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@Anonymous wrote:
Hi All,
I posted a while ago for USDA loan questions. But now that I have my credit in much better standing I'm looking for conventional 10% down loans which require a higher credit score as well as have tighter restrictions. Also my preferred builder provides 6% of the cost of the home to help with closing costs, Buying Points, as well as buying you out of PMI. Whichever is more helpful. I'm looking to buy 12 months from now and I know Lenders typically require 3 open tradelines. I'm a little confused as to what my next step should be. I'm new to credit cards as I just got my first one last month. I know I'm late to the party. My credit situation is thin as follows:
Auto Loan Opened 12/2005 $21k Closed Paid as Agreed
BoA Secured Credit Card $300 Limit $0 Balance Opened 7/14
Open Sky Secured (Reports Unsecured) $15 Balance Opened 7/14
3% Utilization
MyFico Equifax June 575 July 676 August 714 (I had some baddies fall off in July and Both cards reported in August.)
I have been using the pre-qualify links to soft pull from most major Card companies and have not been offered anything even with my 714 score. Only one gave me a reason. Too much new credit and too many inquiries. For some reason they all hit Equifax My inquiries are EX 4 EQ 7 TU 2.
Since Lenders want 3 tradelines for 12+ months I need to make this happen ASAP. How long typically should it take for the too much new credit to fall off?
Am I better off grabbing a 3rd secured and holding off there or waiting a couple months and getting a higher limit unsecured?
The interest rate I'd get from the bank is paramount to me. I'm simply not going to buy until my 720+ score can be used with no limitations.
With your scores I would just wait a while and App for a card like discover, Chase or etc?