@myjourney wrote:
@Cheryla18 wrote:
@myjourney wrote:
@jeffcasd wrote:ok just closed Yesterday in ohio on my home loan. My equifax fico is 644 and transunion fico 661. I was wanting to apply for the chase freedom and a lowes card. do u think i should right now??? what are my chances?? i have a capital one cash rewards and a orchard card utilization is 27% thanks
Congrats on the new home Yay
UTL is a little high if you can pay it down to 10% I think you should be good for both before home reports on CR
How does the Home Loan affect the credit when it hits?
Some scores climb after it hits some drop of course YMMV
To expand on this a litte; if someone doesn't have much (call it less than 2 tradelines) installment history on their credit report, a mortgage may provide a boost to one's FICO even though it's a new account based on the mix-of-credit function.
In my case, where I have a personal loan, and two auto loan tradelines, one won't get that benefit; at best in my case it'll be neutral to my score (I have plenty of installment loans on file now, and my AAoA is so short it's irrelevant); however, I'll take a hit for the inquiries at that point with my own theoretical mortgage.
