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Best Chance to Get Another Card

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BuffaloBill
Established Member

Re: Best Chance to Get Another Card

I checked out NerdWallet.com for recommendations and they thought that I could get either of the following:

 

Capital One® Cash Rewards - $100 Cash Back Bonus - No annual fee

Citi® Dividend Platinum Select® Visa® Card - $100 Cash Back- No annual fee

American Express Clear - No annual fee

 

Do these sounds like possibilites?

Message 11 of 14
ccnewcc
Established Contributor

Re: Best Chance to Get Another Card


@BuffaloBill wrote:

I checked out NerdWallet.com for recommendations and they thought that I could get either of the following:

 

Capital One® Cash Rewards - $100 Cash Back Bonus - No annual fee

Citi® Dividend Platinum Select® Visa® Card - $100 Cash Back- No annual fee

American Express Clear - No annual fee

 

Do these sounds like possibilites?


Well out of those 3 I would go for the Citi.  I don't know what their score requirements are so not sure on your sucess rate on that or the other two.  

 

 

Might I suggest to wait?  Lol.

 

 

In 9 months your baddies are gone.  But as early as 12 months you are shoping for mortgage rates.  Your app inqs are still going to be on your CR.  Granted they will have aged and will be less of a factor (it at all to your lender).  But big picture?  CC or house?  lol

 

For all things you mentioned, hotel car, etc, you can do that now with both your debit and Orchard.

 

hotels will take debit, no fuss.  Car rentals you can reserved your car with your CC, but pay with your debit card if you choose,  and no HP for doing so.  Online shopping, again debit card works.

 

I know it sucks.  But i rather make sure i am standing in my new house than worring about how crappy why CC is and how low the CL is.  lol

Message 12 of 14
BuffaloBill
Established Member

Re: Best Chance to Get Another Card

ccnewcc thanks for the advice.

 

I thought that most mortgage places don't look at anything beyond 12 months, unless you had like 20 inquires or something. 

 

My only active line of credit is with my Orchard Bank CC.  The only other current lines are with my student loans ($4,500).  Everything else has been closed for 3+ years.

 

I do want the absolute best mortgage rate when I go to apply but I figured part of that would be by showing I actually had some credit and used it well.  I figured by having only a few inquires (2-3) that were 12 months+ and showing that I had some descent credit lines this would help my mortgage application.  I figured that I would need these lines of credit to actually have a rating above 760.  Is this not true?

 

 

Message 13 of 14
ccnewcc
Established Contributor

Re: Best Chance to Get Another Card

I'm not sure what underwriters and lenders look at and whatnot.

 

A friend of mine got decline (but ultimatley approved through recon and pleading lol) for a mortgage and one of the reason was too many inquiries.  He only had two that were 12 months old and both for a car.

 

I do think that too much emphasis is put on the FICO score itself -- both from our persective and from the lender's perspective.  I saw in another thread that the OP didn't have any revoling CC for over 6 months and so didn't have a FICO when he tried to get a mortgage.  The lender told him to go and apply for a CC and then come back to him so he could generate a FICO.  

 

I think that is non sense.  Had that been me, I would have said, "either you're gonna lend to me or you're not.  But I am not getting a CC.  If I wanted one, I'd have one by now."

 

You got an AAoA of 8+ yrs and sitting in the 680-730 range now.  I think you have proven yourself that you actually had credit and used it well.  (That is once those baddies fall off Smiley Wink 

 

My only words of advice would be dump that AF Orchard ASAP (but use it for now cuz you need it) and to maybe not rush into getting another CC if it is going to interfer with your house dreams.

Message 14 of 14
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