Paid off mortgage. Need to Credit Cards

[Anonymous]

I just paid off my mortgage . Im working on improving my score for a future home purpose.  I only have one credit card showing activity with the 3 sites. I want to apply for credit cards before my score goes down from mortgage pay off.  Can i apply for 2 or 3 the same day? I need more items to show on the credit sites.  Will this hurt me?

[UncleB]

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@Anonymous wrote:

I just paid off my mortgage . Im working on improving my score for a future home purpose.  I only have one credit card showing activity with the 3 sites. I want to apply for credit cards before my score goes down from mortgage pay off.  Can i apply for 2 or 3 the same day? I need more items to show on the credit sites.  Will this hurt me?

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You'll likely get plenty of good suggestions for new cards to apply for, but I'll just mention that your PIF mortgage will continue to report for up to 10 years.  You should only notice a AAoA change (or score change due to AAoA change) when that finally happens.  This was my own personal experience as well...

So, there's no urgency or need to rush things... you can take your time and figure out the right cards to help you meet your goals. 

[austinguy907]

It's good that you're thinking about the future.  Not many people give much thought to what's coming down the road financially in a few years and preparing for it like you.  As to your question though it's hard to say what direction to point you in without some additional data.  However having done a few mortgages myself you shouldn't see much change on your credit profile once it reports as paid.  Now to the 2-3 apps in a day question... yes you certainly could do that if you wanted to.  My advice though is to stay away from store cards and go for Visa/masterCard/Discover/Amex for something that can grow and isn't captive to only one place where you can use it.  Personally I would go for AMEX / Discover directly since the cobranded ones through various banks aren't quite the same as the diversification you get from them directly.  After that maybe Capital One Venture / Quicksilver (they will pull all 3 credit reports) as they tend to start out with decent limits for the most part.

[greent]

Congratulations on paying off the mortgage.

[Anonymous]

Some banks do limit how many cards you can be approved for on a daily/weekly/monthly limit. So I wouldn't apply for more than 2 Chase cards in 30 days for example.

[Anonymous]

thank you

[Anonymous]

I applied for a quicksilver card and an Amex today both were approved, the quicksilver with a 10k limit and the Amex with a 2k limit.