Should I apply for CC?

[CC40]

I have cleaned up my credit TREMENDOUSLY!!!! Am battling one last 90 day late with ole Sallie Mae. Not feeling good about how that is gonna work out, but I have an old Bank of America card (from 1990) that has never been late. Bad thing is there is about 70% until on this card. I am getting several credit card pre approvals. I want to apply for a mortgage soon. Should I apply for another CC to decrease my available utilized credit? I figure if I have to take a hit for a HP I need to do it now while my CR iss undergoing so many changes. .??.?.? I am planning to pay the BoA card down quickly? Just looking for a quick boost. Cuz I would use the new card to like pay a bill I would normally pay and then immediately pay it off. Asked about this beforenand someone said "no new card". I just don't understand why.

[Anonymous]

Another card would probably help your FICO once the effects are gone if not immediately.  However, when are you planning to apply for mortgage?  Also, any idea what your FICO score is.  I recommend buying the Equifax score from myfico.  TU score probably not worth it.  How long for you to get your BofA util down and what is its limit?  When was the Sallie Mae late and how many days?

[CC40]

How much of a hit does a HP cause? I Was pre approved through Wells Fargo about 10 months ago to buy a house but couldn't find one. I am ready to build now. So, I cleaned up my mess on my credit. Was pre approved with a FICO of 626. FICO is now 652. Sallie Mae was last December 2011 - 90 day report. :-(. Don't even ask. I am going to fight it. I was granted a retroactive forbearance which I have my papers reflecting this. So I disputed thru CRA. If that doesn't work I am going to mail copies of my forbearance to CRA. Sallie Mae WILL NOT grant GW. So I don't know about the outcome of that one. The limit on the BoA is only $2100. , I paid $200 last month and will again this month and next.

[CC40]

Why does it bother me so much when everyone reads but doesn't respond?

[Anonymous]

Everyone is different on how much single inquiry will hurt.  If first inquiry in 12 months, 10-20 is good guess.  If 9 in last 6 months, probably only a couple points.  What did you say about how long to get your util down to sub 10%?

[LS2982]

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@DixieGirlx3 wrote:
How much of a hit does a HP cause? I Was pre approved through Wells Fargo about 10 months ago to buy a house but couldn't find one. I am ready to build now. So, I cleaned up my mess on my credit. Was pre approved with a FICO of 626. FICO is now 652. Sallie Mae was last December 2011 - 90 day report. :-(. Don't even ask. I am going to fight it. I was granted a retroactive forbearance which I have my papers reflecting this. So I disputed thru CRA. If that doesn't work I am going to mail copies of my forbearance to CRA. Sallie Mae WILL NOT grant GW. So I don't know about the outcome of that one. The limit on the BoA is only $2100. , I paid $200 last month and will again this month and next.

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-What is the balance on the BofA card?

-What other CC's do you have??

-What is your AAoA??

-When exactly are you going for the Mortgage?

Your heading the right direction but those questions above will help our answers.

[LionLaw]

If you're looking to get a mortgage in the next few months, you should probably hold off on applying for new credit until after closing.  From what I hear, it makes mortgage lenders nervous to see you hunting around for other credit right before you apply for a mortgage.  If you're not looking to get a mortgage for the next year or more, then a new CC could help fill out your credit profie and dilute your util % (though you'll take a hit to AAoA). 

Also, as for your retroactive forbearance on your Student Loans: this generally won't help you get the lates off your CR (believe me, I've tried).  Unless you can show some clear error on the part of the lender, those lates are probably going to be on there for the long haul.

[Anonymous]

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@DixieGirlx3 wrote:
Why does it bother me so much when everyone reads but doesn't respond?

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LOL relax. You have to give us enough time to respond.

Anyways, if you're thinking about reapplying for mortgage, I would suggest for you to just focus on paying off your credit card. Applying for another credit card will not help you IMO. Save the inquiries for your mortgage.

[CC40]

Okay okay! I just see everyone reading and I am scratching my head. So do ya think the December 90 day late will prevent me from being approved for the mortgage? I have no other credit cards. AAoA history is 14 years. That is the only baddie left on my credit. AND THAT IS JUST TERRIBLE! All others were paid out and deleted some time after - like paid off for years but i just got busy sending letters and disputing. Learned on here to prepare for my mortgage app. I am ready to apply NOW. Oh balance on BoA is little less than $1400.

[LS2982]

You need to pay down the BofA card and leave the apps alone if your going for the mortgage ASAP.