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Posts: 17,480
Registered: ‎12-30-2011
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Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

[ Edited ]

laella wrote:



Do you think even thought I just got that credit card I can still at some point in the near future apply for a mortgage loan?



Suboptimal but it's not like lenders haven't seen crazier things than that... for the LOE if they want one, don't tell them the whole long story though hah, keep it simple and to the point.


Admittedly not all lenders may have the same stance on it, but as I understand it's mostly the drop in score that sometimes occurs with new accounts which is the big bugaboo; losing thousands over the course of a loan as a result of missing a tier, is something to try to avoid heh.  My EQ 04 dropped 7, my TU 04 dropped 9, and my EX 98 not sure, had a big positive change there which outweighed the inquiry when I went past my 30 day grace period from the first mortgage try inquiries.  That's a little scary TBH when tiers are in 20ish point ranges.


I looked at the SFH in my local good area, then looked at condo in good area, finally settled on starter condo heh.  Los Angeles, not quite same issues as NYC in housing but I can empathize.


Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)

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Posts: 421
Registered: ‎12-15-2014
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Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

The lender does not care how many credit cards you have. They only ask about your inquiry to make sure whatever cards you have are fully documented. Even then, they won't ask if it's obvious that the card is on your CR. If they do ask for a letter, tell them what you did (opened a new card) and provide them a recent statement or balance snapshot so they can hit you with the $20 minimum payment and move on.
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Posts: 29
Registered: ‎04-26-2013
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Re: Single Female - looking to buy a home as a first time buyer and looking for advice...

Does anyone have any recommended videos or youtube clips for buying a home?

I probably come across like I really have no clue and that is right. I am asking questions here and there with being thankful for this website.

I have alot of thinking to do.

Thanks to all who answered over this time.



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