should i open a new TL?

[Anonymous]

i have some derogs on my CR; all are 2 years old or older, and my scores are gradually coming back:

EQ = 626

EX = 636

i am at about 48% utl, with total limit of $4000. i will be debt free in about three more months.

i dont know if would qualify now for any limit worth having, and i want to be able to boost my score asap in order to buy a house.

would it be advisable to open a new TL? if yes, should i go for some sort of installment loan in order to add some variety.

i have nothing but 2 rev CC's, and a student loan, now in deferrment (b/c i'm back in school), but still being paid off.

[Anonymous]

---

Im_doing_it_right wrote:

i have some derogs on my CR; all are 2 years old or older, and my scores are gradually coming back:

EQ = 626

EX = 636

i am at about 48% utl, with total limit of $4000. i will be debt free in about three more months.

i dont know if would qualify now for any limit worth having, and i want to be able to boost my score asap in order to buy a house.

would it be advisable to open a new TL? if yes, should i go for some sort of installment loan in order to add some variety.

i have nothing but 2 rev CC's, and a student loan, now in deferrment (b/c i'm back in school), but still being paid off.

---

Adding an installment loan won't help your mix because you already have one: the SL.

Don't apply for anything if you want to buy a house in the next six months or so.

Will a new revolving TL help your score?  It might, as long as it helps your utilization significantly and doesn't hurt your average age too badly.

[Anonymous]

how soon are you going to buy?

with the info you gave, sounds like the uti drop would be the best scenario and apping would actually set your overall goal back.

[Anonymous]

best case scenario i want to be preapproved w/in 3 months.

worst case: preapproved in 6 months.

i'm only 26 now so my oldest line is only  7 years. my average age is about 4.5 years

[Anonymous]

---

Im_doing_it_right wrote:

best case scenario i want to be preapproved w/in 3 months.

worst case: preapproved in 6 months.

i'm only 26 now so my oldest line is only  7 years. my average age is about 4.5 years

---

If you want preapproval in 3-6 months, then no new apps until after closing.

[Anonymous]

also, my newest account is nearing two years old, and i have only one hard inq showing in the past 12 months (not by my permission, trying to get it taken off). does that change the scenario at all?

[Anonymous]

---

Im_doing_it_right wrote:

also, my newest account is nearing two years old, and i have only one hard inq showing in the past 12 months (not by my permission, trying to get it taken off). does that change the scenario at all?

---

Nope.  No apps for six months before mortgage shopping.

It's not about the inquiries; it's because mortgage brokers HATE new accounts.