I'm tempted to put in an app somewhere (maybe Chase, since they pull EQ) but really don't know if I should. The reason I don't know if I should is because I'm going to be refinancing my home in October. The reason I'm thinking of doing it is to help util. Here's the scenario:
Penfed gas card $4,800 bal $30k limit (new card, 1.5mo old)
Cap1 $1200bal $2k limit (since 2004)
Orchard $0bal $700 limit (since 8/2006)
HSBC Amex $200 bal $1k limit (not reporting to CRAs) (since 8/2007)
The Cap1 balance is a new charge on a deposit I had to put on something. It's going to be BT'd to Penfed. There are a few things we have to do so the Penfed card will likely be about $10k in the next month (home improvements to increase value before the refinance and a few wedding deposits) We will have the Penfed card down to $5k again by October (though I know it would be more ideal to have around $3k bal reporting) and will have no other balances
I have 3 older accounts reporting that are each almost 9 years old. I just refinanced my car with Penfed and it is not reporting yet (still showing as with the old CU). My 2 mortgages have a 2 year history each.
New account obviously would ding my average age and lower my score. Conventional wisdom says no new accounts 6 months before a mortgage and right now I'm at the 4 month mark (though after 3 months it is no longer a new account) It would also be nice to get a higher limit prime card in my mix. My EQ is currently 733. What should I do?