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So I have finally REBUILT my credit from the low 500's to a FICO 8 of about 830 and FICO 5 (for mortgages) about 800
At some point in the next year I will buy a house. My newest account is a 2.5 year old car loan and I have a low utilization (typically < 3% with > $20,000 credit card limit).
I know you aren't supposed to apply for a new credit card within a year of getting a mortgage but considering my high score and low utilization, would it be okay if I applied for a new card? I got an offer for a fidelity unlimited 2% cash back card that I would apply to a Roth IRA. I like this idea.
Thanks for your help.
At that score level, you are well beyond what is required for the best rates. I say go to town and get that new card! Nice work on the FICO rebuild. And if the idiot underwriters can't see your decision to get 2% back into a retirement account as good financial stewardship, tell them to go "bleep off" and look for a new one. You will be more than fine applying for new card though. Any minute hit to your score will not impact you getting the best rate.
Go get that card! My loan officer was compeltely fine with me getting a new card in the middle of the mortgage process because my DTI wouldn't be impacted enough to throw me over, and I had points to spare. Not recommended for EVERYONE, but if your profile can support it, do it!