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Valued Member
doctor2be
Posts: 39
Registered: ‎06-30-2009

how many credit cards

my eq score 722 and tu 781---i have only one secured credit card, 3000 in student loans and nothing else-----will getting a normal credit card increase my score b/c I did the score stimulator and it said 712-732 for eq and 771-791 for tu.  Also applying for a mortgage will reduce your score by how much????????
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009

Re: how many credit cards


doctor2be wrote:
my eq score 722 and tu 781---i have only one secured credit card, 3000 in student loans and nothing else-----will getting a normal credit card increase my score b/c I did the score stimulator and it said 712-732 for eq and 771-791 for tuAlso applying for a mortgage will reduce your score by how much????????

The problem is that your relatively high FICO scores overstate your creditworthiness due to your thin and possibly short credit history. Therefore, they are not predictive of your app'ing results. If you want to have good credit (as opposed to a good score) you are going to have to develop your credit further by taking on a few more TL's. With your scores I would try to get the best possible CC's, but be prepared for a denial based on your credit history. If you app and are denied, regroup before app'ing again.

Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008

Re: how many credit cards


doctor2be wrote:
my eq score 722 and tu 781---i have only one secured credit card, 3000 in student loans and nothing else-----will getting a normal credit card increase my score b/c I did the score stimulator and it said 712-732 for eq and 771-791 for tu.  Also applying for a mortgage will reduce your score by how much????????

Applying for a mortgage will decrease your score by a few points pending on how long you've been managing credit. Applying for and receiving a major credit card(AMEX, Discover, MC and Visa) should resuscitate your score back to a comfortable margin as it ages.  

Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007

Re: how many credit cards

If you are eligible get into Navy Federal.

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