3&1 - to apply for a new card or not?

[Anonymous]

Currently trying to bump up my credit...working with a mortgage broker to get pre-approved for a home loan (rural development, need 620, prefer 640). His one and only suggestion was pay off my credit cards and I should be where I need to be. I've been reading over and over on the forums that having 3 cards with 2 at $0 and 1 at less than 9-10% is the best case scenario...

So I guess my question is, should I try to apply for another card? If so, any suggestions on cards to try? Also, is my mortgage broker correct in that I should only worry about paying off my cards (he and the simulator on here show that my scores will raise 25-35 points just from paying those down). My AAoA is already super gorgeous thanks to school loans from this semester that just hit last month *rolls eyes* lol

(all cards and loans are showing current with no late payments)

-Commenity - Jan 2017 - $450 limit, will have $0 next week (less than $100 right now)

-Capital One Quick Silver - Oct 2015 - $500 limit, had about $450 yesterday, but by close of this month will have $50 (or less if I can swing it)

-Car Loan - Nov 2016

-Sallie Mae Student loan - Jan 2013

-Dept of Ed student loan - Aug 2017

-2 medical collections from March & June 2016 (mortgage broker told me if I could do PFD that would help but if not, leave them??)

Fico 8: Trans 622, Equi 617, Experian 641

BUT >.<

Mort Fico: Trans 619, Equi 601, Experian 625

Or do you have any other suggestions/advice? Thank you bunches!!!

[Anonymous]

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@Anonymous wrote:

Currently trying to bump up my credit...working with a mortgage broker to get pre-approved for a home loan (rural development, need 620, prefer 640). His one and only suggestion was pay off my credit cards and I should be where I need to be. I've been reading over and over on the forums that having 3 cards with 2 at $0 and 1 at less than 9-10% is the best case scenario...

So I guess my question is, should I try to apply for another card? If so, any suggestions on cards to try? Also, is my mortgage broker correct in that I should only worry about paying off my cards (he and the simulator on here show that my scores will raise 25-35 points just from paying those down). My AAoA is already super gorgeous thanks to school loans from this semester that just hit last month *rolls eyes* lol

(all cards and loans are showing current with no late payments)

-Commenity - Jan 2017 - $450 limit, will have $0 next week (less than $100 right now)

-Capital One Quick Silver - Oct 2015 - $500 limit, had about $450 yesterday, but by close of this month will have $50 (or less if I can swing it)

-Car Loan - Nov 2016

-Sallie Mae Student loan - Jan 2013

-Dept of Ed student loan - Aug 2017

-2 medical collections from March & June 2016 (mortgage broker told me if I could do PFD that would help but if not, leave them??)

Fico 8: Trans 622, Equi 617, Experian 641

BUT >.<

Mort Fico: Trans 619, Equi 601, Experian 625

Or do you have any other suggestions/advice? Thank you bunches!!!

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I would suggest opening a second Capital One card.

[Anonymous]

Thank you, Norman! I had an offer for the capital one journey (student card)...should I give that one a try? Or try for another quicksilver (are you even allowed the have 2 of the same exact cards?). Sorry, very new at all this.

[Anonymous]

Have you tried any other prequal sites?

1) I don't 💞 the Cap-1 triple pull, just to get a likely marginal approval....all 3 CRAs👎

2) Your EX is 641, that seems high enough to secure an approval with a EX puller w/o sacrificing any of the already shakey EQ points.
Perhaps a TU puller might approve at 622, again running interference away from the EQ

IMO why run all 3 CRAs 'just' to get a Journey?
Heavens forbid the schmucks turn you down burning 3 HPs where you could have run 1 EX and 1 TU at two separate institutions, needing just 1 approval, thread lightly JMO

[Anonymous]

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@Anonymous wrote:
Have you tried any other prequal sites?

1) I don't 💞 the Cap-1 triple pull, just to get a likely marginal approval....all 3 CRAs👎

2) Your EX is 641, that seems high enough to secure an approval with a EX puller w/o sacrificing any of the already shakey EQ points.
Perhaps a TU puller might approve at 622, again running interference away from the EQ

IMO why run all 3 CRAs 'just' to get a Journey?
Heavens forbid the schmucks turn you down burning 3 HPs where you could have run 1 EX and 1 TU at two separate institutions, needing just 1 approval, thread lightly JMO

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Well...That makes a lot of sense! lol I guess I never really thought about it that way...also I haven't tried or really looked at any other cards. Just starting out the 'should I' thought process. (and yes treading very lightly at this point lol)

Also I guess I should add, IF my score goes up like projected next month just from paying off the cards I have, I will be starting the home loan process. So while the 3&1 seems important, I don't know if it'll hurt my credit (even temp) and delay the mort even further?