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So I was looking for some guidance on the next steps I should take. My goal is to put together a very good credit profile so I can get low mortgage rates when I am ready to buy an apartment in a couple of years. My credit history is very short (absolutely nothing other than the three below credit cards).
I have had a Cap One Secured card for 13 months. Started at $250, got bumped up to $350 a few months later. No CLI since then.
I have had a Chase Freedom card with a CL of $4000 for almost two months.
I have had a Discover It card with a CL of $2500 for a couple of weeks.
The Discover Card app said my Equifax score was 731. The Chase app said one of my scores (can't remember which one) was in the 650s.
When should I apply for CLIs on my cards? Should I just close my Cap One card? Should I apply for another card? Any other general tips for boosting my scores and getting better mortgage rates?
I pay off my cards during the month to make sure that my utilization is reported as around 10%.
Thank you to anyone who responds, I really appreciate it!
@zvonnegu wrote:So I was looking for some guidance on the next steps I should take. My goal is to put together a very good credit profile so I can get low mortgage rates when I am ready to buy an apartment in a couple of years. My credit history is very short (absolutely nothing other than the three below credit cards).
I have had a Cap One Secured card for 13 months. Started at $250, got bumped up to $350 a few months later. No CLI since then.
I have had a Chase Freedom card with a CL of $4000 for almost two months.
I have had a Discover It card with a CL of $2500 for a couple of weeks.
The Discover Card app said my Equifax score was 731. The Chase app said one of my scores (can't remember which one) was in the 650s.
When should I apply for CLIs on my cards? Should I just close my Cap One card? Should I apply for another card? Any other general tips for boosting my scores and getting better mortgage rates?
I pay off my cards during the month to make sure that my utilization is reported as around 10%.
Thank you to anyone who responds, I really appreciate it!
Chase and discover 6 months also let the cap1 keep reporting as well
Thanks guys, thats helpful info. Unfortunately its gonna be about two years before I can afford a place (its quite expensive here in NYC). I am really hoping rates don't go up to much by then. I just want to make sure that I am doing everything I can to better my profile and get the best rates possible.
Wait until you've had the Chase and Discover 6 months before asking for a CLI. With regards to Cap One, since you have had it for over a year, I'd suggest emailing the EO (do a web search for the email address) and see if they will 1) unsecure it, and, 2) give you a CLI. They will call you and ask you how much you want. I'd ask for $2000 - they will counteroffer if they think it is too high. You may also want to consider a GE backed card, like Walmart. They may start you out low, but you can ask for CLI's every 4 months and they are generous with them.