I just picked up a cap one secured card at the time my score was around the high 500's. After taking the card I got a bump which put me in the mid to low 600's on average across the 3 credit reporting bureaus. I not get an offer from Cap One for a unsecured card with limit up to 1500. Im' sure it would be much lower limit (I'd assume $500 to start).
While it's unsecured and that's good and I know have a higher limit CC would be good in the long run, I'm also trying to get a mortgage soon, sometime in the next 4 months at most but might try as soon as a month. I'm thinking it might be bad to have a another hard pull but also to take two CC's so close together.
Any one have an opinion on this? If I wasn't planning on trying to get a mortgage soon I wouldn't b worried but with that in mind Im' not sure if I should take it.
The hard inquiry will hit you, as will the lowering of your AAoA. I'm sure there's specific timelines out there, but I can't imagine credit card shopping even within 6 months of trying for a mortgage.
|Chase Freedom $9500|
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
|Lowe's CC $8500|
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Yea that's what Im' thinking as well. It might help long term but in the short I believe it will hurt. I'm likely better off to to hold & wait as my score will probably be better by then anyway, which should get me better offers.
+1 It's generally a good idea to refrain from any new credit within 6 months of apping for a mortgage. Continue to clean your CR and after you are financed, you can apply. Good Luck!