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Established Member
xozzie1x
Posts: 14
Registered: ‎11-01-2012
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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
SnackTrader
Posts: 1,566
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.


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wallyworld123
Posts: 455
Registered: ‎01-04-2012
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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
Epcot
Posts: 2,784
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 809 EX 774 TU 805
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Valued Contributor
Repo-ed
Posts: 2,953
Registered: ‎02-09-2012
0

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

no no no
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distantarray
Posts: 2,112
Registered: ‎09-25-2011
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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
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tinuviel
Posts: 4,877
Registered: ‎11-02-2010
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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!).

 


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LS2982
Posts: 15,434
Registered: ‎04-09-2011
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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.

 




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EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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Established Contributor
bettercreditguy1
Posts: 757
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)


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