Applying for New Credit

[Anonymous]

Hey! So I have a few questions regarding a decision I have to make soon. I’ve been working on my credit since October 2019 and I’ve increased my score to over 750 across all three board ☺️ (Taps self on back lol)

I plan on buying a home next year and don’t want to apply for any new cards since the 2 I have will be a year this Dec. I have a major home project coming up and want to apply for a Home Depot credit card to help with the materials. I know initially your score takes a hit due to the hard inquiry but will it affect me as far as the average age of all my accounts and purchasing a home next year?

[AllZero]

What is your current AAoA?

You need to pull your 3B mortgage scores to get a base line. If on a clean score card, you will get point loss for inquiry and new account.

Free mortgage scores

EX2 + 3 Bureau scores and reports for $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.

TU4 WyHy quarterly score. Not sure on membership requirement. Maybe hard pull TU?

EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.

You can also obtain your 3 bureau mortgage scores at FICO Advanced . Cancel plan after you obtain your scores and reports to avoid re-occurring monthly charge.

[dragontears]

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@Anonymous wrote:

Hey! So I have a few questions regarding a decision I have to make soon. I’ve been working on my credit since October 2019 and I’ve increased my score to over 750 across all three board ☺️ (Taps self on back lol)

I plan on buying a home next year and don’t want to apply for any new cards since the 2 I have will be a year this Dec. I have a major home project coming up and want to apply for a Home Depot credit card to help with the materials. I know initially your score takes a hit due to the hard inquiry but will it affect me as far as the average age of all my accounts and purchasing a home next year?

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Yes it will affect your average age of accounts 

Yes it will cause your mortgage scores to decrease 

Is 750 your current mid mortgage score? 

[Girlzilla88]

@Anonymous     How soon next year are you thinking?!     If it's long enough that if you added it now will get it to 6 months that may not be as bad but you definitely don't want to apply for it if you are looking to purchase early Jan/FEB next year (You can do what I did and get the house first ((CLOSE ON THE HOUSE Keys in Hand)) then APP for the HD card after      When I did that and I called right away to increase the limit I had great success      Ymmv but it may be good food for thought

[Girlzilla88]

@Anonymous     I used the 3B reports from MyFICO to double check up on my Mortgage scores during the process and the person I used used the middle score spot on so I can't say which one they will check for you (may be different) but I can say what he did check for me was exactly what I saw here so that made me super happy      Another side note for you

[Anonymous]

My AAoA is 4 years 9 months and I pulled my Fico2,4, and 5 a few months back I believe my middle was 733 but Experians says my mortgage score is 753. So you think I should hold off with applying for new credit until I purchase the house next yr?

[Anonymous]

No My Fico 8 scores are above 750 my Mortgage score for experian says 753 but I don't know the other two 

[AllZero]

IIRC MMS 740 is the next tier. 760 should give you best rate. Based on that information, that should help you in your decision.

[Anonymous]

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Hopefully by May of next year. I might just wait but it's so tempting  when they keep sending me pre approved letters lol

[Anonymous]

Thanks!