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Hi,
I'm new here. Working on rebuilding my credit. I'm thinking of applying for a mortgage in about 6 months so would like to get some credit, but don't want tons of inquiries (got enough over the last 6 months thanks to my ex).
So I was on overstock, looking around, put something in my cart and then at some point, got a credit offer. I didn't take it because I wanted to know what kind of inquiry it woudl be. Also, how soon after I accept, if I accept, would it show up on my credit? I got a capital one last year and it took about 3 months before it showed on my credit report as a credit card. I never keep more than $50 on it and usually pay off all but about $10 every month.
I'd like my utilization to go up - having $500 cap one is not doing much and if I charge $300 and then don't pay it off by the statement date, my score takes a header.
Thanks for any info/advice.
It's known as the shopping cart trick, (do a forum search for more info), and it would be a soft pull. As for how soon the card would show up in your files; with most it's shortly after the first statement cuts. Some are faster, Barclays for example.
I've had 2 accounts without a hp. The first was an emblem card which I got while paying a past collection which I closed after I paid it off. The second was a personal loan from avantcredit.
I believe the majority (or potentially only ones) that do SP's are from Comenity. Basically a lot of department stores, for instance: J.Crew, DWS Visa, Gander Mountain Visa, Victoria Secret, etc...
There are several different forums as mentioned previously on the shopping cart trick.
Mortage with new accounts i think thats not a good strategy from what ive heard.
@Anonymous wrote:Hi,
I'm new here. Working on rebuilding my credit. I'm thinking of applying for a mortgage in about 6 months so would like to get some credit, but don't want tons of inquiries (got enough over the last 6 months thanks to my ex).
What are your 3 bureau scores like right now?
Getting new credit 6 months prior to a mortgage is usually not a good strategy... especially when you only have 1 credit card.
Depending on what your score is like, you might just want to go into the mortgage with your single Capital One card that is a year old.
Unlike credit card apps, mortgages don't really care about your limits on other cards. They care about your Score, Income, DTI and any baddies that may pop up and lien your house.