Senior Contributor
Posts: 3,067
Registered: ‎11-02-2009
Re: Credit Limit Increase versus Hard Pull Hit

If you're trying to purchase a home in the Spring, I'd probably hold off on adding another credit card.  Asking for the CLI probably wouldn't kill your home purchase, but if you don't really need it, you may want to hold off on that as well.  No inquiries for at least 6 months before a mortgage application is a generally good idea, some will say you should hold off even longer. 

 

Also, unless you really need that car in December, you might want to think about getting the car after the house.  Again, with your scores, it's probably not a deal killer.  But you'd want to watch your reserves, and watch your DTI.  Also, if you are planning on going conventional, by adding another tradeline so close to the mortage app, you'd lose some points for the inquiry as well as the new account and lowering of your average age of accounts.  It might not mean the difference in approval or no approval, but it could mean a worse interest rate.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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