Tempted To Leave The Garden...

[Anonymous]

So I have been good and let my 3 cards age 6 months (Discover More, Nationwide, Macys).

Now, as promised by others on the boards, I am getting some nice looking offers in the mail.  I really don't want to lower my AAoA since it's only 2 years but it's so hard! My CU sent me an offer with an 8% APR (vs 15-18% on my current revolving accounts) which is by far the most tempting. Just kind of looking for some moral support to keep me on track - maybe I'll call and ask for CLI's to stop the app urges.  End goal is buying a house within the next 9-12 months which is why I'm trying to tend the garden and not go apping.

[tntexans72]

CLI will quench your thirst for more credit. Lol,,,soft inquiries are that much better IMHO. If you had to app what card would you want?

[DI]

Go ahead!  We live only once!  I doubt if anyone in heaven say you're approved, congratulations. 

[tinuviel]

What's the general guideline on prepping for a mortgage? Isn't it six months? If you're looking at 12 months down the road, the new account ding should have faded. Thoughts from anyone else on this point?

[Anonymous]

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@tntexans72 wrote:
CLI will quench your thirst for more credit. Lol,,,soft inquiries are that much better IMHO. If you had to app what card would you want?

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Of the preapproved offers, the one from my local CU since the APR is low, and it says minimum of $3500CL. However no rewards unless I pay an AF, and it's only 1%. The BoA cash rewards offer with 12.99% APR is tempting too.

I also have US Bank and Chase Amazon on my wish list, but no offers from them. I've never app'd US Bank, but Chase said no 6 months ago. I don't really like or want Chase, but I shop a lot on Amazon.

[Walt_K]

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@tinuviel wrote:

What's the general guideline on prepping for a mortgage? Isn't it six months? If you're looking at 12 months down the road, the new account ding should have faded. Thoughts from anyone else on this point?

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I've heard people say a year.  But even if it is only 6 months, why risk it.  Your mortgage app is way more important than this new credit card.  And it doesn't sound like you're saying you really need another card, just that you're tempted by better offers.  There will be more credit card offers in a year once you have your mortgage squared away.  Credit cards aren't going anywhere.  Don't apply for anything.

[Anonymous]

I agree with Walt_K - do not risk it!

Ray

[Anonymous]

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@Anonymous wrote:

So I have been good and let my 3 cards age 6 months (Discover More, Nationwide, Macys).  IMO, If it were one card aged 6 months, you might be more ready for a new app.  But it's three cards in the last six months.  I would vote for a bit more age.

Now, as promised by others on the boards, I am getting some nice looking offers in the mail.  I really don't want to lower my AAoA since it's only 2 years but it's so hard! My CU sent me an offer with an 8% APR (vs 15-18% on my current revolving accounts) which is by far the most tempting. Just kind of looking for some moral support to keep me on track - maybe I'll call and ask for CLI's to stop the app urges.  End goal is buying a house within the next 9-12 months Then I would use 9 months as a goal/marker rather than 12, which is another indicator that you may want to wait and have some additional AAofA.  IME, as far as AAofA, 3 is better than 2 - so 3 may be a good goal to reach for which is why I'm trying to tend the garden and not go apping.

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But just to play devil's advocate - you may be fine either way.  Just don't do random apps. 

[jefftca925]

When I app'd for a mortgage back in 2009, I was concerned about inquiries and new accounts that I had in the previous 6 months.  The loan officer said they are more concerned about accounts app'd and opened after they pull your CBR as they can drag your score down.  Your FICO scores are very important when applying for mortgages.  Some situations can pop up when someone might need to pull your report during the mortgage process (i.e. cell phone provider) but as long as you can explain it you'll be fine.  That happened to me (I needed to change carriers) and the LO said it was fine.

As far as applying for a new CC, I'd apply for the card that will best suit your needs and that you'll get the most use out of.  I think a low interest card would be a smart choice as if you're looking at buying a house in the near future.  You will need to buy stuff right out of the gate.

[Anonymous]

When I applied for my loan I had a really long list of inquiries for the last 2 years. They made me explain all of them. Lucky all were for a new car (I believe) so it didn't look like I needed more money with applying for something like a credit card. They did explain that anythign opened in the last year had to be explained, but that I didn't have any so I was good. I wouldn't apply or even open another account within a year. The home buying process was such a pain (even though mine only lasted a couple months) I was 22 at the time so I was surprised I got approved and closed at such a low rate. I never prepared for a home loan, but I was lucky to have been in that "perfect" timing in my credit, Where my score wasn't the best (I believe I was in the 580's then got a collections removed as it was invalid, boosting it to 620's) but I had no credit card utilization and my car loan was a year from being paid off, no new credits within 2 years. Do whatever possible to keep your credit clean of any new marks if you can. Keep all your balances as low as possible as they will check debt:income ratio and many many other things and you want your credit to help you out as much as possible.

(edited to correct some mistakes)