10-10-2012 01:50 PM - edited 10-10-2012 01:56 PM
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.
10-10-2012 01:52 PM
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 664, TU FICO 683, EX FICO 698 | Starting Score: 525 (05/2012)|
Starting total revolving credit: $1100 | Current total revolving credit: $7000
Inquiries (12 Months): EQ 3 TU 2 EX 2 | Most Recent: 1/8/2013
|AMEX Gold NPSL|
DCU Visa $2000
Cap1 Cash Rewards $2000
BOA Platinum $600
10-10-2012 01:58 PM - edited 10-10-2012 01:58 PM
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.
10-10-2012 02:07 PM
+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!