Revolving accounts and mortgages

[Anonymous]

I posted about AmEx closing my BlueCash card with them, leaving me with only one open revolving credit account. See thread here. 

I'm looking to buy a home in the next few months and hoped to get pre-qualified this month. So what should I do? Try to get a new CL to replace the lost CL from AmEx? Or just pay off AmEx and not open any new CLs until I purchase a home?

[Anonymous]

Anyone?

[llecs]

You should PIF Amex ASAP. Once that reports, then tweak your store card's balance and see the effect on your TU and EQ scores to see what balance is optimum for points.

I'd wait on the CC. Your scores can easily reach the mid 700s without Amex.

[Anonymous]

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@Anonymous wrote:

I posted about AmEx closing my BlueCash card with them, leaving me with only one open revolving credit account. See thread here. 

I'm looking to buy a home in the next few months and hoped to get pre-qualified this month. So what should I do? Try to get a new CL to replace the lost CL from AmEx? Or just pay off AmEx and not open any new CLs until I purchase a home?

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I only have one open revolving account and all of my FICO scores are above 700. I had no issues whatsoever getting pre-approved and my credit has several delinquencies on older, closed accounts.

So, I wouldn't worry about getting another CC as the newness of the account plus the inquiry may negate any score increase that you would see from another open revolving tradeline.

That's my $0.02, hope that helps.

[happy0510]

schlebrock,

I only have 1 open TL as well.  What else do you have on your report? Also, what were your baddies? Curious, as I am in the same boat and will be applying soon!!

Thanks,

Happy