topic Re: So, I really need more credit?? Argh in Credit Cards

So, I really need more credit?? Argh

anniev2 — Sun, 31 Mar 2013 12:41:12 GMT

I have one CC
Capital one visa opened June 2000, CLI $4,000

Currently a high balance, will pay down to 12% in next 30 days
Want a mortgage soon, should I try for cards now?
Need to research best cards to seek if so.

Re: So, I really need more credit?? Argh

tcbofade — Sun, 31 Mar 2013 12:44:54 GMT

If you're serious about applying for a mortgage "soon", I would advise you to consult YOUR mortgage broker/banker and ask THEM if a second card is worth the new account ding.

Some mortgage bankers want that second line reporting, some would prefer it didn't exist.

Traditionally, two or more cards will help your FICO score, but having new accounts is frowned upon by mortgage bankers.

Only YOUR mortgage banker knows what they prefer.

Good luck!

Re: So, I really need more credit?? Argh

Anonymous — Sun, 31 Mar 2013 12:49:10 GMT

@tcbofade wrote:
If you're serious about applying for a mortgage "soon", I would advise you to consult YOUR mortgage broker/banker and ask THEM if a second card is worth the new account ding.

Some mortgage bankers want that second line reporting, some would prefer it didn't exist.

Traditionally, two or more cards will help your FICO score, but having new accounts is frowned upon by mortgage bankers.

Only YOUR mortgage banker knows what they prefer.

Good luck!

Usually mortage lenders want >1 account at least but some are a lot more bothered about age of accounts. Talk to your mortage company first before you do anything.

Re: So, I really need more credit?? Argh

anniev2 — Sun, 31 Mar 2013 13:02:35 GMT

Thanks I will follow your advice. I really appreciate the preemptive advice. Updates later ...

Re: So, I really need more credit?? Argh

boomhower — Sun, 31 Mar 2013 14:13:05 GMT

Depends on the lender and even the loan type. Some lenders want three tradelines on your credit report. But some will accept non-traditional tradelines. Consult with your lender and see what they want. As a general rule you don't want any new accounts or inquiries for the preceeding six months before you apply.