Applying for credit

rrdm78 — Sun, 18 Oct 2015 16:15:28 GMT

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I have been rebuilding my credit since may/2015. I started out with credit scores in the low 500's. I would like to start applying for a mortgage in May/2016. I was told that banks like to see mix credit. I recently applied for a preapproval officer from Merrick Bank for $400.00 on 10/11 and I just recently was approved on 10/16 for a Boa credit card for $2500. This is the first approval since my charged off from Lane Bryant. Before, last week I only had installation loans for my car note and student loan totaling $643.00a month. Some of the baddies I have is one charged off that I settled with Comenity bank /Lane Bryant and my car note I have 5 30 day lates. I have been paying on time for the last 10 months my car note. My student loan I have never missed a payment. I wrote Comenity Bank a good will letters his week to get the charged off removed. My credit scores are as followed:

Fico8 : 657 Equifax score 10/15 increased once Merrick Bank reported on 10/15
Fico8: 626 experian it probably much higher since I got a new trade account on 10/15
Fico8: 559. Trans union. It probably much higher since I got new trade account on 10/16

My number of inquires are as follow:

Experian: 3
Equifax: 8. One due to fall off on 10/21
Transunion: 6

Credit approvals
Merrick Bank: $400 will increased to $800 after my 7th payment . Applied on 10/11 reported to credit agencies on 10/15
Bank of America : $2,500 applied on 10/15
Denials
American Express denied on 10/17
pending
Still pending Capital one applied on 10/11 . My Equifax has a fraud alert they need to call me to verified information. I may get approved for the Quick silver card

At this point should I stop applying now for credit cards. Will having a lot inquires be looked at bad when applying for a mortgage.

Thanks,

Re: Applying for credit

Anonymous — Sun, 18 Oct 2015 18:29:06 GMT

Alot of inquiries is bad along with new accounts if your goal is to apply for a mortgage. If I were in your shoes, I won't apply for any more cards and concentrate on getting scores up and ready for the mortgage with your current cards.

Re: Applying for credit

OmarGB9 — Sun, 18 Oct 2015 19:03:04 GMT

Re: Applying for credit

ddemari — Mon, 19 Oct 2015 21:06:05 GMT

Agreed, if a mortgage was in my future I would stop the applicants for credit and build my profile using the cards and loans I already have.

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