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Depending on my work situation, I hope to get my first mortgage later this year. My question is that on many different websites, I've seen tips not to apply for new credit cards before applying for a mortgage. Is there any kind of best practice for what the application cutoff should be? I don't want to apply for anything new unless I find a good new account bonus, but I certainly don't want to mess up mortgage approval or interest rate. Any thoughts?
Welcome to the forums!
What is on your credit reports now? credit cards? loans and etc.? credit card limits and their balances? Do you know your FICO scores? How long is your credit history? Any negative stuff? lates? collections and etc.?
I'll answer with what I know:
-My credit report for now has only credit cards; like I said, I hope to add either mortgage or auto loan later this year
-Credit cards: MasterCard ($2500 limit/$0 balance), Visa ($2500 limit/~$100 balance), AmEx ($2500 limit/$250 balance), store card ($400 limit/$20 balance)
-FICO score was 680 when I last checked
-Credit history goes back to 2006
-No negatives; every card has been paid in full each month
@Anonymous wrote:
I probably should have added that the 680 score is pretty old, a couple of years I think. I check my report often, but I really need to check my scores pretty soon.
If you do want to check your scores be careful where you look.
No one has been able to pull their own Experian score since last February. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myfico. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Equifax score at www.equifax.com and your Transunion score at www.transunioncs.com.
From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
You can do the same thing with hard work
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