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need some advice here I am getting married next month and we are looking to buy a house afterwards so I don't want to hurt my credit score.
I have Ameriprise Brokerage account which has an AMEX Gold card that was part of the package, but since Ameriprise and AMEX are no longer together I will have to pay an annual fee for the AMEX, so i will probably close that account and get the new Ameriprise Mastercard that has no annual fee and a low rate of 7% (the offer for no annual fee is good until September 1st).
My cards and their limits are:
AMEX GOLD - balance paid in full monthly
BOA Visa with 12,000 limit - 9.24% rate (10,000 in debt on this cardat 1.99% until february)
Citi MC with $10,440 limit - 9.99% rate
BOA MC with $8500 limit - 5.90% rate
Discover with $3500 limit - 12.99% rate
Chase VISA with $2850 limit - 15.24% rate
Here is my question, if I apply for the new card and say I get a limit of $10,000, would it hurt me to close the Discover and Chase Visa cards with the low limits and higher rates that I hardly use. I would be getting a better ratio of my revolving balances to my credit limits, but i would be opening a new account and closing 2 accounts.. My credit scores are 765 Equifax and 744 TransUnion and i don't want to lower then before we start looking for mortgage rates..any advice would be greatly appreciated!
Thank you!
@dee wrote:
If you 'both' have decent scores, I would pay down what you have and not apply for new cards at all until you have your mortgage in place. If you apply and get turned down for 'any' reason, which you probably would not, but the rules have changed alot, that would hurt your score, and you don't need that flaw on your report for mortgage lenders to see. Good luck.
dee,
FYI, the only thing the lender would see is an inquiry. They cannot tell whether or not you were turned down. Some accounts take awhile to show on your credit reports. The issue would be there is a possible new account out there...with a possible balance. Which of course could change your DTI Ratio.
@dee wrote:
I was told if you apply for a loan and get turned down, it will show up as a decline. Maybe not 'that' day, but it will show eventually maybe. If they just go to see what your score is, then it would not, since you did not apply yet. That is what I also heard.
I've never been clear on this either. How about opinions from the "gurus"?
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".
marinevietvet wrote:
@dee wrote:
I was told if you apply for a loan and get turned down, it will show up as a decline. Maybe not 'that' day, but it will show eventually maybe. If they just go to see what your score is, then it would not, since you did not apply yet. That is what I also heard.I've never been clear on this either. How about opinions from the "gurus"?
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".