@longtimelurker wrote:If your score (04) is solid enough and your file thick enough, it doesn't really matter as an extra card won't change your rate. But if it's only 10 months, rather than 2 years often advised here, probably not worth taking the chance unless the cc is going to be worth a lot to you.
Of course, if you have been advised you need more lines of credit to qualify, that's a different story.
^^^^^
This
As a general rule people shouldn't apply for credit 6 months prior to apping for a mortgage, but it's not gospel and if you have established credit, you will probably be fine.
The reasoning behind the '6 month rule' (or some poeple say 12 months) is if your score is on the border for getting a better rate, you do not want to upset the apple cart for something as trivial as another credit card (especially if you already have several).
For conventional loans, 750+ mid score gets you the absolute best rates; 720-749 gets very good rates; 700-719 gets good rates; anything below 700 is when it starts to get a little tougher (in which case you might be better going FHA). 680 and below, definitely go FHA as PMI rates will be prohibitive (assuming your DP is <20%).
Good luck!
@Dw4250 wrote:
@longtimelurker wrote:If your score (04) is solid enough and your file thick enough, it doesn't really matter as an extra card won't change your rate. But if it's only 10 months, rather than 2 years often advised here, probably not worth taking the chance unless the cc is going to be worth a lot to you.
Of course, if you have been advised you need more lines of credit to qualify, that's a different story.
^^^^^
This
As a general rule people shouldn't apply for credit 6 months prior to apping for a mortgage, but it's not gospel and if you have established credit, you will probably be fine.
The reasoning behind the '6 month rule' (or some poeple say 12 months) is if your score is on the border for getting a better rate, you do not want to upset the apple cart for something as trivial as another credit card (especially if you already have several).
For conventional loans, 750+ mid score gets you the absolute best rates; 720-749 gets very good rates; 700-719 gets good rates; anything below 700 is when it starts to get a little tougher (in which case you might be better going FHA). 680 and below, definitely go FHA as PMI rates will be prohibitive (assuming your DP is <20%).
Good luck!
Dependent on lender.
@OP: prioritize. If mortgage > CC, and I think under any rational measure it should be, then ignore the CC.
10 months isn't that long to wait, reading the limits thread left me scratching my head given I've been trying to get a mortgage since I joined this forum, and most of the last 2.5 years was spent sitting on my hands from a credit perspective.
There will be CC's later, they aren't going anywhere and I would've had a non-trivial difference in rate if I'd scored 5 points lower on my EX 98. That would've sucked, so for anyone other than the uber gold plated, really should not be taking non-essential inquiries, and I can't see any CC being essential to one's life.
