cancel
Showing results for 
Search instead for 
Did you mean: 

Help with next step.

tag
Harrison0550
New Contributor

Help with next step.

I am trying to get my scores up for a mortgage in Sep. I cant decide whether or not to open a couple more credit cards or not at this point. Currently I believe all i would qualify for are secured cards anyway, but I do have a cap one card with a CL of $300 that will step to $500 after this month. Should I wait until next month once the cap one card reports its 6 month and CL increase and apply for unsecured cards or should i just go ahead and bite the bullet and take the hard pulls now so they wont be within the last 6 months when I do my loan app in late Sept?

 

This credit card mess is so stressfull and is the #1 reason I have up until 6 months ago never used one. Any help here would be greatly appreciated.

$1500K$3500K$3000K$1000K$1200K$2500


Message 1 of 21
20 REPLIES 20
Anonymous
Not applicable

Re: Help with next step.

I do not suggest apping for several cards before a morgage. I would let the cap one report the increase then, if you must and have the funds, open a secured card with a high limit. Let this grow for a year or two and see where you are after.

Message 2 of 21
Harrison0550
New Contributor

Re: Help with next step.

Thanks for the reply. I agree that applying for a new line of credit right before applying for a mortgage could be a bad idea but have also read on here that as long as the new accounts were older than 6 months the LO would not question them and that I will need more than one CC with at least 6 months of pay history. Im afraid that if I wait until after the cap one CL increase then add CC accounts that it would fall within the 6 month window that I am hoping to apply for a mortgage in.

 

Im thinking my best option may be to go by BOA monday and have them take $2000 from my checking and apply it to a secured card to add another CC account that will have 6 months history by the time I apply for a mortgage.

 

Would that be a solid plan or do I risk hurting myself more?

$1500K$3500K$3000K$1000K$1200K$2500


Message 3 of 21
LS2982
Mega Contributor

Re: Help with next step.


@Anonymous wrote:

I do not suggest apping for several cards before a morgage. I would let the cap one report the increase then, if you must and have the funds, open a secured card with a high limit. Let this grow for a year or two and see where you are after.


+1

 

Leave the apps alone OP




EQ FICO 548 3/3/16
Message 4 of 21
Harrison0550
New Contributor

Re: Help with next step.

Ok I have closed the other open windows in my browser with credit card offers lol I will hold off from applying for any new CC. So time to sit tight and see what my score does in the next 6 months I guess.
$1500K$3500K$3000K$1000K$1200K$2500


Message 5 of 21
Anonymous
Not applicable

Re: Help with next step.

A new account will not help you at this point. I would garden for awhile, even after your morgage app is done.

Message 6 of 21
Harrison0550
New Contributor

Re: Help with next step.

Sounds like a plan to me. The only thing that scared me was when I pull my credit file on different sites and it has those suggestions on what I can do to increase my score it always says something along the lines of, "low credit limits on CC". In my mind the only way to raise that would be to dump a large sum of money on a secured card to increase my available credit limit but if being so new would hurt more then I will just hold off and keep paying what I currently have on time and keep utilization below 9% and see what that does for me.
$1500K$3500K$3000K$1000K$1200K$2500


Message 7 of 21
Anonymous
Not applicable

Re: Help with next step.


@Harrison0550 wrote:
Sounds like a plan to me. The only thing that scared me was when I pull my credit file on different sites and it has those suggestions on what I can do to increase my score it always says something along the lines of, "low credit limits on CC". In my mind the only way to raise that would be to dump a large sum of money on a secured card to increase my available credit limit but if being so new would hurt more then I will just hold off and keep paying what I currently have on time and keep utilization below 9% and see what that does for me.

Dont listen to them. There giving you fakos (fake scores/not fico scores) and fake advice. While having a card with a large limit may help, it would really only help banks see you can handle that limit. It does nothing for your score. 

Message 8 of 21
pizzadude
Credit Mentor

Re: Help with next step.


@Anonymous wrote:

 

Dont listen to them. There giving you fakos (fake scores/not fico scores) and fake advice. While having a card with a large limit may help, it would really only help banks see you can handle that limit. It does nothing for your score. 



+1.   The scoring advice that comes with non~FICO scores can actually be detrimental to your FICO score at times, you should most definately ignore it.

 

Also FICO doesn't care what your CL is, it only scores your utilization against the limit.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 9 of 21
frogfan12
Established Contributor

Re: Help with next step.

If you're looking to apply in September, I don't suggest you apply for any CCs at this time. Instead, build up your savings and pay off any debts in order to make your app all the more stronger. 


Starting Score: 760
Current Score: 716 Equifax 754 TU 736 Experian
Goal Score: 760
Message 10 of 21
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.