@Anonymous wrote:
I really really really want the Chase SW Sig. Visa cause it looks like it would be a lot of use for me. Only problem is I'm waiting to get a mortgage next April/May. If I apply now, will it hurt me if I have an account that opened less than a year ago? I was going to wait, but I'm seeing people with scores like mine getting the card. Thoughts?
Karen
If only scores alone were a good indicator of success in apping! They also look at your full report, and there might be some specific factor(s) in your history that they wouldn't like.
Putting aside app itch (
), what are your reports telling you that you need to do? In other words, when you look on screen 2 of all three myFICO score reports, what are the positives and negatives (EQ and TU) and negatives (EX) listed for your reports?
The negatives are listed in the order of what's hurting your score, the most damaging at number one and so forth. Do you have any negatives for insufficient revolving credit?
And then I'd flip over to the simulators for your specific EQ and TU reports. If you ignore the best case scenario and slide down to the bottom of the screen, there are options for what happens if you get new credit. Try putting in getting a new CC with a $1000 limit, and see if that helps, hurts, or has no effect.
The sims get a bit shaky in projecting score change after getting new credit, but it will give you an idea.
Remember that mortgage lenders have finally learned from their mistakes, and they've gotten very, very cautious with those who have less than great credit. And if your scores are still pretty low, but you've been trying for new credit, that might send up some real alarms for them.
Since you're battling upwards from scores in the 500's (per your siggy), and you're trying for a mortgage in less than a year, I'd hold off on the Chase, keeping it as a future reward, and keep doing your clean-up, unless you get a really, really clear indication on your reports that a card would help. Keep telling yourself, a house is better than a card, a house is better than a card....
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007