@Anonymous wrote:
I'm curious about getting a new cc. I'm young (22) but really want to be able to get my own mortgage and buy a small house in about a year. So I need my credit to look as good as possible. My score is 708. I have 6 total inquiries right now, but only 1 in the past year. I have 2 store cards, 1 cap one secured card, and 1 citi cc. I have no problem managing them.
My question: Getting a new card will increase my available credit (Good). But will a new card hurt the length of my credit history? And could the added inquiry hurt my chances for a mortgage?
First off...
You really want a 1 year quiet period on your reports before applying for a mortgage. The only thing you want happening on your reports is you keeping your balances low and paying on time. It demonstrates stability to a lender and not someone that is chasing credit.
That being said...
You don't really need anymore credit cards because you have more than enough right now to achieve the highest scores. If you don't have an open installment loan on your reports like an auto loan you should consider taking out a four year $500 shared secured loan with a lender like Alliant Federal Credit Union.
Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
