Secured Cards and HP's

[MortgageMinded]

I currently have 1 secured cc and was told by my lender to get 2 more.  Here's the thing, won't getting 2 more dings on my CR be a bad thing?  

Also, I have the Wells Fargo secured card, which others are good to get and are easier to get considering?

[guiness56]

You should never apply for any credit within 6 months of applying for a mortgage due to the possibility of a change in score.

Yes, you could potentially lose points for the HP plus the TLs reporting.  It could take 6 months to recover from that.

[myjourney]

---

@guiness56 wrote:

You should never apply for any credit within 6 months of applying for a mortgage due to the possibility of a change in score.

Yes, you could potentially lose points for the HP plus the TLs reporting.  It could take 6 months to recover from that.

---

+1 agreed

When are you planning to apply for a mortgage?

[myjourney]

---

@guiness56 wrote:

You should never apply for any credit within 6 months of applying for a mortgage due to the possibility of a change in score.

Yes, you could potentially lose points for the HP plus the TLs reporting.  It could take 6 months to recover from that.

---

Double post Ooops 

[MortgageMinded]

Thanks for the responses, I already spoke with a LO and was told to acquire 2 additional lines of credit.  

He HP my CR (which already dinged my score several points) and he suggested I should acquire an additinonal 2 secured cards (I already have 1).  I am looking for end of June settlement.   Why would they suggest I acquire 2 TL's then if this could have an adverse affect on CR?  I may seek a second opinion (with the 1st lenders HP).

I appreciate the feedback.

[guiness56]

---

@MortgageMinded wrote:

Thanks for the responses, I already spoke with a LO and was told to acquire 2 additional lines of credit.  

He HP my CR (which already dinged my score several points) and he suggested I should acquire an additinonal 2 secured cards (I already have 1).  I am looking for end of June settlement.   Why would they suggest I acquire 2 TL's then if this could have an adverse affect on CR?  I may seek a second opinion (with the 1st lenders HP).

I appreciate the feedback.

---

Because they are looking at what the UW may want you to have in the way of credit.  Most may not be completely aware of the impact to your score when they tell you to do things like this.

If you did it now your score may recover by then.

I know Open Sky does no HP.  They may not be the best CC but if all you are looking for is an additonal CC to add, then it may work.  There is also a CU, whose name escapes me now, that only does SP.

[myjourney]

---

@guiness56 wrote:

---

@MortgageMinded wrote:

Thanks for the responses, I already spoke with a LO and was told to acquire 2 additional lines of credit.  

He HP my CR (which already dinged my score several points) and he suggested I should acquire an additinonal 2 secured cards (I already have 1).  I am looking for end of June settlement.   Why would they suggest I acquire 2 TL's then if this could have an adverse affect on CR?  I may seek a second opinion (with the 1st lenders HP).

I appreciate the feedback.

---

Because they are looking at what the UW may want you to have in the way of credit.  Most may not be completely aware of the impact to your score when they tell you to do things like this.

If you did it now your score may recover by then.

I know Open Sky does no HP.  They may not be the best CC but if all you are looking for is an additonal CC to add, then it may work.  There is also a CU, whose name escapes me now, that only does SP.

---

Backup has arrived 

The envelope please......and the winner is

SFDCU requires no HP and the only scoring ding will be when it reports to CR's 

https://www.sdfcu.org/emv-creditcards

Good luck OP

[guiness56]

---

@myjourney wrote:

---

@guiness56 wrote:

---

@MortgageMinded wrote:

Thanks for the responses, I already spoke with a LO and was told to acquire 2 additional lines of credit.  

He HP my CR (which already dinged my score several points) and he suggested I should acquire an additinonal 2 secured cards (I already have 1).  I am looking for end of June settlement.   Why would they suggest I acquire 2 TL's then if this could have an adverse affect on CR?  I may seek a second opinion (with the 1st lenders HP).

I appreciate the feedback.

---

Because they are looking at what the UW may want you to have in the way of credit.  Most may not be completely aware of the impact to your score when they tell you to do things like this.

If you did it now your score may recover by then.

I know Open Sky does no HP.  They may not be the best CC but if all you are looking for is an additonal CC to add, then it may work.  There is also a CU, whose name escapes me now, that only does SP.

---

Backup has arrived 

The envelope please......and the winner is

SFDCU requires no HP and the only scoring ding will be when it reports to CR's 

https://www.sdfcu.org/emv-creditcards

Good luck OP

---

Lol.  Yep, that is the one.  I can never remember that one for some reason.