Which CC's should I try to get after morgage closes?

[Anonymous]

Hi, I'm reading that you should have at least 3 credit cards for the best credit scores possible: 2 paid to 0 and 1 with a <10% UTIL. I have one Home Depot credit card at $0 and one Capital one unsecured card (since 2004!) at <10% UTIL. We are going into UW for a mortgage this week so now is NOT the time to add any credit cards but after we close, I'd like to pursue getting a couple more if only for the score bump to offset the mortgage loan.

I am very very new to anything resembling understanding good credit cards. Even when I had really good credit (prior to 2012), I stuck with my trusty fee laden cap1 year after year for the last 11 years. I had no idea there were "better" cards and never pursued anything with cash back. My credit is rehabbing right now and I'm not at optimum credit score to qualify for the gold standard, so after the house closes, I'd like to start on that road and get out of my high rate car loan and high interest cap1. I'd like suggestions of what to try first. My fico8 scores right now are 638/632/627. My mortgage scores are lower. And i have no idea about credit card scores.

[Anonymous]

Are the cards a must have for you right after the mortgage?  Your FICO08 scores are Ok.  But waiting a bit for them to improve will make you have a better chance of getting approve and getting bigger limits if that is what you desire...

[Anonymous]

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@Anonymous wrote:

Are the cards a must have for you right after the mortgage?  Your FICO08 scores are Ok.  But waiting a bit for them to improve will make you have a better chance of getting approve and getting bigger limits if that is what you desire...

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I honestly would give it a few months for the mortgage to start reporting, even allowing some time for getting into the 680+ range for decent cards.

[Anonymous]

Thank you guys! No they are not a must. We have cash saved for any purchases immediately after the closing. I will wait until my scores are higher. Which ones would you start with once the scores are better?

[PrimeRate]

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@Anonymous wrote:
Thank you guys! No they are not a must. We have cash saved for any purchases immediately after the closing. I will wait until my scores are higher. Which ones would you start with once the scores are better?

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I'd aim for scores over 680 - preferably 700 before applying.

In the mean time start researching the following cards & check your monthly spend to see which reward system will benefit you most:

Sallie Mae from Barclaycard

Discover IT(Rotating Qtrs - a nice backup card w/ swell shop portal - if they don't interest you, compare to Chase Freedom)

AMEX BCE/BCP or ED/EDP