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Here's my recent mortgage scores, after my app spree last month and several new accounts. I'm looking to buy in 1-2 yrs. I'm not applying for anymore credit... I don't need it, I have plenty! I'm assuming these scores will increase over the next 1-2 yrs with gardening. Looking to try to get a mortgage with Navy since I have established history with them.
If I continue doing what I'm doing in regards to my CC's and putting away savings... Despite having a ton of CC's but a 1% reported util... I should be ok right?
@pizza1 wrote:Here's my recent mortgage scores, after my app spree last month and several new accounts. I'm looking to buy in 1-2 yrs. I'm not applying for anymore credit... I don't need it, I have plenty! I'm assuming these scores will increase over the next 1-2 yrs with gardening. Looking to try to get a mortgage with Navy since I have established history with them.
If I continue doing what I'm doing in regards to my CC's and putting away savings... Despite having a ton of CC's but a 1% reported util... I should be ok right?
Sure, why not?
Be aware that prime rate will be rising sometime in the next two years though.
@pizza1 wrote:I'm not applying for anymore credit... I don't need it, I have plenty! I'm assuming these scores will increase over the next 1-2 yrs with gardening.
If I had a card for every time I've said this..
Oh wait... Never mind.
@pizza1 wrote:Here's my recent mortgage scores, after my app spree last month and several new accounts. I'm looking to buy in 1-2 yrs. I'm not applying for anymore credit... I don't need it, I have plenty! I'm assuming these scores will increase over the next 1-2 yrs with gardening. Looking to try to get a mortgage with Navy since I have established history with them.
If I continue doing what I'm doing in regards to my CC's and putting away savings... Despite having a ton of CC's but a 1% reported util... I should be ok right?
As long as you meet all of the other loan requirements and your midscore remains good, there should be no problem. I'm pretty sure your research is solid for whichever mortgage loan product you're anticipating. Yes, rates are anticipated to go up but as long as you're okay with it (your money, your time, your situation), there really isn't an issue.
I will be willing to bet with the nearly 100K in open credit limits will cause you some issues.. Buying a house is more then just Credit score..
@pizza1 wrote:Here's my recent mortgage scores, after my app spree last month and several new accounts. I'm looking to buy in 1-2 yrs. I'm not applying for anymore credit... I don't need it, I have plenty! I'm assuming these scores will increase over the next 1-2 yrs with gardening. Looking to try to get a mortgage with Navy since I have established history with them.
If I continue doing what I'm doing in regards to my CC's and putting away savings... Despite having a ton of CC's but a 1% reported util... I should be ok right?
Yep after two years the new account will no longer be considered "new", your scores should increase a lot as long as you have no derogs and keep credit utilization under 20%.
If you feel like your income level is where it will need to be to qualify for what you're looking for, and you have the financial backing already to support that decision - you can probably do so in about a year if you wanted to.
Scores are only part of the equation. You need to either have your report in order, or have some good explanations. Whatever your choice is, good luck on your path to a new home.
@tonyjones wrote:
@pizza1 wrote:Here's my recent mortgage scores, after my app spree last month and several new accounts. I'm looking to buy in 1-2 yrs. I'm not applying for anymore credit... I don't need it, I have plenty! I'm assuming these scores will increase over the next 1-2 yrs with gardening. Looking to try to get a mortgage with Navy since I have established history with them.
If I continue doing what I'm doing in regards to my CC's and putting away savings... Despite having a ton of CC's but a 1% reported util... I should be ok right?
Yep after two years the new account will no longer be considered "new", your scores should increase a lot as long as you have no derogs and keep credit utilization under 20%.
They have a bankruptcy.
Yeah...maybe not. I would work on making sure you don't end up in the same situation again. It looks like you've had some luck post-BK.
@fot1 wrote:I will be willing to bet with the nearly 100K in open credit limits will cause you some issues.. Buying a house is more then just Credit score..
Amount of credit available isn't a mortgage underwriting criteria