Credit Card Center Advertiser Disclosure

Posts: 7
Registered: ‎06-28-2007
0 Kudos

What Would You Do

Ok, I'm a newbie here so please forgive me if I'm rambling. I just got interested in my credit again, thinking of buying a house next year. I only had 2 low limit credit cards, CAP 1 and Lowes for quite a few years. I lived off cash mainly. Here's my dilema. This past month I applied for the following and got: Hooters $750 Best Buy MC $2000 (cld to $1,100 and I was upset about that, they said it was because I did a transfer to USAA for $25 and they frown upon that) Kay's Jewelers $3000 Juniper ATA $750 Macy's ($200) Nordstrom $500 CCCU $2500 Lowes $400 Not bad for one month (CAP 1 and Lowes, I had for a while). Well this month, I ran up Best Buy and HSBC but I just paid off HSBC and will pay off Best Buy next week. Macy's I just pay off as soon as I charge. Same with ATA. I just applied for Emigrant Direct MC and they said they will get back to me. Now I'm having remorse and want to cancel all my cards and just live off cash. Should I do that especially with my goal of buying a home next year? Is there any lender who will loan me mortgage without a tradeline? For some reason I liked living off cash and just using my debit cards, even when I go on vacation I never had any problems with using my debit card to pay for my trips, hotels, car rentals. I love purses so I buy designer purses such as Louie Vuitton, Coach, etc. but I never went in debt for them. Now I find myself being really really afraid to have credit. Maybe it's because of my divorce and losing everything the first time around, i.e., my house and my car. It's been a long 7 years but now I miss the freedom of being truly truly free, i.e., I feel that I can pack up and go anywhere I want to without the burden of having to work to pay off any debt. Again sorry but it is what it is for me right now. I'm just worried about buying a house and being declined. BTW, because of where I live this house would be used for a vacation rental for tourists so its sort of an investment for me. Thanks for listening.
Moderator Emeritus
Posts: 7,326
Registered: ‎06-18-2007
0 Kudos

Re: What Would You Do

Credit scores are important when applying for a mortgage. In this day & age you must have credit & use it in order to keep a good score. Only use your cards 1 at a time for small purchases  every few months & PIF when they appear on your on your bill (before int. starts). This way you don't have more bills & you should have a good payment history when you apply for a mortage.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.