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Should I accept this?

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Established Member

Should I accept this?

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.

Starting EX : 578 EQ : ??? TU: ???
Current: EX : 630 EQ : 639 TU: 684
Goal: 700 to start
Message 1 of 4
3 REPLIES
Valued Contributor

Re: Should I accept this?

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.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
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
Message 2 of 4
Established Member

Re: Should I accept this?

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.

Starting EX : 578 EQ : ??? TU: ???
Current: EX : 630 EQ : 639 TU: 684
Goal: 700 to start
Message 3 of 4
Moderator Emeritus

Re: Should I accept this?

+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!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 4