Break the garden?

[Anonymous]

Hey friends!

So I was gonna garden for a little while in preparation for a mortgage application, but unfortunately I just found out I will not qualify until post-March 2022 because I haven't made 2 years at my second job yet (boohoo).  Knowing that I have to avoid new accounts in the year before I qualify, I made it a point to avoid new accounts this entire time.

I've been paying off an old Amex for *you guessed it* a shot at an Optima.  I'm almost done and was wondering if I should try to squeeze it in before March 2021 so it's still outside of the year before I will be applying for a mortgage (hope I didn't lose anyone there).

Right now, I have a 9.5k Discover It (which was chopped down $500 last May because of a late payment (April 2020) they absolutely refuse to get rid of, a 6450 limit Lending Club Patient Solutions line which is paid up, and a QS with a 750 limit. 
Only 3 derogs (3 lates, one on each card grr), no inquiries in the past year (for a lil extra razzle dazzle).

I love it here and y'all always give such great advice.  Thanks in advance!

[thornback]

If you add the Optima, and only the Optima,  then I say yea - one card over a year prior to app'ing will be fine.  This way you'll start rebuilding your Amex relationship sooner rather than later.  You could also spend this extra time trying to get those 3 lates removed.  Have you tried Goodwills?

[HeavenOhio]

If you want the card, go ahead and grab it. The only reason I can think of to say no would be if it were to ridiculously reduce your AAoA (average age of accounts).

As you've stated, the important thing is to stay clear of inquiries or new accounts in the year preceding your mortgage in order to get past the scoring penalties that come along with them.

[sjt]

I agree with the other posters. I'd say go for it. However, if you paid in full and your reports and score are good, you may be eligible for a regular Amex. I would look into that for you get the Optima.

[FICOlearner123]

+1 on all the above suggestions. Also before you start the mortgage process try the AZEO this may give little push for the scores.

[randomguy1]

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@Anonymous wrote:

Hey friends!

So I was gonna garden for a little while in preparation for a mortgage application, but unfortunately I just found out I will not qualify until post-March 2022 because I haven't made 2 years at my second job yet (boohoo).  Knowing that I have to avoid new accounts in the year before I qualify, I made it a point to avoid new accounts this entire time.

I've been paying off an old Amex for *you guessed it* a shot at an Optima.  I'm almost done and was wondering if I should try to squeeze it in before March 2021 so it's still outside of the year before I will be applying for a mortgage (hope I didn't lose anyone there).

Right now, I have a 9.5k Discover It (which was chopped down $500 last May because of a late payment (April 2020) they absolutely refuse to get rid of, a 6450 limit Lending Club Patient Solutions line which is paid up, and a QS with a 750 limit. 
Only 3 derogs (3 lates, one on each card grr), no inquiries in the past year (for a lil extra razzle dazzle).

I love it here and y'all always give such great advice.  Thanks in advance!

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Do you have a limited job history or history at your current position/salary? I would check with another lender. I have a very long job history at similar positions but was able to get a mortgage fine with under 2 year history at my current job. I know plenty of others that have done the same. Consider posting this in the Mortgage sub-forum.