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Posts: 85
Registered: ‎11-07-2012
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Should I Do or Not

Here goes

 

 I am thinking about applying for a credit card as part of the need to have a good mix a revolving credit. At present below is the mix of credit cards I have

 

Capital one - $2000 limit (visa) opened 2006

Capital one spark - $2000 limit (visa) opened 2011

Orchard Bank - $1000 limit (mastered)  opened 2006

Credit one - $1050 limit (visa) opened 2006

 

I have a Fico score of 763 as of 11/8/12. 

 

Do you think I should apply for another card or just leave the credit card applying for another time. Note : next year july13  I looking to apply for a mortgage.

 

If it is a yes them which credit card do you suggest ?

 

 

 

Current Score: 771 - 11/21/2012/ Amex Pull
Late Payment: 0 / Collections: 0
AAOA: 6.3 Years

"My Scores Yesterday or Last week or even Last month has no value when applying for credit today. The value is not in my score but the information in my credit file. Once the information is good the score will follow"
Established Contributor
Posts: 671
Registered: ‎04-20-2012
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Re: Should I Do or Not


Brandnick wrote:

Here goes

 

 I am thinking about applying for a credit card as part of the need to have a good mix a revolving credit. At present below is the mix of credit cards I have

 

Capital one - $2000 limit (visa) opened 2006

Capital one spark - $2000 limit (visa) opened 2011

Orchard Bank - $1000 limit (mastered)  opened 2006

Credit one - $1050 limit (visa) opened 2006

 

I have a Fico score of 763 as of 11/8/12. 

 

Do you think I should apply for another card or just leave the credit card applying for another time. Note : next year july13  I looking to apply for a mortgage.

 

If it is a yes them which credit card do you suggest ?

 

 

 


I've heard lenders dont want to see any new inquaries 6 months prior to a mortgage, so i would hold off if i was you.

Discover IT TU Score: 739 as of 4/20/14 | TU Score as of 1/5/14 - 710 | EQ Score as of 1/5/14 - 748 | Ex Score as of 1/5/14 - 728

Capital One QuickSilver MC $4.5K | Amazon $1.8K (CLOSED) | Walmart $5K | Paypal SC w/Debit card $5K (CLOSED) | BOA 123 Cash Rewards Sig $5K | BOA BBR $1K | Discover IT $10K | AMEX Sr Green Charge (NPSL) | PNC CashBuilder $1.5K | Paypal Extras MC $6k | PNC Auto Loan $20,038.75 | AMEX SimplyCash Biz CC $3k | BOA Cash Rewards Biz CC $3.5K | Chase Freedom $4.5K | CapOne Spark BIZ Cash Select Visa Sig $5k |
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Posts: 531
Registered: ‎02-14-2012
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Re: Should I Do or Not


Brandnick wrote:

Here goes

 

 I am thinking about applying for a credit card as part of the need to have a good mix a revolving credit. At present below is the mix of credit cards I have

 

Capital one - $2000 limit (visa) opened 2006

Capital one spark - $2000 limit (visa) opened 2011

Orchard Bank - $1000 limit (mastered)  opened 2006

Credit one - $1050 limit (visa) opened 2006

 

I have a Fico score of 763 as of 11/8/12. 

 

Do you think I should apply for another card or just leave the credit card applying for another time. Note : next year july13  I looking to apply for a mortgage.

 

If it is a yes them which credit card do you suggest ?

 

 

 


Are you referring to the mix of credit which includes revolving credit as well as installment accounts? I'd say you have the revolving credit down. I don't think you need another card, but that's just my opinion. If you were looking to replace some of the ones you have, that would be a different story.

 

AmEx Platinum | AmEx BCP | AmEx Delta Gold | CSP | Chase Freedom | NFCU cashRewards Visa Sig | NFCU Plat MC | WM MC | Discover it | JCP


New Contributor
Posts: 85
Registered: ‎11-07-2012
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Re: Should I Do or Not

I guess the additional reason for applying is for a good mix of revolving credit( which you said is ok) and one card with a high CL like an Amex.

 

The mortgage is not a major concern now as my wife's credit is in the mid 500's and to get mortgage she needs to be at minimum 640. I know it will take a year to get hers up  and fixed. 

 

So the question is really now is what is the best credit card with my score of 763. I really don't care about rewards or point more important is the potential of growth with the CL .

 

 

Current Score: 771 - 11/21/2012/ Amex Pull
Late Payment: 0 / Collections: 0
AAOA: 6.3 Years

"My Scores Yesterday or Last week or even Last month has no value when applying for credit today. The value is not in my score but the information in my credit file. Once the information is good the score will follow"
Established Contributor
Posts: 560
Registered: ‎09-29-2012
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Re: Should I Do or Not


Brandnick wrote:

I guess the additional reason for applying is for a good mix of revolving credit( which you said is ok) and one card with a high CL like an Amex.

 

The mortgage is not a major concern now as my wife's credit is in the mid 500's and to get mortgage she needs to be at minimum 640. I know it will take a year to get hers up  and fixed. 

 

So the question is really now is what is the best credit card with my score of 763. I really don't care about rewards or point more important is the potential of growth with the CL .

 

 


So off topic a bit but, can't you get a mortgage yourself?  Or i guess what i mean is a both parties of a married couple does not need to be on a the mortgage app, and note.  Its perfectly fine for only one spouse to be on the loan when both or only one spouse contributes to the household income.  

Established Contributor
Posts: 802
Registered: ‎05-16-2012
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Re: Should I Do or Not


Brandnick wrote:

Here goes

 

 I am thinking about applying for a credit card as part of the need to have a good mix a revolving credit. At present below is the mix of credit cards I have

 

Capital one - $2000 limit (visa) opened 2006

Capital one spark - $2000 limit (visa) opened 2011

Orchard Bank - $1000 limit (mastered)  opened 2006

Credit one - $1050 limit (visa) opened 2006

 

I have a Fico score of 763 as of 11/8/12. 

 

Do you think I should apply for another card or just leave the credit card applying for another time. Note : next year july13  I looking to apply for a mortgage.

 

If it is a yes them which credit card do you suggest ?

 

 

 


So are you applying for a mortgage July 2013 or a year (mentioned it will take a year to fix wife's credit? If July 2013..no..if you can postpone a year then yes. With a high score like that you can basically get any card and with accounts so old you likely will get approved for high limits.

100% Ficos: EX 773 , TU 769, EQ 771 Inquiries last 2 years/1 year/6 months: EX-0/0/0, TU-0/0/0, EQ-2/0/0~ last credit card app 6/24/13- New car loan 3/8/2014
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Posts: 85
Registered: ‎11-07-2012
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Re: Should I Do or Not

[ Edited ]

Yeah the problem is that I don't work and I have the better credit over wife. I have taken a break from work for the last 2 years to take care of our kids. Unfortunatey my 2 years is over in january 2013 so i am starting to look for a job now. With that said I don't think that they will use my credit score and her salary over 100k and ignore her score. It's good to know that I can get any card but which one would you suggest 

 

 

Current Score: 771 - 11/21/2012/ Amex Pull
Late Payment: 0 / Collections: 0
AAOA: 6.3 Years

"My Scores Yesterday or Last week or even Last month has no value when applying for credit today. The value is not in my score but the information in my credit file. Once the information is good the score will follow"
Established Contributor
Posts: 802
Registered: ‎05-16-2012
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Re: Should I Do or Not

[ Edited ]

Brandnick wrote:

Yeah the problem is that I don't work and I have the better credit over wife. I have taken a break from work for the last 2 years to take care of our kids. Unfortunatey my 2 years in over in january 2013 so i am starting to look for a job now. With that said I don't think that they will use my credit score and her salary over 100k and ignore her score. 

 

 


Darn! I am not sure how that works but if her scores are that bad I would keep credit separate (sorry if I offend but I have been there and I was dragged down because of him). Work on getting a job and then apply.

100% Ficos: EX 773 , TU 769, EQ 771 Inquiries last 2 years/1 year/6 months: EX-0/0/0, TU-0/0/0, EQ-2/0/0~ last credit card app 6/24/13- New car loan 3/8/2014
Discover IT $9500~Kohls $1000~Amex BCE $2000~ Walmart Discover $7500~NFCU Signature CashRewards $19,400~ Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $3500~ Amazon Store $7000~ Fingerhut $1050
Regular Contributor
Posts: 180
Registered: ‎05-06-2012
0

Re: Should I Do or Not


ccnewcc wrote:

Brandnick wrote:

I guess the additional reason for applying is for a good mix of revolving credit( which you said is ok) and one card with a high CL like an Amex.

 

The mortgage is not a major concern now as my wife's credit is in the mid 500's and to get mortgage she needs to be at minimum 640. I know it will take a year to get hers up  and fixed. 

 

So the question is really now is what is the best credit card with my score of 763. I really don't care about rewards or point more important is the potential of growth with the CL .

 

 


So off topic a bit but, can't you get a mortgage yourself?  Or I guess what I mean is a both parties of a married couple does not need to be on a the mortgage app, and note.  Its perfectly fine for only one spouse to be on the loan when both or only one spouse contributes to the household income.  


Not necessarily true. In order for our mortgage with Wells Fargo to proceed we needed both of us as co-signers on the mortgage loan for both incomes to be considered and approved. The underwriter still drilled us with questions even with two combined incomes in he low six figures and two people guaranteeing the loan.



Starting Score: EQ 675 | TU 688 | EX 702
Current Score: EQ 734 | TU 738 | EX 719
Goal Score: 750 (Across All 3)


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Regular Contributor
Posts: 180
Registered: ‎05-06-2012
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Re: Should I Do or Not


linux007969 wrote:

Brandnick wrote:

Here goes

 

 I am thinking about applying for a credit card as part of the need to have a good mix a revolving credit. At present below is the mix of credit cards I have

 

Capital one - $2000 limit (visa) opened 2006

Capital one spark - $2000 limit (visa) opened 2011

Orchard Bank - $1000 limit (mastered)  opened 2006

Credit one - $1050 limit (visa) opened 2006

 

I have a Fico score of 763 as of 11/8/12. 

 

Do you think I should apply for another card or just leave the credit card applying for another time. Note : next year july13  I looking to apply for a mortgage.

 

If it is a yes them which credit card do you suggest ?

 

 

 


I've heard lenders dont want to see any new inquaries 6 months prior to a mortgage, so i would hold off if i was you.


We got asked about inquiries for the past 12 months and new accounts opened within the last 12 months as well. We had to explain negatives on my report going back three years.



Starting Score: EQ 675 | TU 688 | EX 702
Current Score: EQ 734 | TU 738 | EX 719
Goal Score: 750 (Across All 3)


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