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@Wolf3 wrote:I think a better strategy is to get a Capital One secured card and build the limit to the maximum over time. The other cards are likely to only be toy limits if you even get approved. IMO, a big CL is much better on your report for mortgage.
x2 on the higher limit
obviously with a secured card your more inclined to pay back since its your money.
i wouldnt exactly say cap one since i have no cards with them but a boa or wells fargo secured with as much cash as you have. the higher the deposit the better you are in the long run.
also you can add money later on.
id get that loan refi asap though 10% is steep!
Current: Fico ScoresEQ~706 TU~719 EX 709 4/28/23 Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE | Buy A Home Earn Cash Back | Amex Zync(Unicorn) Chase Freedom$1500 Discover IT$7,400 Citi DC $10,000 Citizens Mastercard$7,000 |
sorry didnt see the mortgage plans.
so then do this as soon as possible and then wait until id say next jan for the mortgage.
most banks dont like seeing inquries for the past year or else youll have to explain them.
Current: Fico ScoresEQ~706 TU~719 EX 709 4/28/23 Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE | Buy A Home Earn Cash Back | Amex Zync(Unicorn) Chase Freedom$1500 Discover IT$7,400 Citi DC $10,000 Citizens Mastercard$7,000 |
Alright so I can get a secured card at any amount I request if I have the cash to put up for it? And you guys think that would be more beneficial than another unsecured card?
@Section700 wrote:Alright so I can get a secured card at any amount I request if I have the cash to put up for it? And you guys think that would be more beneficial than another unsecured card?
yes thats usually how that works. anywhere from 300 and up is usually what i see.
if you can put up 5k that would pull you up that much faster plus the extra utility.
obviously that will tie up some funds but would eventually lead to an unsecured card and the funds returned, also other lenders dont see if its a secured card or not. to my knowledge but some who has rebuilt with secured or had secured cards.
boa actually offered me a secured card when i was 17(before the laws changed)
and i just didnt get the concept of why i had to put my own money up.
but now if i could go back i wouldve easily dropped 2k if it would get me started that much higher and faster.
the onlything i can say is stay away from companies you burned in the bk.
Current: Fico ScoresEQ~706 TU~719 EX 709 4/28/23 Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE | Buy A Home Earn Cash Back | Amex Zync(Unicorn) Chase Freedom$1500 Discover IT$7,400 Citi DC $10,000 Citizens Mastercard$7,000 |
That makes sense thanks for the info. I do have cash laying around but I was planning to use as much as possible for my down payment since I figure it will be necessary to have a large down payment to get a decent rate or even get approved.
Can anyone confirm that secured cards do not report differently thus making the system and/or lenders believe it is a normal cc?
My Capital One Secured reports as a regular credit card.
If you are planning on applying for a mortgage, be very careful of apping. Your best bet is to probably go with a secured card and put $2000 or more on it if you can do it, but don't wait on it too long. Maybe you can do this with your bank or if there is a credit union in your area you can join, you may want to consider opening an account there. Just keep in mind that if you are considering Capital One, they do an inquiry with all three CRAs so that may not be in your best interest.
Hmm OK I have only 2 INQ (depending on bureau)
1. Auto loan on 10/26/11 - approved
2. First Premier on 7/12/11 - approved
If I don't apply for anything new until my mortgage app in June, it will be 18 months without a new inquiry. But I obviously won't have a plethora of accounts to show for. Would I be better off not doing anything at all at this point? I guess this would be a question for a mortgage broker/loan officer/underwriter...
I'm just trying to get ahead of the game and get that mortgage asap.