with no balances and you closed them that would also improve your credit score. As it is it looks like you are doing everything right. Now just make consistent payments with none being even a day late and you will probably qualify for your loan.

If you are paying the minimum amount on your loan, and your credit card, start paying more than the minimum every month, regardless if your statement says to pay the minimum.

Your debt to income ratio can help increase your score, also. You want your line of credit to be higher than your debt. Example: If everything reporting in your credit files as a debt totals up to $10,000, then the dollar amount of your line of credit should be at least $20,000 or $25000. This is what increases your score rapidly, and other card companies will offer you credit because of your wise use of your credit. You have $25,000 worth of credit and you have only used $10,000 of it.

A credit score change about every 12 months. It’s usually 10 points per month so you should be ok by December. Do not open any new accounts until your score goes up.