credit one loves me!

[Anonymous]

i didn't app the card yet, i'm just thinking about it. i'm in a spot right now where my only prequals are from credit1 and capital1, and cap1 is a triple pull so i want to avoid that. i figured without an AF maybe it's worth getting the card just to keep building my credit. and if i never swipe it, i'm sticking it to the man. i know its a crazy idea.

i got the idea because i see everyone here is trying to get the umb DC power visa, and they're not intending to really use it.

[Anonymous]

Capital One may do triple pulls but they won't try to screw you with a bunch of terms either. People complain too much about the triple pull. Capital One can be quite generous at times likely as a result of seeing all three credit reports upfront. I rather like Capital One as a lender. Hard pulls are nothing. I've got 34 of them. 🤷‍♂️ 

[Anonymous]

i'm being careful not to do too many pulls and credit apps because next year i might have to do a mortgage, unless i buy a home all in cash its a sure thing that i have to do one. i'm trying to build my credit up into the green "very good" range and have a thicker file.

[Jnbmom]

---

@Anonymous wrote:

i didn't app the card yet, i'm just thinking about it. i'm in a spot right now where my only prequals are from credit1 and capital1, and cap1 is a triple pull so i want to avoid that. i figured without an AF maybe it's worth getting the card just to keep building my credit. and if i never swipe it, i'm sticking it to the man. i know its a crazy idea.

i got the idea because i see everyone here is trying to get the umb DC power visa, and they're not intending to really use it.

---

Cap one is a far better lender than credit one will ever be. "Sticking to the man"😕 You can take the advice you are given, or you can open a suprime card after already having decent cards.

As far as the dc card, the rewards aren't great for some, but again no comparison.

[Anonymous]

---

@Anonymous wrote:

i'm being careful not to do too many pulls and credit apps because next year i might have to do a mortgage, unless i buy a home all in cash its a sure thing that i have to do one. i'm trying to build my credit up into the green "very good" range and have a thicker file.

---

It's not going to make a difference if it's one inquiry or one on each bureau when it comes to the affect on your mortgage scores -- if you want to go for a mortgage, you need a year with no apps period. 

[Anonymous]

---

@Anonymous wrote:

---

---

It's not going to make a difference if it's one inquiry or one on each bureau when it comes to the affect on your mortgage scores -- if you want to go for a mortgage, you need a year with no apps period. 

---

if i wait a year gardening to build credit up, then i'll be renting and wasting all that money down the drain. so i'm just going to have to app the mortgage when the time comes. unless my financial advisor says to pay all cash. but i think he will tell me to do a mortgage and invest the cash on stocks/bonds.

[Jnbmom]

You have 3 cards , that’s really all you need and get an installment loan and you will have the optimal mix. You don’t need a ton of cards to get a higher score. I suggest you do some reading on these forums to get a better understanding of how credit works.

More doesn’t always mean better

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

---

---

It's not going to make a difference if it's one inquiry or one on each bureau when it comes to the affect on your mortgage scores -- if you want to go for a mortgage, you need a year with no apps period. 

---

if i wait a year gardening to build credit up, then i'll be renting and wasting all that money down the drain. so i'm just going to have to app the mortgage when the time comes. unless my financial advisor says to pay all cash. but i think he will tell me to do a mortgage and invest the cash on stocks/bonds.

---

My point is just that you want as much time as possible to optimize mortgage scores. They are extremely sensitive to credit seeking behavior and the only way to let them recover is to stop applying for new credit. It's not necessary to have a year, it's just said to be optimal. But what is important is that you stop applying for credit as soon as you make a decision to go for a mortgage. 

[MyFault]

---

@Anonymous wrote:

---

---

if i wait a year gardening to build credit up, then i'll be renting and wasting all that money down the drain. so i'm just going to have to app the mortgage when the time comes. unless my financial advisor says to pay all cash. but i think he will tell me to do a mortgage and invest the cash on stocks/bonds.

---

Applying for a mortage with low scores, which increases your interest rate would be much more money "down the drain" as you put it, than renting.

You have enough cards, you don't need more for score growth. Use what you have, pif every month and you'll have a great score in 6 months to a year.

Again, as for the mortgage. You can take advice from seasoned people on here with experience, or you can do your own thing. It's up to you.

But it seems like you're concerned with spending as little as necessary. I can promise you that the difference in interest rate over 15 or 30 years between a 700 and 760, would be much more wasteful than a year of rent.

to each their own.

[Anonymous]

---

@Jnbmom wrote:
You have 3 cards , that’s really all you need and get an installment loan and you will have the optimal mix. You don’t need a ton of cards to get a higher score. I suggest you do some reading on these forums to get a better understanding of how credit works.

More doesn’t always mean better

---

i only have 2 cards really, one of my cards doesn't report to equifax. i know people on this forum consider 3 cards and an installment loan to be the optimal, but experian considers 6 accounts over 2 years old to be the optimal. the main benefit to me isn't credit mix, i need more cards for the payment history which is a bigger factor of the score.