Is it worth the risk?

[Anonymous]

Hi all!

I'm new to the community but not new to messing with credit. Having spent most of my 20's (I'm 38) ignoring my credit and being very reckless, I am in the process of rebuilding it with a goal of buying a house with my VA loan this coming August (current mid-fico of 626). In the past couple of years I have opened up a Discover It (secured $200), Cap One QS1 ($500), Credit One ($500) and a Cap One Plat ($500). I'm doing all I can to keep the utilization reporting at ~10% to the beaureaus. MY question is this. I have recently recieved an "invitation to apply" for a co-branded USAA Rewards AMEX card. Should I apply now or wait until after August and after I close on my house? I am kind of in the mindset to garden until my QS1, Dsico and Credit One (I know, I know. Its not the best but I took what i could get) inquiries fall off later on this year and then try for a Chase (Freedom?) card. I dont think the "invitation to apply" is the same as a pre-approval. Am I wrong there? Does the pre-approval indicate a higher chance of being issued the card? Thank ya'll in advance!

[simplynoir]

If you're in the process of buying a home I would stay clean until you close on the house and have the keys in hand. After that assess where you're at with you credit reports and go from there.

[Anonymous]

Agreed with the above. Also, an invitation to apply is very likely a marketing outreach rather than a preapproval - preapprovals rarely leave you guessing where you stand. In any event, common wisdom offered here is not to apply for credit for at least six months before going after a mortgage. I’d hold off and wait until after the house closes as simplynoir advised.

[Anonymous]

Thank yall for the input. This is both an exciting and kind of frightening time for me. Feel like I'm walking a tight rope trying not to mess up the progress I've made!

[Anonymous]

Unfortunately invitations are not preapprovals. I get one from my bank every year for thier branded card. I tried once and was denied. My experience with AMEX is they like scores in the 680s, so I wouldnt burn my report with a hard pull for it. I would garden your cards for now, in 6 months all your cards should give you a CLI/upgrade you to a standard card. Having the patience to garden is hard, ive learned that the hard way, but its worth it in the long run.

[Anonymous]

The QS1 and credit one have already increased. Around July 2018 my relationship ended and I was forced to move out. I was not prepared for that and ran up my Disco. I had good history from the time I opened it in Nov 17 until that point. I don't think I had a 30 day late but I know I did miss the due date. I've pretty much given up on that card going unsecured. I am just keeping it around because it's one of my older cards and I don't want to kill my AAoA by closing it. Kinda frustrating but it is what it is.