Went on a Spree

[Anonymous]

As our ultimate goal is to buy as house we decided to take the HP's now and wait 6-12 months to apply for a mortgage. In the mean time these cards can be growing while I resolve the rest of my baddies.

We got approved the Amex Everday Card SL $1k and double dipped for the Amex Bluecash Everyday SL $1k.

The wife got the Marvel MC SL $1k.

We are off to the garden firmly for atleast the next 6 months before we attempt to proceed with are mortgage. In the meantime these will grow nicely and allow us to close a couple we don't use that won't affect our AAoA or our utilization.

[AverageJoesCredit]

Nice job, good luck on the house hunt

[Anonymous]

Congrats OP! 

[BronzeTrader]

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@Anonymous wrote:

As our ultimate goal is to buy as house we decided to take the HP's now and wait 6-12 months to apply for a mortgage. In the mean time these cards can be growing while I resolve the rest of my baddies.

We got approved the Amex Everday Card SL $1k and double dipped for the Amex Bluecash Everyday SL $1k.

The wife got the Marvel MC SL $1k.

We are off to the garden firmly for atleast the next 6 months before we attempt to proceed with are mortgage. In the meantime these will grow nicely and allow us to close a couple we don't use that won't affect our AAoA or our utilization.

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I do not think this is a good strategy.  The mortgage bankers look at at least 12-month credit history and possibly even longer.  The three new cards at the same time raise red flags.

Also, a total of 3 x $1,000 credit line with some existing baddies??  You may have weakened your credit....

[Anonymous]

I agree that it may have weakened it in the short term. We are prepared to wait 12 months or possibly more. This is a long term move to get rid of a couple cards like Credit One and some Web Bank crap we don't use. Utilize these cards for our daily needs and PIF each month and let them grow together. I do not plan to open any credit lines atleast until we have reached our end goal.

[BronzeTrader]

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@Anonymous wrote:

I agree that it may have weakened it in the short term. We are prepared to wait 12 months or possibly more. This is a long term move to get rid of a couple cards like Credit One and some Web Bank crap we don't use. Utilize these cards for our daily needs and PIF each month and let them grow together. I do not plan to open any credit lines atleast until we have reached our end goal.

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This is just fine.  But I think in your position, keep one or two good cards and let them grow would be a much better strategy.  

[Anonymous]

Congrats on your success.

[trusty]

Congrats on the approvals. But, I agree that this was only a good upcoming mortgage strategy - if you didn't already have at least 3 positive trades on your reports.

Further, underwriters like to look at accounts with at least 2 years of history.

The prevailing advice is to not apply for accounts leading up to an impending mortgage application. But, it isn't totally disqualifying.

But, new accounts generally don't improve your score... for a year or two, anyway.

So, unless you really need the accounts on your credit reports, there's just no upside - unless you're willing to wait at least another year or two for the mortgage.

Nevertheless, for what its worth, sometimes it's best to make your own way. So, don't let anyone from the web tell you how to run your own financial life. There are many different ways to reach a destination.

We just try to share strategies based on the experience of ourselves and of like minded others.

[Anonymous]

Nevertheless, for what its worth, sometimes it's best to make your own way. So, don't let anyone from the web tell you how to run your own financial life. There are many different ways to reach a destination.

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You're mostly correct, except new accounts actually help with long-term AAoA padding. Of course, this isn't helpful unless you're planning on opening additional future cards/accounts for a bonus or points rewards purposes.

[Anonymous]

Congrats! And congrats on the upcoming home purchase, how exciting!

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@Anonymous wrote:

Nevertheless, for what its worth, sometimes it's best to make your own way. So, don't let anyone from the web tell you how to run your own financial life. There are many different ways to reach a destination.

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You're mostly correct, except new accounts actually help with long-term AAoA padding. Of course, this isn't helpful unless you're planning on opening additional future cards/accounts for a bonus or points rewards purposes.

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@Anonymous wrote:

Nevertheless, for what its worth, sometimes it's best to make your own way. So, don't let anyone from the web tell you how to run your own financial life. There are many different ways to reach a destination.

---

You're mostly correct, except new accounts actually help with long-term AAoA padding. Of course, this isn't helpful unless you're planning on opening additional future cards/accounts for a bonus or points rewards purposes.

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