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Question for the experts - build or sit tight

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oldtowngrill
New Contributor

Question for the experts - build or sit tight

Hi Everyone,

 

I'm in the process of buying a house and spent countless dollars and hours repairing my credit to prepare for this.  Thanks to the folks here, I've been quite successful Smiley Happy  I am, however, a thin case file as I don't have but 1 revolving line of credit opened a month or so ago.  My scores have jumped significantly since removing negatives and starting to build positive credit.  My simulator says opening up another card would jump my score into the 700's which would be useful when acquiring furniture, tv's, etc. My gut tells me to sit tight, manage the mortgage first, then look to building my credit through revolving lines.  But I'm probably several months out and not finding much in the way of my ideal house, so I'm thinking end of summer is a likely closing date.

 

I make more than enough money to cover costs of the loans and the house I'm looking for is around $150K when I can easily get approved for 300+ (no need to live any richer than i need to though - saving for retirement).  Just curious if anyone has any experience or an opinion on the matter...thanks in advance!


Starting Score: 655 EQ 616 TU
Current Score: 689 EQ 628 TU
Goal Score: 720+


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mauve
Valued Contributor

Re: Question for the experts - build or sit tight

Have you talked to a lender yet?  I would find out what they say about it.  You don't want to run into trouble getting your mortgage because of new credit lines.  It's not just the score. 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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oldtowngrill
New Contributor

Re: Question for the experts - build or sit tight

"The things that are the most obvious are the very things we're most likely to overlook." 
— Pittacus Lore 


Starting Score: 655 EQ 616 TU
Current Score: 689 EQ 628 TU
Goal Score: 720+


Take the FICO Fitness Challenge
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