No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Bad, bad, bad idea. Inquiries, new accounts, decreased average age of accounts all add to up to a lower score. Not only that, but lenders these days may not look favorably at someone who's seeking credit right before obtaining a home.
Why take the chance?
Lel
will they deny her for a mortgage.How long should she wait to apply for a mortgage then
divakay2 wrote:
Lel
will they deny her for a mortgage.How long should she wait to apply for a mortgage then
Impossible to say whether this action will lead to an outright denial. But if it's going to have an effect, it's almost definitely going to be negative. If her scores are in the low 600s right now and she loses a dozen points because of the new account, then it could lead to a denial. If she has high FICO scores and enough money for a hefty down payment and a conventional (i.e. non-FHA) loan, then a score drop could exclude from her getting the best available rates and would cost her thousands in extra interest payments over the life of the loan.
This must be one heckuva credit card for someone to be willing to risk a mortgage and missing out on the first-time homebuyer's tax credit.
for a person with a 740 fico.... likely no problem. if i get a new credit card my score doesnt move.
for a person with 640 fico, bad idea.