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JeimyGirl
Posts: 9
Registered: ‎03-19-2009
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Re: Tempted To Leave The Garden...

and in regards to this post above me "As far as applying for a new CC, I'd apply for the card that will best suit your needs and that you'll get the most use out of.  I think a low interest card would be a smart choice as if you're looking at buying a house in the near future.  You will need to buy stuff right out of the gate."

 

I would apply only after you close and you have your key in hand. it will take about a month or two (or even longer if who you close with is a te,p mortgage company sellign to another bank after the buy) for your mortgage to report to your credit. So you will have time before your utilization jumps to 85% or more. But you will be free from having to explain to your possible new morgage company why you have opened a card that you could potentially add more debt to yourself on.

(4/2010- Pulled by Mort Lender) EQ- 623 EX- 642 TU- 614
- Have since paid off a car loan, added a mortgage, added a car loan, and got one collections off
Current "Real Score"- Unknown
Goal- All over 700 by Dec 2011!
Frequent Contributor
tonsers
Posts: 431
Registered: ‎02-07-2008
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Re: Tempted To Leave The Garden...

I personally would wait.  Are you carrying a balance on your credit cards now?  Because if you are not - then there is no reason to long for a low-APR card.  Nothing should be more important now than your mortgage application - do whatever you can to perfect your file now.  No apps, no inquiries... and let your AAoA age a bit...

 

Good luck to you!

Regular Contributor
Midnight29
Posts: 111
Registered: ‎08-17-2010
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Re: Tempted To Leave The Garden...

 


tonsers wrote:

I personally would wait.  Are you carrying a balance on your credit cards now?  Because if you are not - then there is no reason to long for a low-APR card.  Nothing should be more important now than your mortgage application - do whatever you can to perfect your file now.  No apps, no inquiries... and let your AAoA age a bit...

 

Good luck to you!


I have not been carrying balances, but would like a card with a reasonable APR if the need arises. However it sounds like I'm best off to wait until after I get into a new house to do anything, so I will try and be patient. I just need to keep telling myself the offers will still be there in a year - and I would hate to not get approved, or approved at a higher rate due to app'ing. I'll have no inq and no new accts within the last year if I stay on course.

 


Starting Score: TU 718 - EQ 665 2010
Current Score: TU 765 (3/2013) - EQ 748 (3/2013)- EX 781 (Mortgage Pull 12/14/11)
Goal Score: TU 750 - EQ 750 I MADE IT!


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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Tempted To Leave The Garden...

Gardening doesn't mean that you never get to app again. It just means that you're sitting back, being smart, and letting the good stuff come to you. And when the time is right, then you strike.

 

You're going for a mortgage. Work that for now. If an additional card would actually improve your chances for a better mortgage rate, then heck yeah, go for it. Otherwise, keep making notes on what additional card(s) will make your life better when the time comes.

 

It's all about making yourself a credit (mortgage) applicant that lenders will fight over. :smileywink:

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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