Should I consider another HP?

[Epiphone]

I have two CCs atm.  A Discover and  a Visa from my CU.  I just very recently received a CLI on both cards.   The Discover CLI was a SP but the Visa was a HP.

I am saving up a down payment and hoping to buy a home in 18 to 24 months.  I have two cc and my school loans establishing credit history.  ATM I have 4 HP on my report.  

The Amex Blue Preferred card has a very practical rewards program and with the Amex 3X CLI program it would seem to be a very attractive choice for raising my CL.  Right now my total limit across both cards is 13K.

I figure I've got two choices.  Go ahead and get the HP done but get it done ASAP and get it out of the way or just sit on what I've got going right now and focus on getting the balances of the cards I have up.

What do you all think?

[notfancy]

If you think you'll get approved, go got it. If you're looking at 2 years before you buy your house, the inquiries will be gone by then if you apply now. They stop hurting after a year and come off in two years, so with the time frame you mentioned, it seems that now is the time to try and get your app out of the way. I'd probably stop applying after the Amex app though. Especially if you want to go for the 3x increases that they offer.

Good luck to you.

[Vegas247]

I too am looking to buy a house in about July/Aug 2015 (in16 to 17 months)......I talked to a Wells Fargo Home Loan Officer, and for a conventional loan, he said he would like to see 3 active tradelines. I would take a HP and get it out of the way so that way you have 3 tradelines when it comes time to apply for a mortgage. I have my tradelines set up....my last HP was last week for my approved Chase Freedom Card . That will be my last Credit Card I apply for since I will be applying for a home loan in 16 months. And, I think that will be my last Credit Card, as I feel happy with what I have, and I also see others that keep applying for more credit cards are actually ruining their credit. It's obvious that a lot of people here on myfico are addicted to getting credit cards...they can't seem to stop themselves.They treat it like a game..... Don't be like them. Most of them I guess feel more sucessful if they have a lot of credit cards, but sadly, it's just not true.

[Epiphone]

2 cc and a school loan should be adequate to prep for a mortgage right?

[Creditaddict]

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@Epiphone wrote:

2 cc and a school loan should be adequate to prep for a mortgage right?

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Should but since you are interested in Amex I would say get it now... by next year that CL could be over $20k and it will lock in your member since date of 2014 forever!

[Epiphone]

Applied and approved for a 2K balance.   Other than CLIs for a SP I'll just sit on what I have for the next 18+ months.

Thanks for the advice!

[notfancy]

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@Epiphone wrote:

Applied and approved for a 2K balance.   Other than CLIs for a SP I'll just sit on what I have for the next 18+ months.

Thanks for the advice!

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Congratulations! I'd say you probably did the right thing. You now have 3 open tradelines and your inquiries will be gone in 2 years, and will stop affecting your score in one year, so you'll be in a good place next year when you apply for your mortgage!