Would it hurt or help my credit getting a new credit card??

[nicktheman]

I have scores of 629 TU and 609 EQ currently and was thinking about applying for a Kay Jeweler's credit card.  Would it help my credit to get a new 2-5k credit limit card on my credit report?

Currently I have 2 credit cards - 1 has 800 limit and the other has a 2600 limit.  I also have 1 car loan with about 7k left to pay.  I haven't had a late in about 2 years and no collections for over 3 years.  I'm hoping this could bump my EQ over 620 so I can apply for a FHA loan.  I appreciate the help!  Thanks.

[jennordy]

It may initially drop your score due to a new account, but after a few months it should help because of low utilization (assuming you don't buy anything).  How soon are you applying for the FHA loan?  If it won't be for another six months or more, a new account will probably bump up your score by that time.

[nicktheman]

I'm looking to apply for the mortage within a month or 2 at the most.  So I will hold off on applying at this point.

[Anonymous]

IMO you should do nothing with your CE 6mo to a year when applying for a mortgage.

The collections will need to be paid.

[Anonymous]

---

@Anonymous wrote:

IMO you should do nothing with your CE 6mo to a year when applying for a mortgage.

The collections will need to be paid.

---

That's not necessarily true. Collections don't always have to be paid to obtain a FHA loan.

[nicktheman]

The collections are paid so it wouldn't matter anyways, but yeah not always will they have to be paid.  It will depend on the lender and can usually be paid at the closing.

[happy0510]

Have you tried the simulator? For me, it says I will gain points with a new CC.