Reply
Established Member
Posts: 14
Registered: ‎11-01-2012
0

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.

Valued Contributor
Posts: 1,607
Registered: ‎09-15-2012
0

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) $32,000, Chase Freedom (12/12) $16,500, Citi Forward (12/12) $14,600, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Thank You Premier (6/15) $6,800

Last App: June 27, 2015
Frequent Contributor
Posts: 455
Registered: ‎01-04-2012
0

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

Valued Contributor
Posts: 2,789
Registered: ‎10-10-2012
0

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 816 EX 780 TU 823
App free since 4/11/13
Valued Contributor
Posts: 2,982
Registered: ‎02-09-2012
0

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

no no no
5/2012: 560 credit scores across the board and $500 secured CC
12/2014: 750+ scores across the board and $80k in revolving credit

Get those baddies removed!!!
Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
0

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
Moderator Emeritus
Posts: 4,875
Registered: ‎11-02-2010
0

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
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
0

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.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Highlighted
Established Contributor
Posts: 760
Registered: ‎02-11-2012
0

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) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.