Too Many New Cards Too Fast?

[Vegas4Play]

It doesnt seem like a lot to me only 4 right? recent ones tha is

[MrsCHX]

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@Vegas4Play wrote:

It doesnt seem like a lot to me only 4 right? recent ones tha is

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In general? No.

For a mortgage? YES. 

That's why it makes sense to just get the inquiries at once if you want the card, and let them age off together. 

[Anonymous]

What would be the appropriate timeframe to start thinking about a mortgage after adding 4 tradelines?  Based on what I'v been reading, does 6 months to a year sound resonable? I will also need to get another car in 12 months because my lease will be up.

Currently my scores on all 3 cb are between 740 - 780.  Utilization is 10% or about 10k total between 3 cards. I want one more card, but don't need it.  Reading these forums (especially the approvals section) gives me an itchy trigger finger lol. 

[Anonymous]

In general? No.

For a mortgage? YES.

That's why it makes sense to just get the inquiries at once if you want the card, and let them age off together.

That's why i applied in a simliar fashion as OP. All for the mortgage. I think 2 years would age my credit report nicely like fine win.

[Anonymous]

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@Anonymous wrote:

What would be the appropriate timeframe to start thinking about a mortgage after adding 4 tradelines?  Based on what I'v been reading, does 6 months to a year sound resonable? I will also need to get another car in 12 months because my lease will be up.

Currently my scores on all 3 cb are between 740 - 780.  Utilization is 10% or about 10k total between 3 cards. I want one more card, but don't need it.  Reading these forums (especially the approvals section) gives me an itchy trigger finger lol. 

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So much of what is changing in how we SEE credit and how ppl behave...again not an attack, more of a smh at how 'they' got us here....they being slick marketing and the 'join-the-mob' thought pattern, especially couple with no real focus other than 'training' ppl to WANT ONE MORE.

We've to the point whereeverybody seeks timelines/deadlines till we can SHOP somemore...how long do I HAVE TO be in time-out before I RUN to PLAY some more...this is exactly how we get into so much danger.

This probably prefectly fine person has been somehow 'tricked' into WANTING just ONE MORE...not b/c of need but b/c of because...

The profile has great debt/ratio of only 10%, of 100k CL's but yet and still with 10k in debt somehow CHASING yet another is deemed a goal

and oh yeah when can I apply for a mortgage!!!

We've gotta learn to chill out....is a mortgage important? Fne STOP w/ chasing just one more cc account, for what VALID reason would 'another' be needed?

Other than vanity....at best a person can add a share secured loan to add mix, if needed, but other than that WHY get a CC account...

We're teaching ppl, encouraging ppl ...well the Credit Industry marketing is convincing ppl to chase this NAME card vs this one b/c if you make it 'cool' or a 'it' card they will come....and spend, or at least get in your wallet/purse and once that happens as a closer that's all that's needed.

Ppl will SWEAR...no I don't need it, I won't use it....yep just those young ladies I picked up for dates during my younger days weren't gonna do THAT on the 1st date or clients just want an estimate but they are NOT gonna buy tonight....yeah right closers close and drink coffee and credit is closer.

[coldnmn]

When ever you want a card and apply. Remember it may hurt your chances of getting a card you really need. Maybe you could get approved but maybe not at the best terms. My philosophy is if I don't need it don't get it. Unfortunately I still have more cards than I want but have use for so I guess need. LOL!

[Anonymous]

Nice approvals!

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@Anonymous wrote:

I am going to follow your thread as I am curious about the home loan question as well. 

Congrats on the almost new approvals.

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I too am curious what others will comment in regards to this...

[Anonymous]

Very good and interesting reply, you are correct- we ALL are slowly being brainwashed into thinking we need ALL these different cards.  I can remember when CASH was king.  I am not saying you should NOT have credit, because you should have some, but having 10-12 cards is crazy!

I am going to go in my corner now...

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Gemini101 wrote:

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Coach216 wrote:

What would be the appropriate timeframe to start thinking about a mortgage after adding 4 tradelines?  Based on what I'v been reading, does 6 months to a year sound resonable? I will also need to get another car in 12 months because my lease will be up.

Currently my scores on all 3 cb are between 740 - 780.  Utilization is 10% or about 10k total between 3 cards. I want one more card, but don't need it.  Reading these forums (especially the approvals section) gives me an itchy trigger finger lol. 

---

So much of what is changing in how we SEE credit and how ppl behave...again not an attack, more of a smh at how 'they' got us here....they being slick marketing and the 'join-the-mob' thought pattern, especially couple with no real focus other than 'training' ppl to WANT ONE MORE.

We've to the point whereeverybody seeks timelines/deadlines till we can SHOP somemore...how long do I HAVE TO be in time-out before I RUN to PLAY some more...this is exactly how we get into so much danger.

This probably prefectly fine person has been somehow 'tricked' into WANTING just ONE MORE...not b/c of need but b/c of because...

The profile has great debt/ratio of only 10%, of 100k CL's but yet and still with 10k in debt somehow CHASING yet another is deemed a goal

and oh yeah when can I apply for a mortgage!!!

We've gotta learn to chill out....is a mortgage important? Fne STOP w/ chasing just one more cc account, for what VALID reason would 'another' be needed?

Other than vanity....at best a person can add a share secured loan to add mix, if needed, but other than that WHY get a CC account...

We're teaching ppl, encouraging ppl ...well the Credit Industry marketing is convincing ppl to chase this NAME card vs this one b/c if you make it 'cool' or a 'it' card they will come....and spend, or at least get in your wallet/purse and once that happens as a closer that's all that's needed.

Ppl will SWEAR...no I don't need it, I won't use it....yep just those young ladies I picked up for dates during my younger days weren't gonna do THAT on the 1st date or clients just want an estimate but they are NOT gonna buy tonight....yeah right closers close and drink coffee and credit is closer.

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[Anonymous]

I really appreciate this honest comment because it has in a sense brought me back to reality.  You are right, I do not need all of these cards.  I'm fine with what I have right now and hope that I havent caused too much damage to my reports.  So far, I'v lucked out in the fact that all the inquiries are spread out evenly and the decrease in utilization has increased all 3 scores. 

I'm going to sit back and let these accounts age.  Possibly even close best buy and consolidate my citi cards once the dust settles. 

[Anonymous]

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@Anonymous wrote:

What would be the appropriate timeframe to start thinking about a mortgage after adding 4 tradelines?  Based on what I'v been reading, does 6 months to a year sound resonable? I will also need to get another car in 12 months because my lease will be up.

Currently my scores on all 3 cb are between 740 - 780.  Utilization is 10% or about 10k total between 3 cards. I want one more card, but don't need it.  Reading these forums (especially the approvals section) gives me an itchy trigger finger lol. 

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You can honestly start thinking about it as soon as you feel that you have enough saved for a downpayment and are ready to make the commitment. 

I had a BOATLOAD of inquiries when I applied for my mortgage pre-approval, some as recent as two weeks (my car refinance).  When I pulled the trigger for actual approval, my LO looked at inquiries in the past 4 months - I had to fill out a form and that was the end of it - no additional LOE's or interrogation necessary.  From June to the end of October I had 8 to 10 NEW accounts in just 6 months.  I had a 24 month old ch7, bare minimum downpayment, even needed the seller to pay closing costs, lol.  The only thing I had in my back pocket was a super low DTI, solid income and no payment shock. 

The motto of the story, inquiries and new accounts are NOT the end all be all of the mortgage process.  You'll need to find a good mortgage broker, not a big bank or quicken, but a mortgage broker or corespondent lender and one that doesn't freak out over this stuff.  I'm not advocating going out and maxing everything out and then applying for a mortgage or trying to shoot yourself in the proverbial foot intentionally.  There's so many factors other factors than inquiries and new accounts involved in getting a mortgage, when you think you are getting close, head over to the mortgage forum and there are some awesome, knowledgeable folks over there to help point you in the right direction.

Some folks say 6 months so that your AAoA can recover a bit, some say 1 year so the inquiry no longer counts in scoring, others say 2 years so you are inquiry free.  There is no right answer for each individual portfolio, that's why an awesome mortgage broker/LO is key to help you navigate what is in your whole profile.