cancel
Showing results for 
Search instead for 
Did you mean: 

Credit Card Offer in the mail. Should I, or should I not?

Established Member

Credit Card Offer in the mail. Should I, or should I not?

So I'm getting ready to buy a home as soon as this year 2012's tax returns are filed.  My Fico 667 Faco Experian, 685 Trans Union, 635 Equifax.  I have a few old 30 day's that are well beyond the 3 year mark, a charge off that is paid (already tried to get it changed to paid in full.  I wasn't educated on the credit repairing, so I didn't do a pay in delete, I just paid it back in 2007.

 

I just bought a new car last week, and now I I just got a credit card offer in the mail, and currently I have a secured cap 1 (300 limit) and an authorized user on a HD card. (10,000 limit).  Not sure if opening a card this close to going for a mortgage will be favorable or if it will hurt me with the brand new car payment.

Message 1 of 9
8 REPLIES
Valued Contributor

Re: Credit Card Offer in the mail. Should I, or should I not?

You should avoid any inquiries for as long as possible before a mortgage.  I wouldn't do it personally, but it's totally up to you if you think it is worth it.  It is very typical to see lenders question each and every inquiry within 6 months of your mortgage.  Searching for credit actively before a mortgage can raise red flags, and may lower your score if it results in a new tradeline.


In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 2 of 9
Frequent Contributor

Re: Credit Card Offer in the mail. Should I, or should I not?

You should not! wait until you have everything taking care of with your home

Message 3 of 9
Valued Contributor

Re: Credit Card Offer in the mail. Should I, or should I not?

You just got a car and are looking at a mortgage in the next year. I would hold off and garden.

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 832 EX 783 TU 816
App free since 9/15/15
Message 4 of 9
Valued Contributor

Re: Credit Card Offer in the mail. Should I, or should I not?

no no no
5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 5 of 9
Established Contributor

Re: Credit Card Offer in the mail. Should I, or should I not?

heo no!!!! the car is already going to hurt you A LOT in your income / debt ratio which is heavily factored in, but I guess it all depends on your income, but seeing that you have only a toy credit limit I would say your income isn't that great since you would've probably got a super high secured limit otherwise. but DO NOT DO ANYTHING TIL YOU GOT YOUR KEYS IN HAND. You should've waited to get your car to be honest.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 6 of 9
Moderator Emeritus

Re: Credit Card Offer in the mail. Should I, or should I not?


distantarray wrote:

heo no!!!! the car is already going to hurt you A LOT in your income / debt ratio which is heavily factored in, but I guess it all depends on your income, but seeing that you have only a toy credit limit I would say your income isn't that great since you would've probably got a super high secured limit otherwise. but DO NOT DO ANYTHING TIL YOU GOT YOUR KEYS IN HAND. You should've waited to get your car to be honest.


 

I think the toy limit is probably due to the lates and CO on the report, rather than income. Nevertheless, I would also urge the OP to hold off on doing anything until the mortgage is final and the house keys are in hand. Right now, the garden is the place to be (and we have refreshments!).

 


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Message 7 of 9
Mega Contributor

Re: Credit Card Offer in the mail. Should I, or should I not?


xozzie1x wrote:

So I'm getting ready to buy a home as soon as this year 2012's tax returns are filed.  My Fico 667 Faco Experian, 685 Trans Union, 635 Equifax.  I have a few old 30 day's that are well beyond the 3 year mark, a charge off that is paid (already tried to get it changed to paid in full.  I wasn't educated on the credit repairing, so I didn't do a pay in delete, I just paid it back in 2007.

 

I just bought a new car last week, and now I I just got a credit card offer in the mail, and currently I have a secured cap 1 (300 limit) and an authorized user on a HD card. (10,000 limit).  Not sure if opening a card this close to going for a mortgage will be favorable or if it will hurt me with the brand new car payment.


I would hold off until you close on your mortgage. Do not let anything make your interest rate go up on your loan.

 




EQ FICO 548 3/3/16
Message 8 of 9
Highlighted
Established Contributor

Re: Credit Card Offer in the mail. Should I, or should I not?

Plus one to all of the above. No more credit! Until after your home mortage is closed with keys in your hand.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico)XP 735 (FAKO)
Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 9 of 9