Ready to Apply! Need some help!

[Bpearl2010]

Since, I am 12-18 months away from buying my first new home many forum members have advised me to try to acquire new credit cards,  since i have to many store cards.

So here are my

FICO 8 Scores: EQ: 619, TU: 627, EX: 625

FICO 8  BankCard Score Scores: EQ: 609 , TU:572 , EX:578

(2) 30-day late: 1 Year ago, and the other one 7 months ago.

I'm still waiting for updated Utilization hopefully by June 26th. Hoping it will increase my score just a little over 600's for Bankcard scores.

I was advised to apply for the Cap one QS1, since it has good approval ratings. I did the cap one pre-qualification online and i was pre-approved for the QS1 and the Standard Cap one Platinum. However, here is my main question for this; SHOULD I ONLY APPLY for the QS1 and wait about 6 months to apply for a venture card? I was informed by a forum member that if I only apply for one and wait for a 2nd cap one I could increase my chances with Cap one for a premium card. I've been receiving Cap One  pre-qu letter in the mail for over 6 months. 

Second, I've been looking at the BarclayCard Rewards MS, since I was also advised into getting one of those. ??? Opinion?

What about Discover? "I am a student, so the Student chrome card, could work?" I did the Pre-qu for Discover also, and it said " Here's the Card We Found For You" = Student Discover IT Chrome for Student Card. Idk how Discover is about Pre-qu approvals.

I don't want to waste Hard Pulls, if i have a high possibility of not being approved. Help would be great!

[SecretAzure]

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@Bpearl2010 wrote:

Since, I am 12-18 months away from buying my first new home many forum members have advised me to try to acquire new credit cards,  since i have to many store cards.

So here are my

FICO 8 Scores: EQ: 619, TU: 627, EX: 625

FICO 8  BankCard Score Scores: EQ: 609 , TU:572 , EX:578

(2) 30-day late: 1 Year ago, and the other one 7 months ago.

I'm still waiting for updated Utilization hopefully by June 26th. Hoping it will increase my score just a little over 600's for Bankcard scores.

I was advised to apply for the Cap one QS1, since it has good approval ratings. I did the cap one pre-qualification online and i was pre-approved for the QS1 and the Standard Cap one Platinum. However, here is my main question for this; SHOULD I ONLY APPLY for the QS1 and wait about 6 months to apply for a venture card? I was informed by a forum member that if I only apply for one and wait for a 2nd cap one I could increase my chances with Cap one for a premium card.

Second, I've been looking at the BarclayCard Rewards MS, since I was also advised into getting one of those. ??? Opinion?

What about Discover?

I don't want to waste Hard Pulls, if i wont get approved. Help would be great!

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I have no experience in the purchasing of a home. However, it is my guess that you don't want to add a HP in 6 months as that HP may impact your credit bargaining power. I would advise doing 2 at once if your scores were a little bit stronger. I think you are gambling either way but I'd rather gamble now than later. A HP now won't too badly (if at all) affect something over 12 months away (if it ends up being only 12 months instead of 18).

[TRC_WA]

The last thing you want when applying for a mortgage is recent new accounts and INQs.  None for a year is recommended.

[Callandra]

I don't have any experience buying a home but I think you should hold off on apps for now (the less inquiries the better) and build with what you have. I would also look into writing some goodwill letters to remove those lates. Two 30-day lates in the past year are hurting your scores and make creditors nervous so you might get denials or less than favorable terms. 

Good luck with your house!

[Kb109]

PLEASE take my advice. I wouldn't apply for any new accounts until AFTER closing. I applied for a new Amex card a year before I applied for a mortgage and they questioned me about it. After the closing documents were signed and keys were in my hand, it was a free for all!!! Just wait! Trust me, it's SO WORTH IT!! And you can use all those awesome sign up bonuses buying stuff for your new house! Good luck!!!

[Bpearl2010]

Thank you for all the replies! Very Helpful.

Question, what if my current Hard Inquires look like this.

TU: 4 total, with 2 falling off July 25th, 2015, and 1 falling off Dec 17th, 2015 and the last one wont fall off for 2 years. EQ: 2 total, with 1 falling off Dec 17th, 2015 and the other one Apr 29, 2017. EX: 1 Total, which falls off Aug 20th 2016.

[Creditaddict]

Since you have more than 3 credit accounts already, you don't need anymore to better your chances on mortgage so in this case I would say not to apply for anything and just focus on getting as many of your credit accounts down to $0 balance before mortgage time.

[GetMeSlick]

@Kb109 wrote:

PLEASE take my advice. I wouldn't apply for any new accounts until AFTER closing. I applied for a new Amex card a year before I applied for a mortgage and they questioned me about it. After the closing documents were signed and keys were in my hand, it was a free for all!!! Just wait! Trust me, it's SO WORTH IT!! And you can use all those awesome sign up bonuses buying stuff for your new house! Good luck!!!

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Does that hold same for new Auto loan too?

I am planning a new auto loan in 2016, 3rd quarter. am i good if i dont put any new a/c or inqs next 12 months to get better terms and rates?

BTW, Good luck OP.

[juniornj23]

Don't app don't app

[Anonymous]

If your gonna app then go with cap1. Discover pre qual site will pre qualify my 6 year old. It's no good. You're on the cusp with Barclay, so it may be a denial.