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So, I really need more credit?? Argh

New Member

So, I really need more credit?? Argh

I have one CC
Capital one visa opened June 2000, CLI $4,000

Currently a high balance, will pay down to 12% in next 30 days
Want a mortgage soon, should I try for cards now?
Need to research best cards to seek if so.
"FAKO" TU 638 (3/27/13)
FICO EQ 624 (3/19/13)
Message 1 of 5
4 REPLIES
Senior Contributor

Re: So, I really need more credit?? Argh

If you're serious about applying for a mortgage "soon", I would advise you to consult YOUR mortgage broker/banker and ask THEM if a second card is worth the new account ding.

 

Some mortgage bankers want that second line reporting, some would prefer it didn't exist. 

 

Traditionally, two or more cards will help your FICO score, but having new accounts is frowned upon by mortgage bankers.

 

Only YOUR mortgage banker knows what they prefer.

 

Good luck!



Zero percent financing is where the devil lives...

10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
Message 2 of 5
Super Contributor

Re: So, I really need more credit?? Argh


tcbofade wrote:

If you're serious about applying for a mortgage "soon", I would advise you to consult YOUR mortgage broker/banker and ask THEM if a second card is worth the new account ding.

 

Some mortgage bankers want that second line reporting, some would prefer it didn't exist. 

 

Traditionally, two or more cards will help your FICO score, but having new accounts is frowned upon by mortgage bankers.

 

Only YOUR mortgage banker knows what they prefer.

 

Good luck!


+1

 

Usually mortage lenders want >1 account at least but some are a lot more bothered about age of accounts. Talk to your mortage company first before you do anything.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 3 of 5
New Member

Re: So, I really need more credit?? Argh

Thanks I will follow your advice. I really appreciate the preemptive advice. Updates later ...
"FAKO" TU 638 (3/27/13)
FICO EQ 624 (3/19/13)
Message 4 of 5
Valued Contributor

Re: So, I really need more credit?? Argh

Depends on the lender and even the loan type.  Some lenders want three tradelines on your credit report.  But some will accept non-traditional tradelines.  Consult with your lender and see what they want.  As a general rule you don't want any new accounts or inquiries for the preceeding six months before you apply.

Message 5 of 5